Alexandria Continues to Hit Shallow High Grade Gold at Akasaba with 7.41 g/t
Au over 4 m

TORONTO, June 17 /CNW/ - Alexandria Minerals Corporation (TSX-V: AZX; Frankfurt: A9D) reports today that it has intersected 7.41 g/t Au over 4.0 m (True Width 2.81 m), at a vertical depth of 60-70m, in DDH IAX-10-78, including a visible gold-bearing 26.65 g/t over 0.5 m, on its 100% owned Akasaba property in Val d'Or, Quebec. The Company also reports an increased length of intersection in previously reported DDH IAX-10-72, now 1.97 g/t Au over 86.8 m.

The high grade interval in DDH IAX-10-78, occurs within a broad anomalous envelope averaging 0.10 to 0.20 g/t Au range (see Table 1), locally up to 1 g/t, a common characteristic of the Akasaba mineralization. The hole was drilled 250 m east of the Akasaba mine shaft, where the Company has shown success in drilling a number of high grade intersections, including 20.48 g/t Au over 3.30 m (Press Release February 16, 2010) and 4.40 g/t Au over 6.50 m (Press Release May 6, 2010). The hole was situated in the vicinity of old historic drill holes for which the company either has no assay records or report low or sporadic gold assays.

Separately, additional sampling of drill core in DDH IAX-10-72, previously-reported at 2.01 g/t Au over 78.77 m (Press Release May 27, 2010) shows that the wide zone now stands at 1.97 g/t Au over 86.3 m. The company will be moving the drill rig to this area for follow-up holes as soon as possible to test the extent of this zone.

Results for DDH IAX-10-77, the easternmost hole drilled to date, 500 m east of the mine shaft, intersected 1.51 g/t Au over 1.0 m, at about 175 m vertical depth. The hole also intersected a 2.5 m interval of sphalerite-galena veinlets, a unique occurrence at Akasaba which suggests metal zonation along the strike length of the nascent gold zone. The veinlets are hosted in sericitized mafic tuffs, assaying 0.37% Zn.

    
       Table 1. Selected assay results from recent drill holes at Akasaba.
    -------------------------------------------------------------------------
                                          Est. True
                                  Length    Width     Au       Ag
     Hole No.  From (m)  To (m)     (m)      (m)     (g/t)    (g/t)   Zn (%)
    -------------------------------------------------------------------------
    IAX-10-72
     (revised)  123.00   209.80    86.80    63.30     1.97      NA       NA
    -------------------------------------------------------------------------
    IAX-10-77   206.25   207.25     1.00     0.80     1.50      NA       NA
    -------------------------------------------------------------------------
    IAX-10-77   208.75   211.25     2.50     2.20     0.04     3.00     0.37
    -------------------------------------------------------------------------
    IAX-10-78    84.20    97.20    13.00     9.10     0.12      NA       NA
    -------------------------------------------------------------------------
    IAX-10-78    97.20   101.20     4.00     2.81     7.41      NA       NA
    -------------------------------------------------------------------------
    IAX-10-78   Incl.
                 97.20    92.70     0.50     0.35    26.65      NA       NA
    -------------------------------------------------------------------------
    IAX-10-78   101.20   130.70    29.50    20.65     0.20      NA       NA
    -------------------------------------------------------------------------
    

Eric Owens, Alexandria President & CEO, said, "The importance of these results is that we are recording high grade results at the farthest margins of the already identified mineralized zones. We are planning to follow up these results with in-fill drilling that we will want to incorporate into a maiden 43-101 resource estimate. Akasaba has clearly become our flagship project and we will be focusing our exploration work there."

To-date, the Company has identified more than 900 m of along-strike near-surface gold mineralization, open to the east and west. Alexandria is currently in the midst of a 5,000 m drill programme at Akasaba, augmented by the re-logging and sampling of drill core from up to 25 historic drill holes.

The results presented in this press release are exploratory in nature and have been reviewed by the company's Qualified Persons, Jared Beebe, PGeo, and Dr. Eric Owens, PGeo. These results have not been verified by an Independent Qualified Person ("QP") and therefore should not be relied upon except for their exploratory value. There is no Current Resource underlying the Akasaba property as defined by National Instrument 43-101, and no guarantee that an economic gold deposit is present. Further work by Alexandria and an Independent QP will be required to bring the data into compliance with NI 43-101.

The Company's sampling protocol has been outlined in previous press releases, and additional information is available by request. Currently, the Company is using AGAT Labs, an ISO 9000 certified company, in Sudbury for its analysis. Because of the concern of a "nugget effect", the company routinely re-checks its assay results, and where re-checked assays vary by greater than 10%, the samples are subjected to a metallic screen assay technique whereby a 1 kg separate of the original sample is screened to a 30 g aliquot prior to a FA gravimetric finish.

    
    About Alexandria Minerals Corporation
    -------------------------------------
    

Alexandria Minerals Corporation is a Toronto-based junior gold exploration and development company with one of the largest property packages along the prolific, gold-producing Cadillac Break in Val d'Or, Quebec. The Company has two NI 43-101 compliant gold resources, at Orenada and Sleepy, and is currently focused on advancing its Orenada and Akasaba gold projects. The Company has recently announced a strategic equity placement by Agnico-Eagle Mines Ltd., one of Canada's premiere gold mining companies, who have three gold mines along the same geologic trend.

WARNING: This News Release may contain forward-looking statements including but not limited to comments regarding the timing and content of up-coming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. Alexandria Minerals Corporation relies upon litigation protection for forward-looking statements.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

%SEDAR: 00021583EF

For further information: Andreas Curkovic, Investor Relations, [phone]; Eric Owens, Alexandria Minerals Corporation, 416-363-9372; www.azx.ca, [email protected]