Alexandria Enlarges High Grade Zone at Akasaba with 23.89 g/t Au Over 1 m

TORONTO, July 20 /CNW/ - Alexandria Minerals Corporation (TSX-V: AZX; Frankfurt: A9D) reports today that it has intersected 23.89 g/t Au over 1.0 m (True Width, 0.67 m) in DDH IAX-10-79, at a vertical depth of 60 m, enlarging the high grade gold zone located east of the historic mine on its Akasaba property in Val d'Or, Quebec. Assay results are pending for 12 holes on the project, on which two drill rigs are currently working.

DDH IAX-10-79 is located 100 m east of DDH IAX-10-78, which intersected 7.41 g/t Au over 2.81 m (Press Release, June 17, 2010), and 50 m east of DDH IAX-10-75, which intersected 3.55 g/t over 5.00 m (Press Release, May 05, 2010). To-date, seven holes have intersected high grade gold values, six with visible gold, in this area east of the mine, intersections which vary in vertical depth from 50 m to 325 m. Assays are pending for seven short holes, which have tested 300 m of strike length east of hole 79, mostly targeting shallow depths of less than 60 m vertical depth. This zone remains open to the east and at depth.

Alexandria has also completed 5 holes around recently reported DDH IAX-10-72, which intersected 1.97 g/t Au over 63.30 m, at the base of historic gold mineralization below the mine area (Press Release June 17, 2010). Assays are likewise pending for these holes, which step out 50 to 100 m along strike and down dip. An updated map and longitudinal section can be viewed at www.azx.ca.

The Company is aiming to begin a National Instrument 43-101-compliant resource study later in the summer, and is currently completing a 5,000 m drill programme, with both in-fill and step-out targets in order to improve the statistical parameters of the project.

    
              Table 1. Assays from Diamond Drill Hole IAX-10-79
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                      Core Interval     Avg. Gold    Length      Est. True
    Drill Hole             (m)            (g/t)        (m)       Width (m)
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    IAX-10-79        84.60 - 105.20        1.33       20.60       14.60
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         incl.        84.60 - 85.60       23.89        1.00        0.65
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          and        85.60 - 105.20        0.18       19.60       13.95
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                    239.80 - 252.30        0.30       12.50        8.75
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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 17205 certified company, with preparation facilities 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
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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.

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