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Alexandria Nominates Walter Henry to Board, Begins Follow-up Drilling on West Zone at Akasaba

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TORONTO, Aug. 16, 2012 /PRNewswire/ - Alexandria Minerals Corporation (TSX-V: AZX; Frankfurt: A9D; US: ALXDF) reported today that it has nominated Walter Henry, CFA and ICD.D, for election to its Board at its upcoming annual general meeting in September.

Walter is currently President and CEO of Frontline Gold Corporation, holds a BA in Political Science/Economics, and brings several years of financial and mining industry experience. He has worked for CIBC, BNP Paribas, and PriceWaterhouseCoopers in his earlier career, where he managed portfolios and arranged structured financial products for a number of different projects, solely or within groups, totaling over $1 billion. Walter then moved into the mining industry, as Vice President, Finance and Chief Financial Officer of Royal Nickel Corporation and, separately, Tiberon Minerals, during which time he secured more than $400 million in equity and structured financial transactions. Walter serves on the Boards of 4 TSX-V listed junior mining companies, including Alturas Minerals Corp. and Merrex Gold Corp.

Eric Owens, President and CEO, stated, "Walter brings considerable global experience in the mining and finance industries and will be an excellent fit to our organization. We are very pleased to add him to the Board and are looking forward to be working with him."

The Company has also resumed drilling in the shallow, disseminated West Gold-Copper Zone on its Akasaba Project in Val d'Or, Quebec. The West Zone, which is located 500 m west of the Company's Current Resource at Akasaba, has been penetrated by just five holes to-date, which yielded the following previously-released results:

Hole #   Length (m)  TW (m) Au g/t Ag g/t   Cu% 
IAX-11-184  12.40   9.51  1.17   4.11  0.55
IAX-11-184  6.60   5.07  2.08   4.02  0.80
IAX-12-185  53.00   38.40  1.07   2.77  0.57
IAX-12-194  74.70   52.85  1.26   2.80  0.64
IAX-12-200  118.80   63.01  1.18   3.04  0.70
IAX-12-201  144.90   87.53  0.70   1.99  0.38

These holes define a new area of shallow, disseminated mineralization in a zone which is 250 m long and 150 m deep, and open to the west and down dip. The new 16 hole, 5000 m drill program is currently underway to delineate the new gold zone to the west and to depth, where little or no historic drilling has occurred.

On March 27, 2012, Alexandria announced its first Resource Estimate on the Akasaba project in accordance with National Instrument 43-101, which contained 506,000 ounces of gold in the Mine Horizon as shown in the table below. Since the announcement, the company has added significantly to the size of the near surface gold zones, which have now been traced for 1,800 m along the Mine Horizon, as well as adding to the depth below the Mine area, to 600 m.

Current Resources at Akasaba (March 27, 2012)

  Indicated Resources Inferred Resources
  Tonnes Grade (g/t Au) Ounces (Au) Tonnes Grade (g/t Au) Ounces (Au)
In-Pit  3,009,214 1.37 132,475 285,374 1.76 16,153
Underground 563,660 5.91 107,457 1,462,560 5.29 249,891
TOTALS     239,932     266,044

 

In other matters, the Board of Directors has approved the issuance of 250,000 stock options under the Company's Stock Option Plan, to consultants of the Company.  RBL Communications Inc., which provides social media communication for Alexandria, is to be issued 150,000 stock options with an exercise price of C$0.25, expiring March 15, 2014, and O&M Partners, LLC, which provides introductory services, is to be issued 100,000 options with an exercise price of C$0.22, expiring June 14, 2014.

Program design, management, and Quality Control/Quality Assurance is governed by Alexandria's exploration group, of which Peter Legein, P.Geo, and Eric Owens, P.Geo, are the Company's Qualified Persons.  Mr. Legein and Mr. Owens reviewed the results in this press release. The QA/QC program is consistent with NI 43-101 and industry best practices and has been previously been addressed in the NI 43-101 Technical Report on the Cadillac Break properties (February 2008) as well as in subsequent NI 43-101 reports found on the Company's website or on www.sedar.com.

Further information about the Company is available on the Company's website, www.azx.ca, or our social media sites listed below:

Facebook: https://www.facebook.com/AlexandriaMinerals
Twitter: https://twitter.com/azxmineralscorp
YouTube: http://www.youtube.com/AlexandriaMinerals
Flickr: http://www.flickr.com/alexandriaminerals/

About Alexandria Minerals Corporation
Alexandria Minerals Corporation is a Toronto-based junior gold exploration and development company with one of the largest portfolios of properties along the prolific, gold-producing Cadillac Break in Val d'Or, Quebec. Gold resources are distributed among three projects on its Cadillac Break Property package, Akasaba, Sleepy, and Orenada, the details of which can be found on the Company's website at www.azx.ca. Alexandria is currently focused on advancing its Akasaba project. Agnico-Eagle Mines Ltd., with two producing gold mines in the region, owns roughly 10% of the Company.

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.

SOURCE Alexandria Minerals Corporation



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