Alexandria Expands Akasaba Eastern Deep Gold Zone to Below 500 m Vertical Depth

TORONTO, Nov. 15, 2011 /PRNewswire/ - Alexandria Minerals Corporation (TSX-V: AZX; Frankfurt: A9D) is pleased to report today on assay results from both deep step-out drilling and shallow in-fill drilling which continue to build on prior results on the Company's Akasaba gold project, Val d'Or, Quebec.

Drill hole IAX-11-172 intersected 2.17 g/t Au over 15.70 m (10.30 m True Width, "TW") at a vertical depth of 500 m, including 10.99 g/t Au over 0.20 m (see assay table below). These results confirm the continued depth extension of the eastern high grade zone located 200-300 m east of the past-producing Akasaba gold-silver mine. Hole 172 also continues the robust widths seen in other nearby, previously released, holes at these depths: hole IAX-11-155, located 60 m above and to the east, intersected 3.07 g/t Au over 12.75 m (TW), and hole IAX-11-148, located 150 m east, intersected 4.33 g/t over 8.86 m (TW).

Eric Owens, President and CEO of Alexandria Minerals, said, "These results further support our aggressive exploration and development program at Akasaba. We are now rapidly moving forward towards completing an NI 43-101 resource estimate for Winter 2011/12."

Drill Hole Assay Results at Akasaba

Although it is the deep extension of the eastern high-grade zone discovered by Alexandria geologists in 2009 and which crops out on surface, this deep zone is blind, has a top near 280 m depth, and is open below the 500 m depth of hole 172. Two other previously released holes, IAX-10-106 and IAX-09-54, mark the upper boundary of this deep zone, recording intersections of 3.76 g/t Au over 9.11 m and 2.77 g/t Au over 9.45 m. Near surface, the eastern high grade zone has recorded assays up to 89.89 g/t Au over 0.5 m in DDH IAX-10-86 (Press Release, September 8, 2010) and, in DDH IAX-10-87, 19.33 g/t Au over 4.5 m, including 121.00 g/t over 0.70m (Press Release,  October 19, 2010).

Shallow In-Fill Drilling. Diamond drill hole IAX-11-150 intersected 0.70 g/t Au over 67.10 m (47.45 m TW) in the vicinity of the mine area. The hole crossed the host mineralized volcanic stratigraphy on the north side of the shallow underground stope, and ended in the stope. Other shallow holes have aided Alexandria in its efforts to delineate a near-surface, gold zone in the upper 180 m, now extending over a 1,000 m strike length. Alexandria is on track to test further along strike in the coming months.

The Company continues to drill with one rig at Akasaba, with current focus on step-out holes around previously received strong assays.  A second rig will arrive shortly as the Sleepy drill programme temporarily winds down.

Drill results presented in this press release are exploratory in nature, and have been reviewed by Dr. Eric Owens, PGeo, QP, and Peter Legein, PGeo, QP. The Company follows a sampling protocol that conforms with industry standard methods and practices, and routinely uses AGAT Labs, of Mississauga, Ontario, and Accurassay Labs, of Thunder Bay, Ontario, for its assays. Samples are normally assayed using fire assay and atomic absorption finish assay methods. All samples with greater than 1 g/t Au are re-assayed using gravimetric assay methods. All samples containing visible gold are subjected to a metallic screen assay method. The Company will provide further information upon request.

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 is currently focused on advancing its Akasaba and Sleepy projects, and has two NI 43-101 compliant gold resources. At Orenada, at a 0.5 g/t cutoff, the Company has delineated a Measured and Indicated resource of 446,000 ounces of gold (110,273,932 t grading 1.35 g/t Au), and an Inferred resource of 302,000 ounces of gold (7,399,644 t grading 1.27 g/t Au). At Sleepy, the Company has delineated an Inferred resource of 150,000 ounces of gold (7,399,644 t grading 3.0 g/t Au). Agnico-Eagle Mines Ltd., with three 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 Corp.