Alexandria Makes New Gold Discovery Beneath Akasaba Mine: Drills 14.10 g/t Au Over 5.00 Meters

TORONTO, Nov. 21, 2011 /PRNewswire/ - Alexandria Minerals Corporation (TSX-V: AZX; Frankfurt: A9D) reports today on assay results from DDH IAX-11-176 that intersected 7.07 g/t Au over 12.2 m, including 14.10 g/t Au over 5.00 m, on the Company's Akasaba  gold project, Val d'Or, Quebec.

The high grade intersection, with 4 sample intervals assaying between 13.10 g/t Au and 19.10 g/t Au, occurs 450 m below the surface, and about 350 m below the underground stope at the Akasaba Mine. The results represent a down-plunge extension of gold mineralization which occurs near the surface in the historic mine area. This new discovery lies below a zone of lower grade gold values at intermediate depths below the near-surface mine area mineralization, a pattern similar to that found at the eastern deep zone, located 350 meters to the east, which Alexandria has successfully expanded through drilling.

Eric Owens, President of Alexandria Minerals, said, "These very strong results create a new target area at depth and provide further encouragement about the growth potential on the property. The results demonstrate evidence of a significant hydrothermal alteration system. We have added a second drill rig and are now following up hole 176 about 100 m to the west."

Assay Results from DDH IAX-11-176 at Akasaba

Gold mineralization at Akasaba occurs in deformed and altered volcaniclastic rocks of the main Mine Horizon, within the contact margin of a granitic stock, around which are numerous gold showings and prospects. Alexandria has focused its drilling in the vicinity of the historic Akasaba Mine, which produced a reported 40,000 ounces of gold from 1961-1963, at a grade of 5.14 g/t Au, from an underground stope 90 m deep. Over the past 18 months, with 1 to 2 rigs operating, the Company has expanded known gold mineralization more than four-fold. The deposit remains open at depth and along strike, and numerous gold targets around the granitic stock are as yet not well-tested.

Currently, two drill rigs are operating on the Akasaba project.

The Akasaba project is located in the prolific Val d'Or Mining District, which has seen some 30 million ounces of gold produced over the last 100 years. There are currently 6 active gold mines within 20 km of the city, as well as 6 gold mills, and the city is home to an experienced, knowledgeable mining profession. The Akasaba project itself is situated 700 m north of the Cadillac Break, a major, 300 km long fault zone which extends westward into Ontario, and from which about 100 million ounces of gold have been produced from numerous mines along its length.

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.