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Alexandria Minerals Encounters Two High Grade Gold Zones at Akasaba Mine

Alexandria Minerals Corporation (TSX-V: AZX; Frankfurt: A9D) reports today that it has intersected two separate high grade zones in Diamond Drill Hole IAX-10-95, expanding the gold zone below the past-producing Akasaba gold-silver mine and showing potential for new discoveries on the project.

The lower high grade intersection assayed 8.27 g/t Au over 4.58 m, including 20.93 g/t Au over 1.67 m (true widths), at 230 m downhole, approximately 120 m below the historic mine, and represents a down-plunge continuation of the gold mineralization in the mine area.

The upper intersection assayed 20.60 g/t Au over 0.39 m (true width) at 130 m downhole, located in a volcanic horizon 100 m north of the past-producing mine, and is hosted in a lower grade envelope averaging 1.01 g/t Au over 17 m (excluding the high grade interval) between 128.00 m and 145.0 m.

Eric Owens, Alexandria President & CEO, said, "These recent results are significant for showing high grade gold intersections in new areas at Akasaba, both under the former producing mine as well as in separate horizons.  Coupled with the previously reported high grade gold values returned down to more than 300 m depth at the recent discovery east of the mine, we are steadily expanding Akasaba's project dimensions."

The results in hole 95 extend the depth of gold mineralization to 200 m depth in the mine area. Gold is hosted in multiple, subparallel sulfide-rich "lenses" or veins along the Mine Horizon, which appear to locally coalesce in the mine area. The result is a potential for wider gold-bearing zones such as that previously intersected in DDH IAX-10-72, grading 1.97 g/t Au over 63.30 meters at a 125 m depth (See press release, June 17, 2010).

A third, deeper, zone in DDH IAX-10-95, between 259.50 m and 287.28 m downhole, intersected a broad zone of gold mineralization averaging 0.73 g/t Au over 25.08 m (true width), and appears also to represent a down-plunge continuation of mineralization below the mine.

DDH IAX-10-97 intersected 6.61 g/t Au over 0.88 m; and DDH IAX-10-91 intersected 4.15 g/t Au over 0.75 m. Assays are currently pending for 13 holes, including the deepest holes yet drilled by Alexandria, below 400 m.

One drill rig is currently operating on the property, testing near-surface targets for the remainder of the year, where the company has had prior drilling success, in an effort to better define near-surface gold-silver mineralization. The Company plans to increase the number of rigs on the project early in the new year after the holiday season.

In addition, Alexandria's geologists are reviewing similar targets elsewhere on the property and on adjacent Alexandria properties. Although the Company's work and ideas on the property are still in the early stages, there are similarities between Akasaba and gold-bearing VMS deposits in the region, such as La Ronde (Agnico Eagle) and the Horne Mine in Noranda. Such similarities include the polymetallic nature of mineralization (widespread copper, local high grade zinc, and silver); high sulfide content (up to 30% pyrrhotite); and multiple stratigraphic targets within a series of mafic to felsic volcanic flows and tuffs.

In other matters, the Company is currently in progress with its study of the economics and development potential at its Orenada gold project. The study is evaluating open pit and underground scenarios, as well as in-house and out-sourced processing. It is expected that the study will be completed during early 2011.

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.

Source: Alexandria Minerals Corporation

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