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Alexandria Minerals Encounters High Grade Gold Mineralization at Akasaba Project in Quebec

Alexandria Minerals Corporation (TSX-V: AZX; Frankfurt: A9D) reports today on 5 drill holes from its Akasaba project near Val d'Or, Quebec, including an intersection of 19.74 g/t Au over 2.4 m (Est. True Width, 1.55 m) at 320 m vertical depth, confirming the deep potential of the eastern high grade zone discovered in 2010.

The high grade intersection in hole IAX-10-106 was part of a broader zone grading 3.35 g/t Au over 10.40 m (true width), located below the previously delineated high grade zone. A second hole, DDH IAX-10-108, also penetrated the east side of the zone, at a vertical depth of 200 m, intersecting 4.41 g/t Au over 0.8 m, within a broader interval grading 0.74 g/t Au over 10.50 m.

Eric Owens, Alexandria President & CEO, said, "We are steadily expanding the size of the Akasaba zone with our continued drilling success, and are seeing both the near surface and depth potential. We look forward to the results from the 18 holes still pending."

Separately, hole DDH IAX-10-96 intersected 10.35 g/t Au over 0.28 m within the dacite volcanic unit that lies south of the mafic volcanic rocks within the main Mine Horizon, providing further support for other gold-bearing zones parallel to the main target area. Previously reported DDH IAX-10-65 intersected 15.9 g/t Au over 0.3 m within the dacite on the east side of the property (Press Release, March 3, 2010).

Other significant results include, in DDH IAX-10-103, below and to the west of the mine area, 1.15 g/t Au over 5.25 m, within a broader zone grading 0.83 g/t over 9.25 m, and in DDH-IAX-10-100, three broad zones grading 0.27 g/t Au over 9.90 m, 0.57 g/t Au over 3.20 m, and 0.24 g/t Au over 8.20 m.

The Akasaba project is currently centered on the Akasaba Mine, a past-producing gold-silver mine that was developed to just 100 m depth on the southernmost of four parallel gold veins or "lenses". The other three historically defined lenses were not mined. The Company has expanded known gold mineralization from an original 200 m long by 150 m deep to 900 m long by more than 400 m deep through completion of more than 18,000 m of drilling during 2010.

Recent drilling on the property has focused on two goals: 1) expansion of gold mineralization along strike and at depth, and 2) shallow, fill-in drilling to prepare for more accurate future resource estimates. Future drilling will continue this activity, and with the aid of down-hole geophysics will better enable targeting at-depth. The Company is also planning new geophysical work property-wide to better aid in target selection elsewhere.

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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