Alexandria to Option Joannes Township Claims to Aurizon Mines Ltd.
TORONTO, ONTARIO, Sep 15, 2008 (Marketwire via COMTEX News Network) --
Alexandria Minerals Corporation (TSX VENTURE:AZX)(FRANKFURT:A9D) has signed a Letter agreement with Aurizon Mines Ltd. ("Aurizon") which will grant Aurizon the right to earn a 100% interest on 19 claims in Joannes Township, Quebec.
According to the terms of the agreement, Aurizon will earn 100% interest by 1) paying to Alexandria $200,000 cash and issuing Aurizon common shares with a market value of $200,000 to Alexandria within 30 days of signing the formal agreement, 2) completing $650,000 exploration expenditures on the property over two years, and 3) issuing Aurizon common shares with a market value of $1.6 million to Alexandria by the 2nd year anniversary of the signed formal agreement.
The 19 claims comprise half of Alexandria's Joannes Township property, and lie along the Cadillac-Larder Lake Break ("Cadillac Break") adjacent to Aurizon's Joanna gold project, which contains an Indicated Resource of 630,000 ounces of gold grading 1.7 g/t and an Inferred Resource of 1,413,000 ounces of gold grading 1.6 g/t (see www.aurizon.com).
"We are pleased with this agreement," says Eric Owens, President of Alexandria, "as it gives Alexandria an indirect interest in this property going forward. As well it gives us an interest in Aurizon, a strong gold mining Company which, in addition to advancing the Joanna project, expects to produce 160,000 ounces of gold at its Casa Berardi Mine this year."
Alexandria currently has property interests covering some 50 km of the Cadillac Break, which represents about 15% of the known length of this 300+ km long gold-rich fault zone. The Break is notable for such prolific gold camps as Kirkland Lake, Matachewan in Ontario and Rouyn-Noranda, Cadillac, Malartic, Val d'Or in Quebec. The Quebec portion of the Break has produced in excess of 60 million ounces of gold to date with current mines and deposits reporting to host another 26 million ounces.
Alexandria's Cadillac Break property group in Val d'Or stretches 35 km along the Break, and hosts four historic gold deposits, one historic copper deposit, and numerous geophysical, geological and geochemical anomalies. While Alexandria is focused on gold exploration, the Company recently announced a new blind copper discovery on its Sleepy property, with an intersection of 0.34% copper over 35.70 meters core length (see Press Release, September 9, 2008).
A formal agreement will follow, and will be subject to all necessary approvals by the TSX and regulatory agencies.
Alexandria Minerals Corp. is a Toronto-based mineral exploration and development company, currently focused on the exploration for precious and base metals on mineral properties located in Northern Ontario and Quebec. The Company's management has extensive global experience with small to large mining companies, from grass-roots exploration to the exploitation of mineral deposits. The Company is a reporting issuer in the provinces of British Columbia, Alberta and Ontario.
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.
SOURCE: Alexandria Minerals Corporation
Coal Harbor Communications Dale Paruk (604) 662-4505 or Toll Free: 1-877-642-6200 Email: info@coal-harbor.com Bay Street Connect Michael D'Amico (647) 500-6023 Email: michael@baystreetconnect.com Alexandria Minerals Corporation Eric Owens (416) 363-9372 Email: info@azx.ca Website: www.azx.ca
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