Summary of Alexandria's recently completed agreement for the Joannes Property.
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TORONTO, ONTARIO--(Oct. 29, 2008) - Alexandria Minerals Corporation (TSX VENTURE:AZX)(FRANKFURT:A9D) has signed a formal Option Agreement with Aurizon Mines Ltd. ("Aurizon") which will grant Aurizon the right to earn a 100% interest on 19 claims in Joannes Township, Quebec, as initially announced on September 15, 2008.
According to the terms of the agreement, Aurizon will earn 100% interest in the 19 claims 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 the effective date of 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 effective date of the formal agreement.
The 19 Claims represents the southern half of Alexandria's Joannes Township claims, which are located along the Cadillac Break about 20 km east of Noranda, Quebec. The 70 km stretch of Cadillac Break between Noranda and Val d'Or, Quebec, has historically produced some 60 million ounces of gold, and a number of recent discoveries have brought several projects closer to production, including Aurizon's Joanne project (2 million ounces of gold), Osisko Exploration's Malartic deposit (8 million ounces of gold), and Agnico Eagle's Lapa (1.5 million ounces) and Goldex Deposits (2.4 million ounces of gold).
Alexandria has $4.0 million in cash and short term assets, enough to keep the company active for a minimum of two years under its current planned budget. The Company is planning to complete approximately 10,000 meters of drilling over the next 14 months, principally on Orenada, Sleepy, Matachewan and follow-up on discoveries previously made on the Cadillac Break properties.
Alexandria Minerals Corp. is a Toronto-based mineral exploration and development company, 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: The Company relies upon litigation protection for "forward-looking" statements. 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
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release."
