Mar. 1, 2011 (Canada NewsWire Group) --

TORONTO, March 1 /CNW/ - Alexandria Minerals Corporation (TSX-V: AZX; Frankfurt: A9D) reports today that it has intersected 3.81 g/t Au over 14.00 m (9.00 m true width), in diamond drill hole SAX-11-01 on its Sleepy project in Val d'Or, Quebec.

The intersection, below 400 m vertical depth, is the deepest yet at Sleepy, and extends the Sleepy Gold Zone by 100 m below previously released holes). The 14 samples comprising the intersection range between 2.09 g/t to 8.54 g/t (see Table 1 below), a consistency of gold concentration that is characteristic of the Sleepy Zone gold mineralization. In addition, silver assays up to 21.50 g/t, and zinc assays up to 1.52%, were obtained within in the interval.

Eric Owens, President of Alexandria Minerals, said, "These results introduce significant growth potential at depth, for targeting new holes and finding new sources of gold mineralization. We plan on following this up with a three hole programme that will target areas below this hole in mid-late March."

Table 1. Drill Assays from the Sleepy Zone in Hole SAX-11-01

The Sleepy project, located 12 km east of the Akasaba Gold-Silver project on the Company's extensive, 35 km long Cadillac Break property group, hosts a National Instrument 43-101-compliant Inferred Resource of 1.5 million tonnes grading 3.0 g/t Au (for 150,000 ounces of gold), estimated in 2009 by Geopointcom of Val d'Or, Quebec (see Press Release, October 28, 2009). The property lies within the infrastructure-rich Val d'Or gold district, which hosts several gold mines and mills, and which has seen more than 20 million ounces of gold produced within close proximity to the city.

Alexandria has access to more than $6 million in short term assets, including cash, marketable securities, and mining refunds. The Company is currently in the early stages of a 20,000 m drill programme, principally at its flagship Akasaba project, where it is focused on both in-fill, delineation drilling and step-out, expansion drilling.

The Company's sampling protocol has been outlined in previous press releases, and additional information is available by request. The Company routinely uses two laboratories, AGAT Labs, of Missisuagua, and Techni-Labs, a division of Actlabs, of Val d'Or and Noranda, for its sample 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.

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.

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 has two NI 43-101 compliant gold resources, at Orenada and Sleepy, and is currently focused on advancing its Akasaba gold-silver project. Roughly 10% of the Company is held by Agnico-Eagle Mines Ltd., who has three producing gold mines in the region.

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.