TORONTO, March 24 /CNW/ - Alexandria Minerals Corporation (TSX-V: AZX; Frankfurt: A9D) reports today on results from shallow in-fill drilling at its Akasaba gold-silver project in Val d'Or Quebec, on which it has intersected high grade gold values, including 38.53 g/t Au over 0.60 m at less than 30 m vertical depth and 21.74 g/t Au over 0.35 m at less than 50 m depth.

Diamond drill holes IAX-11-124, 125, and 127 all intersected the high grade zone discovered by Alexandria's geologists during last year's drill programme, located east of the past-producing Akasaba Mine, (see Table 1 below):

This high grade zone extends from surface to more than 300 m deep, remains open at depth, and is part of the broader gold-bearing system that, in addition to high gold grades, hosts broad, near-surface zones grading up to 1.91 g/t Au over 63 m width (previously reported hole IAX-10-72).

Eric Owens, President and CEO of Alexandria, says, "Our multi-rig drilling campaign is designed to accelerate delineation of gold mineralization at Akasaba. We are broadly expanding the deposit at both shallow and deep levels, with in-fill and step-out drilling. We are awaiting assays from a further 15 holes and once we have reviewed these assays we plan to add a third drill rig to continue delineation drilling at Akasaba."

To-date, Alexandria has drilled some 90 holes at Akasaba over the past 1.5 years, totaling more than 22,000 meters, testing both shallow and deep targets. Focus has been on the Mine Horizon, from which the Akasaba Mine produced 40,000 ounces of gold and 10,000 ounces of silver in the early 1960's. This drilling has significantly enlarged the gold zone, from 200 m to 1,000 m along strike, and from 150 m to more than 300 m at depth.

The 2-rig, 20,000 m drilling programme currently underway has recently focused on shallow level targeting above 150 m depth over a strike length of 1 km, to better define gold-silver mineralization in and around the Akasaba Mine. Recent downhole geophysical surveys are being interpreted, to aid in deeper targeting, and detailed geological reviews have identified multiple targets on surrounding sites and properties.

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.

TABLE 1. Drill Hole Assay Results, Akasaba Project

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.