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A Cool 1.4 Million Ounces: Alexandria Minerals Crosses the
Golden Million-Ounce Threshold in Quebec

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With its press release Tuesday morning, Alexandria Minerals (TSX-V: AZX) (ALXDF.PK) reported a new NI 43-101 Resource on its flagship Akasaba property within the prolific Abitibi Gold Belt in Quebec. By adding an Indicated Resource of 239,932 ounces of gold and an Inferred Resource of 266,044 ounces of gold, the company has now smashed past the 1 million ounce resource mark.

As a result of the new study, the official total from the companys 38 km-long Cadillac Break property portfolio (of which Akasaba is one of three properties) has now hit 686,823 ounces of gold of Measured and Indicated Resources, and 718,688 ounces of gold of Inferred Resources, for a combined total of 1,403,511 gold ounces. This constitutes one of the largest total resources in the camp.

While the Companys share price opened the trading day on April 5th at $0.10, the corresponding market valuation equates to just $10.62 per ounce of 43-101-compliant global gold resource located in one of the worlds friendliest mining jurisdictions. Thats beneath even the companys impressive discovery cost of $13 per ounce of gold discovered. As the company continues to add value with successful exploration drilling - focused upon this Akasaba deposit that displays "strong potential to be a multi-milli0on-ounce deposit" - the shares appear to offer compelling value proposition.

The Abitibi Gold Belt - A Friendly Place to Find Gold

Alexandrias choice to explore within Quebec was strategic due to the impressive resources the province has to offer. The Cadillac Break property portfolio is near Val Dor, one of the worlds most legendary gold districts, which has produced 70+ million ounces of gold (with over 25 million of that being discovered since 2003).

Agnico-Eagle (TSX: AEM)(NYSE: AEM) has three mines in the vicinity, including the LaRonde, which hosts a 10 million ounce deposit. Management at Agnico-Eagle has already expressed interest in Alexandrias properties by acquiring and maintaining 10% equity stake in AZX.

Quebec, furthermore, offers substantial benefits to gold explorers and producers. The provinces stable and diversified economy has withstood the onslaught of economy-related woes seen worldwide during the recent crisis. Efficient infrastructure that includes solid road and rail networks, and an airport that provides safe access has drawn plenty of miners to the Val dOr region over the years.

As well, the provincial government has had the good grace to keep corporate tax rates low (one of the lowest in North America), and has earmarked $2.1 billion over 5 years to promote sustainable development of the economic potential of its northern region. The province also refunds to the explorer about 35% of all exploration monies spent.

Akasaba Project - A New Flagship with Blue Sky Potential

The newly announced NI 43-101-compliant resource estimate of for Akasaba, consisting of 239,932 Indicated ounces of gold and 266,044 Inferred ounces of gold, resulted from 125 holes totaling 38,000m of drilling over a two-year period. This marks the first 43-101 Resource Estimate the property has ever had, despite the fact that the historical Akasaba Mine reportedly produced 282,000 tonnes grading 5.14 g/t Au from 1961-1963, yielding approximately 40,000 ounces of gold, along with 10,000 ounces of silver.

From the two zones that form the deposit (a near surface open-pit zone and a high-grade underground zone), the breakdown of the resource estimate is as follows:

Underground Indicated Resources: 563,660 tonnes grading 5.91 g/t Au (107,457 ounces of gold), Underground Inferred Resources: 1,462,560 tonnes grading 5.29 g/t Au (249,891 ounces of gold), Main Open Pit Indicated Resources: 3,000,214 tonnes grading 1.37 g/t Au (132,475 ounces of gold), Satellite Open Pit Inferred Resources: 284,374 tonnes grading 1.76 g/t Au (16,153 ounces gold).

Drilling continues at Akasaba, and management has indicated that its plan is to continue to drill aggressively, utilizing this initial estimate as a solid foundation for further growth. Adding over 505,000 ounces of gold through this initial resource estimate is a good start.

Sleepy Project - Potential for Growth Along Strike and At Depth

While drilling at Akasaba is taking centre stage, the potential for Sleepy could be the companys sleeper hit. Sleepy already has an inferred resource estimate of 1,557,000 tonnes grading 3.00 g/t Au, netting approximately 150,400 ounces of gold. Like Akasaba, Sleepy has the potential for significant growth, and is open both along strike and at depth.

Located just 12km to the east of Akasaba, the Sleepy Project is nearing completion of a 4-hole drill program that the company previously announced. 2011 saw the company focus on the down-dip extension of the resource, where Alexandria successfully deepened gold mineralization from the bottom of the current resource at 300 m depth, to 450 m depth with some impressive drill hole intersections that included:

SAX-11-009 - 6.66 g/t Au over 15.8 m SAX-11-001 - 3.88 g/t Au over 7.0 m SAX-11-005 - 11.28 g/t Au over 2.4 m

A further 15,000 m of drill targets at Sleepy have been identified, with more drilling set to commence this year.

Orenada - The Original Resource and Backbone

While the Akasaba and Sleepy are the primary growth targets, Orenada provides the bulk of the Companys existing resource base. Comprised of 29 mining claims, the property is over 487 hectares in size. The Company established a NI 43-101 compliant resource estimate on two zones (Orenada Zones 2 and 4) back in 2009 that were measured as follows:

Measured and Indicated: 10,273,975 tonnes grading 1.35 g/t Au (446,891 ounces of gold), Inferred: 7,399,643 tonnes grading 1.27 g/t Au (302,469 ounces of gold).

The area was explored intermittently between 1930-2000, before Alexandria acquired the property and began its own exploration programme in the Spring of 2007 that concluded in July 2008 with 52-holes of exploration drilling totaling 21,744 metres.

Currently, the company is in the process of completing a Preliminary Economic Assessment (PEA), with hopes of trying to achieve production in this infrastructure rich area over the next 18-24 months.

The Bottom Line

Alexandria has been overlooked for too long, and with their latest announcement the Company is likely to gain more attention. Its now officially over the million ounce mark in estimated gold resources, and appears to be on the road to identifying a multi-million ounce deposit at Akasaba. The share price is probably more indicative of the broader sentiment regarding the junior exploration sector, rather than the companys merit, as the most recent news releases have added substantially to the value equation without being reflected in the shares.

The Abitibi Gold Belt speaks for itself, given the proclivity to produce high grades within a friendly business environment. Quebec has plenty of talented people on the ground, and the right amount of infrastructure in place to get production moving more smoothly than in other parts of the world.

The Company has drawn the interest of nearby neighbours, as reflected by Agnico-Eagles 10% equity stake. Alexandria now has one of the largest total resources in the Val dOr camp, and is favourably positioned to further exploit its large contiguous land package within the Cadillac Break. Look for further news regarding the outstanding holes that are due for assay results at both Akasaba and Sleepy for further growth, and keep an eye on the development towards production at Orenada.

G. Joel Chury
for the Bottom Line Report

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