During the year, the Company undertook the following significant activities on its 35 km long Cadillac Break property package in
-- Sold the
West Zonegold-copper property to Agnico Eagle Mines Limited for $5 million, thereby realizing a gain of $3.0 millionon this disposition; an Alexandria discovery, the West Zoneproperty comprised less than 2% of Alexandria's total property package and may become Quebec'snext open pit mine; -- Completed a $1 millionhard-dollar equity financing at a 300% premium to market; -- Incurred $2,857,545in gross exploration expenditures during the year; -- Completed a 29 hole, 9,368m drilling program on Akasaba and Valdora, beginning its first significant step-out drilling with the objective of discovering further Akasaba-like gold and gold-copper mineralization on its properties; -- Completed a 10 hole, 4,291 m drill program on its Sleepy project aimed at adding to the Current Resources at Sleepy; -- Completed three surface geophysical surveys (Induced Polarization, or "IP") covering a total of 18 square km over 1) its Akasaba and Valdora properties, 2) its Ducros, Oramaque, and Orenada properties, and 3) its Annamaque property, which yielded strong drill targets over the western half of the Company's property package -- Completed a downhole IP survey below the Current Resources at Akasaba, which also yielded strong drill targets at depth.
The Company is currently in the middle of a 10,000 m drill program on its Akasaba property, testing geological and geophysical targets below the Current Resources along the main
Work also continues on target selection from both the Annamaque and Ducros-Oramaque-Orenada IP surveys. The Company has re-sampled historic drill holes at Ducros as part of its preparation for an upcoming 2,600 m drill program there. Assay results are pending for 10 Akasaba holes.
In other matters, the Company has issued to an executive options to purchase 250,000 shares at an exercise price of
Program design, management, and Quality Control/Quality Assurance are governed by Alexandria's exploration group of which
Further information about the Company is available on the Company's website, www.azx.ca, or our social media sites listed below:
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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Alexandria Minerals Corporation Mary VorvisVice President, Corporate Development 416-305-4999 Alexandria Minerals Corporation Eric OwensPGeo, President/CEO 416-363-9372 firstname.lastname@example.org Source: Alexandria Minerals Corporation