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News
07.01.2011
Alexandria Completes $2.0 Million Sale of Joannes Township Claims to Aurizon Mines Ltd.
Alexandria Completes $2.0 Million Sale of Joannes Township Claims to Aurizon Mines Ltd.
Toronto, Ontario, January 6, 2011 – Alexandria Minerals Corporation (TSX-V: AZX; Frankfurt: A9D) is pleased to announce that it has received from Aurizon Mines Ltd. (“Aurizon”) the final payment of Aurizon treasury shares valued at $1.6 million, representing 213,845 shares. Under the original terms of the option agreement, by completing this payment, Aurizon has earned 100% ownership of Alexandria’s 19 claims, located next to Aurizon’s Joanna gold project in Joannes Township, Quebec, 60 km west of Val d’Or.
As part of the original option agreement, Aurizon previously paid to Alexandria $200,000 cash and shares valued at $200,000, as well as completed exploration expenditures of $650,000.
Eric Owens, President and CEO of Alexandria Minerals Corp., said, “We are pleased with this decision on Aurizon’s part. It allows us to see further development of the Joannes claims while remaining focused on our Cadillac Break property group in Val d’Or.”
Currently, Alexandria’s efforts are focused on its Cadillac Break properties near Val d’Or, Quebec, especially its Akasaba gold-silver project, where it has one rig operating and expects to have a second rig in place early in the year. During 2010, the Company completed 54 drill holes on the project, totaling 18,700 meters, focused in and around the historic mine area, where 40,000 ounces of gold and 10,000 ounces of silver were produced from shallow underground operations in the early 1960’s.
Ongoing work on the property has shown that the gold zone has been enlarged to 900 m long by more than 400 m deep, from its original 200 m length and 150 m depth, and has additionally identified other similar targets on the property and adjacent properties. The Company is currently processing and interpreting drill assays received over the holiday period, and is also awaiting results from a further 15 holes, many of them shallow infill holes to the west of the mine completed just before the holiday period began. Alexandria intends to bring a second drill rig onto the property to speed up delineation of the ore zone.
Elsewhere, at Orenada, the Company has been working with BBA Engineering on an advanced economic review of the gold resource on the property the fourth quarter of 2010. BBA will expand on the initial evaluation completed by RSW Inc. by considering both in-house and out-sourced processing, as well as open pit and underground operations.
BBA is a world-renowned engineering consulting company specializing in Geology and Mining, Mineral Processing and Metallurgy. BBA has extensive experience in the Val d’Or, QC region and has aided in the development of several regional gold deposits including Aurizon Mines’ Joanna Deposit, Detour Gold’s Detour Lake Golf Project and Osisko’s Malartic Project. The Company anticipates completion of this study during the first quarter of 2011.
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 Orenada and Akasaba gold projects.
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. Neither 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.
PLEASE CONTACT
Andreas Curkovic, Investor Relations
(416) 577-9927
Eric Owens, Alexandria Minerals Corporation
416-363-9372
www.azx.ca
info@azx.ca
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Toronto, Ontario, January 6, 2011 – Alexandria Minerals Corporation (TSX-V: AZX; Frankfurt: A9D) is pleased to announce that it has received from Aurizon Mines Ltd. (“Aurizon”) the final payment of Aurizon treasury shares valued at $1.6 million, representing 213,845 shares. Under the original terms of the option agreement, by completing this payment, Aurizon has earned 100% ownership of Alexandria’s 19 claims, located next to Aurizon’s Joanna gold project in Joannes Township, Quebec, 60 km west of Val d’Or.
As part of the original option agreement, Aurizon previously paid to Alexandria $200,000 cash and shares valued at $200,000, as well as completed exploration expenditures of $650,000.
Eric Owens, President and CEO of Alexandria Minerals Corp., said, “We are pleased with this decision on Aurizon’s part. It allows us to see further development of the Joannes claims while remaining focused on our Cadillac Break property group in Val d’Or.”
Currently, Alexandria’s efforts are focused on its Cadillac Break properties near Val d’Or, Quebec, especially its Akasaba gold-silver project, where it has one rig operating and expects to have a second rig in place early in the year. During 2010, the Company completed 54 drill holes on the project, totaling 18,700 meters, focused in and around the historic mine area, where 40,000 ounces of gold and 10,000 ounces of silver were produced from shallow underground operations in the early 1960’s.
Ongoing work on the property has shown that the gold zone has been enlarged to 900 m long by more than 400 m deep, from its original 200 m length and 150 m depth, and has additionally identified other similar targets on the property and adjacent properties. The Company is currently processing and interpreting drill assays received over the holiday period, and is also awaiting results from a further 15 holes, many of them shallow infill holes to the west of the mine completed just before the holiday period began. Alexandria intends to bring a second drill rig onto the property to speed up delineation of the ore zone.
Elsewhere, at Orenada, the Company has been working with BBA Engineering on an advanced economic review of the gold resource on the property the fourth quarter of 2010. BBA will expand on the initial evaluation completed by RSW Inc. by considering both in-house and out-sourced processing, as well as open pit and underground operations.
BBA is a world-renowned engineering consulting company specializing in Geology and Mining, Mineral Processing and Metallurgy. BBA has extensive experience in the Val d’Or, QC region and has aided in the development of several regional gold deposits including Aurizon Mines’ Joanna Deposit, Detour Gold’s Detour Lake Golf Project and Osisko’s Malartic Project. The Company anticipates completion of this study during the first quarter of 2011.
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 Orenada and Akasaba gold projects.
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. Neither 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.
PLEASE CONTACT
Andreas Curkovic, Investor Relations
(416) 577-9927
Eric Owens, Alexandria Minerals Corporation
416-363-9372
www.azx.ca
info@azx.ca
NEWSLETTER REGISTRIERUNG:
Aktuelle Pressemeldungen dieses Unternehmens direkt in Ihr Postfach:
<a href="http://www.irw-press.com/alert_subscription.php?lang=en&isin=CA0151001009">http://www.irw-press.com/alert_subscription.php?lang=en&isin=CA0151001009</a>
Mitteilung übermittelt durch IRW-Press.com. Für den Inhalt ist der Aussender
verantwortlich.
Kostenloser Abdruck mit Quellenangabe erlaubt.