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2012 News Releases

Alexandria Drills 12.48 g/t Gold over 8.20 m at Akasaba, Deepening High Grade Zone 100 m Below Current Resource

Toronto, Ontario, May 24, 2012 - Alexandria Minerals Corporation (TSX-V: AZX; Frankfurt: A9D; US: ALXDF) reported today that it has deepened its high grade gold deposit at Akasaba in Val d'Or, Quebec, by an additional 100 m below its recently announced National instrument 43-101 Current Resource, with a drill hole intersection of 5.59 g/t Au over 24.00 m (11.59 m True Width, "TW" ), including 12.48 g/t over 8.20 m (3.96 m TW).

Assay results from diamond drill hole IAX-12-195 represent a merging of 2 of the principal anastomosing veins which comprise the bulk of the Current Resource in the recently published National Instrument 43-101 Resource Study (Press Release, May 17, 2012). The gold zone now extends to 600 m vertical depth, and is still open in multiple directions.

Eric Owens, President and CEO of the Company, said, "The results at Akasaba continue to get even better. Within the context of our geological model, vein merging offers the potential that more ounces exceeding our underground resource grade may be found. Akasaba remains our drilling priority and I emphasize that the deposit remains open at depth and along strike."

Table 1. Akasaba NI 43-101 Resource Estimate

Table 1 - Akasaba NI 43-101 Resource Estimate

Assay results from other deep targets are presented in Table 2 below. Multiple gold-bearing intersections in holes IAX-11-178, 182, 187, and 192, in and around the main Mine Horizon, which hosts the Current Resource, attest to the pervasive and widespread distribution of gold on the project. Hole DDH IAX-11-187 intersected 15.20 g/t Au over 0.51 m from a vein within the dacite flow/dome unit south of the main Mine Horizon. Other holes have hit high grade mineralization in the geological unit: for example, hole IAX-10-65, located 600 m east of hole 187, intersected 15.9 g/t Au over 0.3 m (see press release March 3, 2010) in the dacite.

Assay results for holes that were back-logged due to the final stages of the recently released NI 43-101 study will be released soon.

Program design, management, and Quality Control/Quality Assurance is governed by Alexandria's exploration group, of which Peter Legein, P.Geo, and Eric Owens, P.Geo, are the Company's Qualified Persons. Mr. Legein and Mr. Owens reviewed the results in this press release. The QA/QC program is consistent with NI 43-101 and industry best practices and has been previously been addressed in the NI 43-101 Technical Report on the Cadillac Break properties (February 2008) as well as in subsequent NI 43-101 reports found on the Company's website or on www.sedar.com.

Further information about the Company by visiting the Company's website, www.azx.ca, or our social media sites listed below:

Facebook: https://www.facebook.com/pages/Alexandria-Minerals-Corporation-AZXTSXV/186115074772628
Twitter: https://twitter.com/azxmineralscorp
YouTube: http://www.youtube.com/AlexandriaMinerals
Flickr: http://www.flickr.com/alexandriaminerals/

Table 2. Selected Assay Results from Deep Holes at Akasaba

Table 2 - Selected Assay Results from Deep Holes at Akasaba


About Alexandria Minerals Corporation
Alexandria Minerals Corporation is a Toronto-based junior gold exploration and development company with one of the largest portfolio of properties along the prolific, gold-producing Cadillac Break in Val d'Or, Quebec. The Company is currently focused on advancing its Akasaba and Sleepy projects. Alexandria's global resources from its 35 km-long Cadillac Break property portfolio total 686,823 ounces of gold of Measured and Indicated Resources, and 718,688 ounces of gold of Inferred Resources. Agnico-Eagle Mines Ltd., with two producing gold mines in the region, owns roughly 10% of the Company.

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.

PLEASE CONTACT Andreas Curkovic, Investor Relations
(416) 577-9927

Eric Owens, President/CEO
416-363-9372

www.azx.ca
info@azx.ca

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