Alexandria Closes First Tranche of Non-Brokered Private Placement

TORONTO, ONTARIO--(Marketwire - July 22, 2008) - THIS PRESS RELEASE IS Alexandria Minerals Corporation (TSX VENTURE: AZX.V)(FRANKFURT:A9D) announces that it has closed a first tranche of its Non-Brokered Private Placement totaling $1,389,000 on July 18, 2008. The NBPP was initially announced on June 20, 2008 and revised on July 9, 2008.

The first tranche consists of 9,723,078 Flow-Through ("FT") units, totaling $1,264,000 priced at $0.13 per unit, and 1,250,000 non Flow Through ("NFT") units, totaling $125,000 priced at $0.10 per unit. Each FT unit consists of one common share of the Company and one-half (1/2) of one purchase warrant, with each whole warrant entitling the holder to acquire one additional non-flow through (NFT) common share of the Company at a price of $0.25 for a period of two years from closing. Each NFT unit consists of one common share plus one full warrant, where each warrant entitles the holder to purchase one additional common share of the Company at a price of $0.23 for a period of two years from closing. The securities issued under the private placement will be subject to a hold period of four months and one day from the date of closing, being November 19, 2008.

The proceeds will be used for exploration on the Company's properties, principally in Quebec, with a minor portion earmarked for its Matachewan, Ontario property, as well as for corporate purposes.

A finders fee of 8% of the proceeds was paid to MAK Allen & Day Capital Partners Inc. ($64,000), Anthem Capital Group Inc. ($20,800), Bolder Investment Partners ($14,240), and Haywood Securities Inc. ($2,080).

The second tranche of the Non Brokered Private Placement is expected to close on or about July 31, 2008.

Alexandria Minerals Corp. is a Toronto-based mineral exploration and development company, currently focused on the exploration for precious metals on mineral properties located in Northern Ontario and Quebec. The Company's management has extensive global experience with small to large mining companies, from grass-roots exploration to the exploitation of mineral deposits. The Company is a reporting issuer in the provinces of British Columbia, Alberta and Ontario.

This press release, required by applicable Canadian laws, is not for distribution to U.S. news services or for dissemination in the United States, and does not constitute an offer of the securities described herein. These securities have not been registered under the United States Securities Act of 1933, as amended, or any state securities laws, and may not be offered or sold in the United States or to U.S. persons unless registered or exempt therefrom.

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.

The TSX Venture Exchange has not reviewed and does not take responsibility for the adequacy or accuracy of this release.

Contacts

Dale Paruk
Coal Harbor Communications
(604) 662-4505 or Toll Free: 1-877-642-6200
Email: info@coal-harbor.com

Michael D'Amico
Bay Street Connect
(647) 500-6023
Email: michael@baystreetconnect.com

Eric Owens
Alexandria Minerals Corporation
(416) 363-9372
Email: info@azx.ca
Website: www.azx.ca