Alexandria Drills 4.39 g/t Au Over 6.00 m to Enlarge Orenada 2

TORONTO, ONTARIO--(Marketwire - Oct. 22, 2008) - Alexandria Minerals Corporation (TSX VENTURE: AZX.V)(FRANKFURT:A9D) reports that it has intersected 4.39 g/t Au over 6.00 m (true width, 5.44 m), including 16.41 g/t Au over 1.50 m, in its easternmost drill hole at Orenada 2, Val d'Or, Quebec.

Assay results show that Diamond Drill Hole ("DDH") OAX-08-51, drilled in early summer, intersected the target zone between 96.50 m and 102.50 m down hole, extending the length of the zone at Orenada 2 from 540 m long to 660 m. The hole is one of several holes which intersect a sub-horizontal, near-surface gold-bearing zone (mostly less than 100 m vertical depth) that Alexandria has been delineating through drilling over the past 12 months.

Previously reported drill assays from this zone include 2.19 g/t Au over 27.08 m (including 11.44 g/t Au over 4.68 m) in hole OAX-07-16, and 1.09 g/t Au over 62.28 m in hole AAX-07-11 (See Press Releases October 15, 2007 and April 25, 2007, respectively). This shallow zone remains open to the east.

Assay results recently received from other drill holes in this zone at Orenada 2, show widespread anomalous to ore grade gold mineralization in the target Cadillac Break Shear Zone. These include (all lengths are true widths):

OAX-08-45: drilled 360 m west of hole OAX-08-51, several anomalous to ore grade zones were intersected between 34.00 m and 115.20 m depth, including 5.05 g/t Au over 1.47 m and 0.40 g/t Au over 6.06 m,

OAX-08-46: drilled 260 m west of hole OAX-08-51, anomalous intervals were intersected between 14.90 m and 128.20, including 4.22 g/t Au over 0.25 m,

OAX-08-48: drilled 120 m west of hole OAX-08-51, intersected strongly anomalous gold between 222.60 m and 296.20 m, including 0.38 g/t Au over 31.05 m,

OAX-08-49: drilled 70 m above OAX-08-48, anomalous gold was intersected principally between 83.00 m and 142.85 m, including 0.58 g/t Au over 19.56 m and a separate zone of 0.93 g/t Au over 11.43 m, the latter including 1.71 g/t Au over 5.02 m.

In addition to the near-surface zone, Alexandria has discovered a separate, lower gold-bearing zone below 240 m vertical depth at Orenada 2. Previously reported intersections from this lower zone include 0.50 g/t Au over 90.28 m, including 2.98 g/t Au over 3.34 m and, separately, 5.66 g/t Au over 1.72 m, in hole AAX-07-10, and 4.12 g/t over 2.96 m in hole OAX-07-19 (see Press Releases April 25, 2007 and October 31, 2007, respectively). Like the upper zone, this lower zone remains open.

Orenada 2 is located about 600 m east of the Company's Orenada 4 gold zone, where Alexandria has delineated a disseminated gold-bearing zone 350 m long by 300 m deep, with widths up to 50 m. Orenada 4 has strong potential to grow, as it remains open along strike and at depth, and the Company is awaiting final interpretation of a deep-level Titan 24 geophysical survey to aid in future drill targeting.

Drilling and trenching on the Orenada property and the adjacent Oramaque property to the east has yielded ore grade to anomalous gold concentrations over a minimum of 5 kilometers along the Cadillac Break, suggesting a sizable gold mineralizing system with excellent potential for discovery of more gold at economic grades and widths.

Currently, Alexandria Minerals has roughly $4,000,000 in cash and short term assets, and has reduced its operating costs by 65% in order to help preserve cash during the current uncertain financial markets. The Company's current budget will allow the Company to operate for a minimum of 2 years while making progress on its properties.

About 10,000 m of drilling is planned between now and the end of 2009, beginning with a 1,800 m programme on Alexandria's Matachewan, Ontario, property in November, to be followed up by a winter drilling programme on its Cadillac Break properties in Val d'Or. As part of its ongoing activities, Alexandria is reviewing mineral property acquisition opportunities, as current market conditions are positive for the potential availability of high quality resource properties.

The results presented in this press release are exploratory in nature and have been reviewed by the company's Qualified Persons, Eddy Canova, PGeo, and Dr. Eric Owens, PGeo. The drilling program employs a Quality Assurance/Quality Control program consistent with NI 43-101 and industry best practices. Drill core is NQ-sized, and is logged, sampled and split at the Company's Val d'Or office, in intervals of 0.3 meters to a maximum of 1.5 meters. The samples are recorded, bagged and sent to Bourlamaque Assay Lab in Val-d'Or for assay. Samples are analyzed for Au, Ag, Cu and Zn, via a 30 gram pulp by FAA for Au and AA for Ag, Cu and Zn. Re-assays by FA gravimetric finish are performed on samples assaying greater than 1.0 g/t Au and re-assays greater than 5.0 g/t Au are checked a second time by FA gravimetric finish.

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.

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.

The TSX Venture Exchange does not accept 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