Alexandria Increases Global Resources On Its Cadillac Break Properties With NI 43-101 Compliant Resource Estimate on

TORONTO, ONTARIO, Oct 29 (MARKET WIRE) --
Alexandria Minerals Corporation (TSX VENTURE: AZX)(FRANKFURT: A9D)
reports that it has completed a resource estimate for its 100%-owned
Sleepy gold deposit in Louvicourt Township, Val d'Or, Quebec. This is the
Company's second resource estimate in as many months, and is National
Instrument ("NI") 43-101 compliant, completed by independent consulting
firm Geopointcom in Val d'Or.

The Sleepy gold deposit hosts an Inferred Resource of 1,557,000 tonnes
grading 3.0 g/t Au, for 150,400 ounces of gold. This represents an 8 fold
increase in size over that when Alexandria acquired the project, and
contributes to the Company's total global resources on its Cadillac Break
projects, which now stand at 543,000 ounces of gold. The Company is
committed to grow these resources through further drilling and
exploration.

Eric Owens, President and CEO of Alexandria, said, "We now have resources
on 2 of our 3 principal projects in Val d'Or and are confident of success
at our Akasaba project where we will begin drilling soon. The Val d'Or
region is one of the world's great gold districts and with our discovery
costs of about $6 per ounce of gold we will take advantage of the many
opportunities on our large land package."

To view Figure 1., please visit the following link:
http://media3.marketwire.com/docs/azx_1029_fig_1.pdf

The project is located about 25 km east of Alexandria's Orenada gold
deposit and is one of four properties acquired from Cambior Inc. (later
IAMGOLD Corp.) in late 2006. This acquisition was an integral part of
Alexandria's assembling the 35 km long Cadillac Break Group of
Properties, one of the largest property packages on the Cadillac Break
fault zone, which has produced some 100,000,000 ounces of gold from mines
along its trend. The property has been subjected to exploration work
since 1944, with the initial discovery of the gold deposit occurring in
the late 1980's by Cambior, and is located on a combined geophysical and
geochemical anomaly. Cambior's work ultimately led to a pre-NI 43-101
Historic Resource estimate of 152,000 tonnes grading 5.1 g/t Au (Geospex,
1998).

The Sleepy deposit is a disseminated gold-pyrite body, currently 400 m
long by 300 m deep from surface, with an average thickness of 5.35 m, and
lies 5 km east along strike with the Sigma 2 Mine, from which Placer Dome
mined 152,000 ounces of gold via open pit operations some 15 years ago.
Alexandria began its exploration activities on the property in mid-2007,
and has completed 5619 meters of drilling in 15 drill holes, mainly
focused in and around the historic deposit.

For the resource estimate, a total of 38 drill holes were analyzed, of
which 23 intersected the deposit. The minimum horizontal thickness was
set at 3.8 m; 1.1 m wide composites were created, with a cut-off grade of
2.0 g/t Au. A cap grade of 33.5 g/t Au was set which affects 3 samples in
the population.

The geostatistical evaluation of the diamond drill hole and chip sample
assay results were performed by Christian D'Amours, P.Geo., of
Geopointcom in Val d'Or, QC, and verified by Independent Qualified
Persons Alain-Jean Beauregard, P. Geo., OGQ, FGAC and Daniel Gaudreault,
P. Eng., OIQ, both of Geologica Groupe Conseil, of Val d'Or, QC.
Geological interpretation and geological database compilation of Sleepy
was performed by Eddy Canova, QP, of Alexandria Minerals Corporation.
This Press Release has been reviewed by all parties, and the technical
report for this resource estimate will be filed on SEDAR within 45 days.
Please note that Mineral Resources which are not Mineral Reserves do not
have demonstrated economic viability.

Programme design, management, and Quality Control/Quality Assurance is
governed by Alexandria's exploration group, of which Eddy Canova, PGeo,
and Eric Owens, PGeo, are the Company's Qualified Persons. Mr. Canova
supervises the technical activities of the Company. The QA/QC programme
is consistent with NI 43-101 and industry best practices; this will be
summarized in the technical report, but has previously been addressed in
the NI 43-101 Technical Report on the Cadillac Break properties (February
2008).

The Company currently has approximately $1.5 million in cash and short
term assets available to complete the next stage programs on its Cadillac
Break Properties. The coming months will see the Company begin its next
drilling programme on the Akasaba property, as well as produce a
Preliminary Economic Assessment for Orenada. For further information on
each of these properties, please visit www.azx.ca or view the interactive
map at http://www.gisready.com/alexandriaWEBdata/default.aspx.

About Alexandria Minerals

Alexandria Minerals Corp. is a Toronto-based mineral exploration and
development company, 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.

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.

Contacts:
Alexandria Minerals Corporation
Andreas Curkovic
Investor Relations
416-577-9927

Alexandria Minerals Corporation
Eric Owens
416-363-9372

Alexandria Minerals Corporation
Matt Morrish
416-363-9372
Email: info@azx.ca
Website: www.azx.ca

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