Alexandria Sells Its 40% Stake in Northern Ontario Claims
TORONTO, ONTARIO--(Marketwired - Jun 25, 2015) - Alexandria Minerals Corp. (TSX VENTURE:AZX)(FRANKFURT:A9D)(OTC PINK:ALXDF) ("Alexandria" or the "Company") is pleased to announce that it has completed an agreement to sell a 40% interest held by Alexandria subsidiary Murgor Resources Inc. in 22 mining claims in Playfair, Hislop and McCann Townships in northern Ontario in exchange for 8,231,750 Alexandria common shares.
Eric Owens, President and CEO, stated, "We are pleased with this transaction, as the claims are not part of our principal properties. This transaction represents another step in the management of property assets acquired as a result of our buyout of Murgor Resources earlier in the year."
Alexandria completed the transaction with Victoria Gold Mines (East Timmins) Limited ("Victoria"), the holder of the other 60% interest in the claims. Alexandria retains a 2% net smelter returns royalty ("NSR") on the claims. One-half of the NSR (eg. 1%) may be purchased by Victoria for $750,000 within one year or for $1 million thereafter. Alexandria and Victoria are at arm's length. No finder's fees were paid in connection with the transaction.
In other matters, the Company is continuing its exploration activities on its Cadillac Break property package in Val d'Or, Quebec. Current activities focus on prioritizing drill targets for its next round of drilling on the western half of this 35 km long property package, where it has identified a large geologic system consistent with porphyry gold+/-copper mineralization with widespread alteration.
Further information about the Company is available on 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/
About Alexandria Minerals Corporation
Alexandria Minerals Corp. is a Toronto-based junior gold and base metal exploration and development company with important projects in such well-known mining districts of Val d'Or, Quebec, Red Lake and Matachewan, Ontario, and Flin Flon-Snow Lake, Manitoba. Its flagship property, the Cadillac Break Property group in Val d'Or, Quebec, is one of the largest properties along the prolific Cadillac Break Shear Zone, and hosts significant gold resources. Its recently acquired WIM and Hudvam projects in Flin Flon and Snow Lake host significant gold and base metal resources. Details can be found on the Company's website at www.azx.ca.
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 Corp. 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.
Contact
Alexandria Minerals Corp.
Eric Owens, PGeo
President/CEO
416-363-9372
Alexandria Minerals Corp.
Mary Vorvis
Vice-President Corporate Development & Investor Relations
416-305-4999
info@azx.ca
www.azx.ca