Alexandria Minerals Announces Agreement to Sell Non-Core Assets to Hudbay

TORONTO, Oct. 31, 2018 (GLOBE NEWSWIRE) -- Alexandria Minerals Corporation (AZX – TSX-V) (“Alexandria” or the “Company”) is pleased to announce that it has entered into a purchase agreement (the “Agreement”) with Hudbay Minerals Inc. (“Hudbay”) to sell the HUDVAM and WIM properties (the “Claims”) which are comprised of 40 mineral claims currently owned by Alexandria and located in northern Manitoba near the mining communities of Snow Lake and Flin-Flon.  The Company will receive $500,000 in cash upon completion of the transaction.

The sale of the Claims also includes all exploration data and technical information associated with the Claims in the possession of the Company, and any other hard assets located on the property underlying the Claims.  The Company acquired the Claims following the acquisition of Murgor Resources Inc. by the Company in 2015.  Prior to entering into the Agreement, the Company completed a thorough process in connection with the disposition of the Claims and the agreement with Hudbay was determined to be the only alternative.   Alexandria and Hudbay are at arm’s length.  No finder’s fees were paid in connection with the transaction.

The sale is expected to close immediately upon receiving the necessary confirmation of transfer of the Claims by the Manitoba Mines Branch.

Further information about the Company is also available on the Company’s website, www.azx.ca, or our social media sites listed below:

About Alexandria Minerals Corporation
Alexandria Minerals Corporation is a Toronto-based junior gold exploration and development company with strategic properties located in the world-class mining districts of Val d’Or, Quebec, Red Lake, Ontario and Snow Lake-Flin Flon, Manitoba. Alexandria’s focus is on its flagship property, the large Cadillac Break Property package in Val d’Or, which hosts important, near-surface, gold resources along the prolific, gold-producing Cadillac Break, all of which have significant growth potential.

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.