By Greg Klein

In the early part of this decade, during what he calls �the deep dark ages of the mining downturn,� Eric Owens was consulting for people he didn�t always agree with. �I�d done a lot of exploration geology over the years, and I knew I could do better,� he explains. �So Eddie Canova and I co-founded Alexandria Minerals. Then we spent the next couple of years picking up properties in the Abitibi belt of Ontario and Quebec.�

He�s in good company there. The Abitibi Greenstone Belt has produced 200 million gold ounces. Alexandria�s three advanced-stage projects lie within the 35-kilometre-long Cadillac Break Property, straddling the Quebec-Ontario border, which has produced 100 million gold ounces. The flagship is the Akasaba Property. Less advanced than the others, it nevertheless inspires Owens� strongest enthusiasm. A former mine, it produced 40,000 gold ounces and 13,000 silver ounces. Alexandria has been drilling there since 2009.

Its most recent assays, released June 15, show 6.73 grams per tonne gold and 2.6 g/t silver over 10.5 metres (including 26.65 g/t gold and 3.1 g/t silver over 1.5 metres), 1.22 g/t gold over 32.5 metres (including 4.54 g/t gold and 1.49 g/t silver over 7 metres), 16.57 g/t gold and 2.28 g/t silver over 2.5 metres and 2.24 g/t gold over 11.4 metres (including 9.2 g/t gold over 0.9 metres).

Owens comments, �There were some great drill results from a near-surface vault tonnage potential, as well as from a deep level with high-grade gold. We�ve barely scratched the surface. We drilled down just shy of 500 metres, but many of the larger gold deposits in the region go down a kilometre or two. We also think there�s a lot of growth potential because the geology is similar to other gold-rich type VMS [volcanogenic massive sulfide] targets in the region. Some examples of that would be Agnico-Eagle�s LaRonde mine, which is a nine-million-ounce gold mine.�

The infrastructure is top notch. Owens reports, �The roads are in place; the hydro is there; the mining people and all the associated contract services are there.� Two mills are situated within five kilometres and two more within 15. Alexandria currently has two rigs at Akasaba and hopes to add a third. The project�s first resource estimate is scheduled for fall of this year.

Proximity to mills could get the Orenada Project into operation a full five years earlier. The most advanced of Alexandria�s projects, Orenada has a 2009 resource estimate of 446,890 gold ounces measured and indicated and 302,469 ounces inferred. �It�s still open and still has room to grow, but it will take some fairly deep pockets to increase the size,� Owens says. To accomplish that, Alexandria is searching for a joint-venture partner.

�We think there�s an opportunity for production in the near term via outsourced milling,� Owens says. �If we had to build our own mill, it would take a good five years. But if all we have to do is start digging and ship the ore to one of the four nearby mills, we can capitalize on the current prices of gold not only for Alexandria but for whoever partners up with us.� The company hopes to have an economic assessment completed this fall.

The Sleepy Property has a 2009 resource estimate of 150,400 ounces inferred. The company hopes to update the estimate, possibly by year�s end. �The two or three holes that we�ve intersected at depth have probably enlarged that deposit a fair bit,� Owens contends.

An early-stage project, Siscoe East, borders the city of Val-d�Or, in close proximity to the old Siscoe Mine, which produced about 880,000 gold ounces, and the Sullivan Mine, which produced about 1.2 million ounces. �Siscoe East is a good location,� Owens says. �It�s just going to take a little picky work drilling-wise.� NioGold Mining Corp has an option to earn 50% of Siscoe.

Another early-stage project, the Matachewan Property, straddles the Cadillac-Larder Lake Break in Ontario. It�s about three kilometers from Northgate�s Young-Davidson Project which hosts four million ounces gold.

Alexandria has $5.5 million in working capital and a burn rate of $800,000 per month. The company has 120.1 million shares outstanding, last trading at $0.16, with a market cap of $19.2 million. Insiders own about 15%. Agnico-Eagle owns 10%, while Teck and IAMGOLD own another 3% to 3.5% each. One of Alexandria�s directors, Charles Page, is President and CEO of Queenston Mining, which has recently reported excellent gold assays from the Cadillac region.

Owens argues that given Alexandria�s published resources, �Our market cap should be a lot higher.� He concludes, �I�d like to see us with well over a million ounces, maybe a million and a half or more ounces by the time we get these next 43-101 studies done. I�d like to see a pipeline of projects, at least one of them producing, so we�re earning money while building other deposits.�

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