Alexandria announces the receipt of a senior proposal from Agnico Eagle and the beginning of the corresponding period with Chantrell Ventures

TORONTO, June 13, 2019 (GLOBE NEWSWIRE) – Alexandria Minerals Corporation ("Alexandria") (TSXV: AZX; OTCQB: ALXDF: Frankfurt: A9D) announced today that it has received an unsolicited offer from Agnico Eagle Mines Limited ("Agnico") under which Agnico would purchase all of the issued and outstanding common shares of Alexandria ("Alexandria Shares") At a price of CAD $ 0.05 per share of Alexandria (the"Purchase price") In accordance with a plan of arrangement (the"Agnico offerThe purchase price would be payable, at the option of each shareholder of Alexandria (the "Alexandria ShareholdersIn cash or in shares, as follows: (i) CAN $ 0.05 in cash (the "Cash alternative"); (ii) 0.000819355 ordinary shares of Agnico's capital ("Agnico sharesPlus $ 0.000001 (the "Cash and Share Alternative"); or (iii) 0.000819355 Shares of Agnico (the "Share Alternative"). In addition, all unexercised options of Alexandria would be exchanged for Agnico stock options and all unexercised warrants of Alexandria would remain outstanding and could be exercised against Agnico shares on the same date. basis of the exchange ratio between the shares of Alexandria and the shares of Agnico represented by the Alternative Share.

Board of Directors of Alexandria (the "Board") has, in good faith, unanimously decided, after receiving the advice of its financial advisers and counsel, that the Agnico Offer constitutes a superior proposal within the meaning of the Alexandria-Chantrell Convention (as defined below), the Commission has received a fairness opinion from INFOR Financial Inc. that, as of the date of their opinion, and subject to the badumptions, limitations and qualifications set out in this notice, the consideration receivable by the shareholders of Alexandria under the Agnico Offer is fair, from a financial point of view, to the shareholders of Alexandria.

As previously announced by Alexandria on May 14, 2019, Alexandria has entered into a definitive agreement (the "Alexandria-Chantrell Agreement") with Chantrell Ventures Corp. ("Chantrell") whereby, among other things, the resulting issuer (as defined below) would acquire all the shares of Alexandria in accordance with a plan of arrangement prescribed by section 192 of the Canada Business Corporations Act (the "Alexandria-Chantrell Arrangement"). The Alexandria-Chantrell Agreement was subject to, among others, Osisko Mining Inc. ("Osisko") Finalizing a reverse takeover of Chantrell (the"Reverse takeover") Through a plan of arrangement provided for in Article 182 of the Business Corporations Act (Ontario) (the "Osisko-Chantrell Arrangement). Under the Osisko-Chantrell Arrangement, after the reverse takeover, Chantrell, among others, would change its name to "O3 Mining Inc."Resulting issuer"). Under the terms of the Alexandria-Chantrell Agreement, Alexandria Shareholders would be entitled to receive 0.010309 Common Shares of the Resulting Issuer in exchange for each Alexandria Share held immediately prior to the entry into force of the Alexandria Arrangement. -Chantrell.

The Alexandria-Chantrell Agreement provides that, if Alexandria receives an unsolicited acquisition proposal that the Board considers to be a superior proposal (within the meaning of the Chantrell-Alexandria Agreement), the project must include: a more favorable transaction, a financial point of view, to the shareholders of Alexandria that the transaction contemplated in the Alexandria-Chantrell agreement, then, when it transmitted the superior proposal to Chantrell, Chantrell has a period of ten working days in the course of which it has the right to offer to amend the Alexandria-Chantrell agreement so that the competing proposal is no longer a superior proposal. If Chantrell does not make such an offer, Alexandria has put in place a customary "withdrawal of trust" clause, which authorizes Alexandria to terminate the Alexandria-Chantrell contract and, subject to the payment of a termination indemnity ("Termination Fee"), Conclude an agreement with the party who has made a superior proposal.

In accordance with the Alexandria-Chantrell Agreement, Alexandria today notified Chantrell and Osisko, respectively, of the Board's determination that the Agnico Offer constituted a superior proposal and, subject to Chantrell's rights under the Alexandria-Chantrell agreement, was determined to accept the contract. Offer Agnico. Chantrell now has ten (10) business days, expiring at 23:59. June 27, 2019 (the "Response period"), during which he may choose to make a proposal which, in his opinion, would ensure that Agnico's offer no longer constitutes a superior proposal (a"Corresponding proposalIf Chantrell makes a counterparty proposal and the Board determines in good faith, in consultation with its financial advisors and outside counsel, that the Agnico Offer is no longer a superior proposal, the Board of Directors will support a Transaction Chantrell Changed If otherwise, After the expiry of the response time (or if Chantrell waives this time), Alexandria may terminate the Alexandria-Chantrell Contract, pay the termination fee of $ 875,000 and sign a contract ( "Agnico Agreement") with Agnico regarding Agnico's offer Agnico's offer includes that Agnico will provide Alexandria with interim financing of the Agnico agreement on the same terms as the Alexandria-Chantrell agreement.

If accepted, the Agnico Agreement will be submitted to the shareholders of Alexandria for approval. Closing of the transaction contemplated by the Agnico Agreement will also be subject to customary closing conditions.

Additional information about the company is also available on the company's website, www.azx.ca, or on our social media sites listed below:

About Alexandria Minerals Corporation
Alexandria Minerals Corporation is a junior gold exploration and development company based in Toronto, strategically located in the world-clbad mining district of Val d'Or, Quebec. Alexandria focuses on its flagship property, the vast Cadillac Break property complex located in the Val d'Or, which contains significant gold resources near the surface along the prolific gold-producing Cadillac Break, all of which feature significant growth potential.

DISCLAIMER: This press release may contain forward-looking statements, including but not limited to comments on the calendar. and content of future work programs, geological interpretations, receipt of title deeds, potential mineral recovery processes, etc.. Forward-looking statements deal with future events and situations and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in these statements. Alexandria Minerals Corporation relies on litigation protection for its 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 any responsibility for the adequacy or accuracy of this document. communicated..