Alexis Minerals Corporation

Alexis Minerals Corporation

February 09, 2010 08:30 ET

Alexis' 2010 Objectives: Growth in Gold Production and Resources to Enhance Shareholder Value

- Alexis mined 34,872 ounces Gold in 2009, currently has 7400 oz. in stockpile - Garson Merger completed, more than doubles resources - Aurbel Gold Mill refurbishment completed: start-up in February - Snow Lake Mine NI 43-101 studies advancing on schedule - Lac Pelletier Mine - Bulk Sample Program Progressing - Surface Exploration Programs testing high potential targets

TORONTO, ONTARIO--(Marketwire - Feb. 9, 2010) - ALEXIS MINERALS CORPORATION (TSX:AMC) ("Alexis" or the "Company") is pleased to provide an update and overview on progress and growth plans through 2010 and 2011 to enhance shareholder value with the objective of achieving the status of a 'mid-tier gold producer'. Alexis will focus on advancing its key new projects, the Lac Pelletier Mine and the Snow Lake Mine, while also advancing exploration for new mines across its highly prospective land packages in three Mining Camps, Val d'Or and Rouyn-Noranda, both in Quebec, and Snow Lake, Manitoba.

- Alexis mined 34,872 ounces Gold in 2009, currently has 7,400 oz. in stockpile

The Lac Herbin Mine in Val d'Or mined 32,998 ounces gold during 2009 of which 3,400 ounces were in stockpile at year end. Production in 2010 is expected to be a further 35,000 ounces as the mine settles into its five year life of mine plan. An additional 1,874 ounces were mined at the Lac Pelletier project as part of an underground exploration and bulk sampling program (see 'Lac Pelletier Mine' - below). Surface stockpiles at Lac Herbin and Lac Pelletier currently contain an estimated 7,400 ounces gold.

Year End Resources and Reserves at Lac Herbin are currently being reviewed, with exploration during 2009 projected to have achieved its annual objective of successfully replacing mined reserves. Additional details will be released with Annual and Q4- reporting in March 2010.

- Aurbel Gold Mill Refurbishment Completed: Start-Up in February

Refurbishment of the Aurbel Gold Mill advanced to completion in January, on budget and on schedule. All required personnel are hired and undergoing Health and Safety training and orientation. The mill is expected to commence processing ore in February upon receipt of the final operating permit from the Quebec Provincial Government. Due to the large current ore stockpile, custom milling of Herbin ore commenced on January 28th 2010 at a nearby custom mill. Alexis anticipates milling all remaining stockpiles with ongoing run-of-mine production before the end of the second quarter.

- Garson Merger Completed, more than doubling resources

Alexis Minerals has successfully acquired over 95% of the outstanding shares of Garson Gold Corporation and has terminated its recent share purchase offer. Alexis is proceeding with action to convert the remaining outstanding shares of Garson Gold Corporation.

The acquisition has more than doubled total resources in both the Measured and Indicated, as well as Inferred, categories (See Press Release: January 22, 2010). Alexis will rename the New Britannia Mine and will henceforth refer to the mine as the "Snow Lake Mine".

- Snow Lake Mine NI 43-101 studies advancing on schedule

A NI 43-101 Preliminary Economic Assessment (PEA) will be completed in Q1 on the principal resources of the Snow Lake Mine Property in Snow Lake, Manitoba. An Independent NI 43-101 Feasibility Study will continue thereafter and be complete by the end of June 2010. Resource updates and mine planning are currently well advanced and the project remains on schedule.

- Lac Pelletier Mine - Bulk Sample Program Progressing

The Lac Pelletier underground program was designed to confirm the resource model and obtain an initial 40,000 tonnes bulk sample from Zone 4 of the Lac Pelletier Mine in Rouyn-Noranda, Quebec. The program has advanced with the dewatering of 1,001 metres of ramp, 1,522 metres of drifting and raising generating 19,057 tonnes of mineralized material, and milling of an initial 9,627 tonnes in 2009. A total of 5,617 metres of definition diamond drilling have been completed. A second egress was also completed during the program to comply with stricter safety regulations.

The first 9,627 tonnes of the bulk sample were milled in December, 2009. A total of 1,175 ounces were recovered from this sample at an average recovery of 96.2%. Approximately 4,200 tonnes, over 43.5% of the sample, originated from access drifts developed outside of the mine reserve ore-blocks, an unexpected bonus during the program. Access drifts required for equipment to reach mineralized veins are wider than future stopes and dilution was therefore higher than the mine plan in this initial sample. An additional 9,800 tonnes grading 4.1g.Au/t are currently stockpiled at surface awaiting milling.

To date the program has revealed that vein geometry in Zone 4 is different than previously interpreted from surface drilling. Gold-bearing veins are represented by a fish-net pattern of shear related veins, individually up to 100 meters long and 80 metres down dip. Veins dip more steeply than anticipated. New gold bearing veins have been identified within this pattern and within the A shear. Zone 3, the focus of historical exploration in 1992, is located solely within the B shear along the northern limit of the mineralized area. Developments in the program are considered encouraging:

- Steeper veins should provide for cheaper long hole mining and a significant reduction in room and pillar mining proposed in the original pre-feasibility work (see Press Release: July 16, 2009).

- The increased dip and number of veins has potential to increase resources within the zone.

- "Non-resource block" mineralization encountered in access drifts provides the potential to place future mine access development within mineralization. This could significantly decrease the cost of capital for further development of the mine (formerly waste development).

Alexis will complete additional drifting, raising and diamond drilling to further define the geometry of Zone 4 shear veins, to model Resources and to design infrastructure and stoping sequence. The extended program should generate a further 7,000 tonnes from initial stoping. The program extension will take an additional 3 months with work to be completed in May 2010.

- Surface Exploration Programs test high potential targets

Alexis will undertake a budgeted program of exploration during 2010 of $5 million in the Val d'Or - Rouyn-Noranda area of Quebec and $5 million in the Snow Lake area of Manitoba. Surface exploration drilling is expected to exceed 80,000 metres during 2010. Programs are focused on discovery and initial programs in 2010 will test for:

- Extensions of the Snow Lake Mine and 3 Zone, Manitoba

There is very limited historical exploration on strike of the known deposits. Drilling will test for near-surface extensions of these deposits to the East of the Snow Lake Mine (previously New Britannia Mine), and both East and West of the 3 Zone deposit. Additional drilling will target extensions to known Resource areas.

- Herbin West and NEF Gold Zones, Aurbel Property, Val d'Or

Exploration of the 100 Aurbel property, surrounding the Lac Herbin Mine and Aurbel Gold Mill was successful in 2009 in identifying two specific target areas that demonstrate strong similarities to initial exploration results at the Lac Herbin Deposit. The Herbin West and NEF showings will be tested through additional surface drilling. Additional showings and targets across the property will also be explored.

- Deep West and Manitou-Barvue VMS targets

Exploration drilling has resumed with one drill in the central area of the Val d'Or Camp, known for its polymetallic Volcanogenic Massive Sulphide (VMS) deposits. Alexis has advanced significant recompilation of this area after the discovery of the Deep West Zone in October 2008. Initially, two additional holes will be completed to test for down-plunge extensions to the Manitou-Barvue deposit and one hole will test the Deep West Zone, up-plunge of the original discovery. Compilation in 2009 has confirmed that this polymetallic massive sulphide zone lies within a major fold and its extension projects to the south-west and towards surface, into areas with extremely limited prior exploration.

The technical and scientific content of this press release has been reviewed by David Rigg, P.Geo., and Keith Boyle, P. Eng. Qualified Persons as defined under NI 43-101 guidelines. Individual programs are supervised by the following QP's: Lac Herbin: Jean Bastien Ing., Manager; Lac Pelletier: Pascal Hamelin Ing., P.Eng. Manager, and Martin Perron, Eng., Geology Superintendent; and in Snow Lake: J. Lavigne, P.Geol., VP Exploration. The Qualified People have reviewed and authorized the content of this news release.

About Alexis Minerals

Alexis Minerals Corporation is a Canadian mining company listed on the Toronto Stock Exchange (symbol "AMC"). The Company owns one producing gold mine in Val d'Or and the right to earn a 100% interest in the Lac Pelletier gold property in Rouyn-Noranda where an underground bulk sampling and exploration program is ongoing. Alexis undertakes exploration in the mineral rich Val d'Or (100% ownership of 212 sq. km.) and Rouyn-Noranda Mining Camps (50% ownership of 785 sq. km and in joint venture with Xstrata Copper). A third project area is located in the very prospective Snow Lake Mining Camp in Manitoba where Alexis will complete a feasibility study of the Snow Lake (formerly the New Britannia Mine) in 2010 as well as exploration across the properties. Alexis currently has four surface drills active in exploration. Further information about Alexis Minerals can be found at its website:

Forward looking information.

This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the future financial or operating performance of Alexis and its projects, the identification of mineral reserves and resources, costs of and capital for exploration projects, exploration expenditures, timing of future exploration, requirements for additional capital, government regulation of mining operations, environmental risks, reclamation expenses, title disputes or claims, limitations of insurance coverage and the timing and possible outcome of pending litigation and regulatory matters. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to those risks described in the annual information form of the Company. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

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