Alexis Minerals Corporation

Alexis Minerals Corporation

March 01, 2010 08:30 ET

Alexis Achieves Another Milestone-Re-Opens Aurbel Gold Mill

TORONTO, ONTARIO--(March 1, 2010) - ALEXIS MINERALS CORPORATION (TSX:AMC) ("Alexis" or the "Company") is very pleased to announce that it has taken another step in its growth strategy by completing the refurbishment of its wholly owned Aurbel Gold Mill, establishing a new active asset for the Company. Aurbel will process ore from the Company's gold producing Lac Herbin mine at Val-d'Or, Quebec. The prime rational for re-opening the mill is an anticipated 10% reduction in costs, in line with another of the Company's key strategies, to continually seek ways to streamline operations. An added benefit is an expectation to earn additional revenue from business opportunities for local custom milling.

The Aurbel Mill, situated on Alexis' Aurbel property, approximately 1 km east of the Lac Herbin gold mine, was originally purchased from Aur Resources in 2006 and has been on care and maintenance. Its 1400 tonnes per day (tpd) capacity was originally used to mill ore from the Ferderber Gold Mine, atop which the Aurbel Mill sits, and the nearby Dumont Gold Mine. Both the Ferderber and Dumont mines were closed in the mid – 1990's, along with the mill, and both mines are owned by Alexis (refer news release May 7, 2009, regarding drill results and potential at Dumont). Replacement cost for the mill has been independently estimated at approximately $36 million. Alexis has received its Certificate of Authorization; and crushing of low grade ore started February 25, 2010 with commissioning expected to continue into the week of March 1, 2010.

The Aurbel Mill is one of two gold mills owned by Alexis, the other being the 2150 tpd mill in Snow Lake, Manitoba, that was acquired in the recent acquisition of Garson Gold Corp. (refer news release October 20, 2009).

Quality Control

The technical and scientific content of this press release has been reviewed by Keith Boyle, P.Eng., Chief Operating Officer, Alexis Minerals and Qualified Person as defined under NI 43-101 guidelines.

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. For more information about Alexis Minerals please visit:

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 identification of mineral reserves and resources, costs of and capital for exploration projects, exploration expenditures, timing of future exploration, title disputes or claims 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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