Alexis Minerals Corporation
TSX : AMC

Alexis Minerals Corporation

December 09, 2009 17:56 ET

Alexis Announces Private Placement Financing of Up to $10,000,000 and Provides Update on Garson Gold Acquisition

MONTREAL, QUEBEC--(Marketwire - Dec. 9, 2009) - Alexis Minerals Corporation (TSX:AMC) ("Alexis") is pleased to announce a brokered private placement in an amount of up to $10,000,000 (the "Offering"). The private placement will consist of up to 20,000,000 flow-through shares ("Flow-Through Shares") at a price of $0.50 per Flow-Through Share.

Alexis has retained Industrial Alliance Securities, Sandfire Securities Inc. and Cormark Securities Inc. to act as the agents for the Offering.

The closing of the Offering is expected to occur on or about December 23, 2009 and is subject to the completion of formal documentation and receipt of regulatory approval, including the approval of the TSX.

The proceeds of the financing will be used to incur eligible Canadian Exploration Expenses, as defined under the Income Tax Act (Canada), that will be renounced in favour of the purchasers with an effective date of no later than December 31, 2009. The funds are intended to be used to explore and advance several strong resource targets across Alexis' extensive properties in Val d'Or and Rouyn-Noranda.

Alexis is embarking on a major program of growth in gold production. From a production base of the Lac Herbin Mine in Val d'Or, Alexis expects to increase gold production with the introduction of commercial production from its Lac Pelletier Mine in the second quarter of 2010. Lac Pelletier is in advanced exploration and a bulk sample program at the Lac Pelletier Gold project is in progress.

Garson Gold Acquisition

Alexis has been encouraged by the overwhelming support that it has received for its take-over offer (the "Offer") to acquire all of the outstanding common shares of Garson Gold Corp. ("Garson Gold"). Alexis reminds shareholders of Garson Gold, who have not yet tendered, to tender their common shares to the Offer. The Offer is set to expire at 5:00 p.m. (Toronto time) on December 18, 2009.

Alexis anticipates completion of a feasibility study on the New Britannia mine by the end of the Second Quarter of 2010 with regard to the reopening of the mine during 2011. The operation of the Lac Herbin and Lac Pelletier mines, combined with operations at the New Britannia mine, is expected to provide Alexis with the growth required to reach mid-tier gold production status in 2011. Exploration funding will be focused on improving the quality of certain areas that host currently identified mineral resources, as well as directed at new discovery in several known gold targets on the Snow Lake property.

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. 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). Recently Alexis entered a binding agreement to acquire all shares of Garson Gold Corp. Further information about Alexis Minerals can be found at its website: www.alexisminerals.com.

Forward looking information.

This document may contain or refer to forward looking information within the meaning of applicable securities laws, based on current expectations, including, but not limited to, proposed use of proceeds, timing for closing of the financing, ability to attract financing, renunciation of flow-through expenses, regulatory approvals, ability to complete the Offer, and future exploration expenses and plans. Forward looking statements are subject to significant risks and uncertainties, including those risks identified in the annual information form of the Company, which is available under the profile of the Company on SEDAR, and other factors that could cause actual results to differ materially from expected results. Estimates and assumptions underlying the future-looking information are based upon negotiations between the Company and prospective investors, extensive technical and scientific analysis conducted by the management of the Company, and information obtained by the Company from third parties. Readers should not place undue reliance on forward-looking information. Forward looking information is provided as of the date hereof and we assume no responsibility to update or revise them to reflect new events or circumstances.

Important Notice

This document does not constitute an offer to buy or an invitation to sell, any of the securities of Alexis or Garson Gold. Such an offer may only be made pursuant to a registration statement and prospectus filed with the U.S. Securities and Exchange Commission and an offer to purchase and circular filed with Canadian securities regulatory authorities. Investors and security holders are urged to read the offer and take-over bid circular, if any, and any other relevant documents filed with the SEC and Canadian securities regulators, regarding the proposed business combination transaction because they contain important information. Investors may obtain a free copy of the offer and take-over bid circular and other documents filed by Alexis on SEDAR or on Alexis' website at www.alexisminerals.com or by directing a request to Alexis' investor relations department. The securities described in this press release have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws and may not be offered or sold within the United States unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available. This press release is for information purposes only and shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

Contact Information