Alexis Minerals Corporation

Alexis Minerals Corporation

August 07, 2009 08:30 ET

Alexis Confirms 156% Increased Reserves at Lac Herbin Gold Mine

TORONTO, ONTARIO--(Marketwire - Aug. 7, 2009) - ALEXIS MINERALS CORPORATION (TSX:AMC) is pleased to announce a 156% increase in Proven and Probable Reserves for its Lac Herbin gold mine in Val d'Or, Quebec, as confirmed in an independent NI 43-101 Technical Report. Total Proven and Probable Reserves have been evaluated at 617,374 tonnes @ 7.36 g/t of gold (Au) for a total of 146,007 oz. Au (Table 1), increased from 239,237 tonnes @ 7.40 g/t for 57,128 oz. Au, calculated in the last independent study in 2007. This result validates the minimum five year mine life and the associated positive cash flow for the Lac Herbin mine. Based on actual and projected production costs the Net Present Value (NPV), at a 7% discount rate, is estimated at CDN $ 48 million. As the company is adding to its resources through regular drilling programs it expects the mine could surpass a life expectancy of at least ten years given the identified potential around the mine.

Resources are contained within 6 zones located from 30 to 650 m below surface. Additional diamond drilling has been completed since the beginning of 2009 as part of the ongoing delineation and exploration drilling program; numerous ore zone extensions and gold-rich zones have been intersected, enhancing the potential of the Lac Herbin property. It is important to note that a total of 80,284 tonnes grading 6.9 g/t for 18,115 oz Au were mined in 2008. The exploration programs last year replaced what was mined and the delineation drilling and development completed allowed for the significant increase in reserves.

A profitable Long Term Plan of 36,000 to 40,000 oz per year was developed using the reserves and resources (for Resource estimates see News Release: February 24, 2009) to reflect the multi-year production typical of Val d'Or gold camp mines and the potential to extend reserves at Lac Herbin based on the current exploration and mining results over the last 2 years. Historically, typical vein-type deposits in the Val d'Or District of northwestern Quebec consistently demonstrate annual replacement of resources through ongoing mine exploration, extending mine life significantly beyond outlined Resource and Reserves. Recent exploration immediately adjacent to the Lac Herbin Mine has demonstrated such on-going potential (see News Release: April 3, 2009). Mine exploration will continue to focus on Resource growth on strike and at depth.

Golder Associates Ltd. was mandated to produce an evaluation of reserves based on the December 31, 2008 resources estimate. This most recent reserve calculation is based on mineral resources evaluated by Alexis Minerals staff as at December 31, 2008 reported under NI 43-101 guidelines in March 2009.
The 2009 reserve estimate will be issued during the third quarter of 2009 and posted to

This update supports Alexis as it continues to fulfill its strategy of expanding its gold profile to achieve mid-tier producer status. The Company's management focus, growing production profile, large land holdings and strategic infrastructure, provide the foundation for the discovery, development and operation of new deposits. The extensive property portfolio of Alexis in the highly prolific mining camps of the Abitibi district ultimately offers the potential for the discovery of world class deposits.

Table 1: Lac Herbin Reserves (December 31, 2008)

Proven Probable Prov + Prob (2008)
(g (g (g
(tonnes) Au/t) (oz Au) (tonnes) Au/t) (oz Au) (tonnes) Au/t) (oz Au)
97,900 9.02 28,400 519,500 7.04 117,600 617,374 7.36 146,007

Quality Control:

The technical and scientific content of this press release has been reviewed by Francois Chabot (ing., M.Sc.), Independent QP, Golder Associates Ltd. and Claude Gobeil, P.Eng., Senior Geologist, who are Qualified Persons as defined under NI 43-101 guidelines. Assay samples for exploration drilling are taken from NQ or BQ core, sawed in half with one half sent to a commercial laboratory and other half retained for future reference. A strict QA/QC program is followed on samples from drill core which includes mineralized standards, blank and field duplicates for each batch of samples. Analyses are performed by ALS Chemex of Val d'Or, Quebec or by Techni-Lab S.G.B. Abitibi Inc., of Ste-Germaine-Boule, Quebec.
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 and in joint venture with Xstrata Copper). Further information about Alexis Minerals can be found at its website:

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, mineralization projections, future production estimates and cost of production projections, projected capital and operating expenditures future exploration plans and techniques, estimates regarding the timing and costs of exploration, mineral prices, and future mining 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 extensive technical and scientific analysis conducted by the management of the Company, the analysis of external consultants 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.

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