Alexis Minerals Corporation
TSX : AMC

Alexis Minerals Corporation

November 06, 2009 08:30 ET

Alexis Gold Mill Refurbishment On Schedule and On Budget

TORONTO, ONTARIO--(Marketwire - Nov. 6, 2009) - ALEXIS MINERALS CORPORATION (TSX:AMC) is pleased to announce that the refurbishment of its wholly owned Aurbel Gold Mill, located just 1 kilometre from its Lac Herbin Gold Mine near Val d'Or, Quebec, is advancing on schedule and within budget.

Refurbishment and re-commissioning of the 1400 tonnes per day Aurbel Mill represents an important strategic step in achieving the Company's plan to reach mid-tier producing status in the coming years. This key asset is expected to provide milling for the Lac Herbin mine, achieving an approximate 10% reduction in operating cash costs for the mine. The mill provides significant additional capacity to treat ore from the new discovery areas targeted on the Aurbel property, other satellite deposits in the region, and to offer toll milling facilities to other companies.

A total of approximately $1.9 million has been spent since the work began in July. With startup still on schedule for early January, a total project cost of $5.5 million is forecasted.

The work is approximately 50 - 60% completed overall since the project started in July 2009. The first 45 days entailed contract tender preparation and award, procurement of critical items and mobilization of contractors. Since mid-August, work has advanced very well, with the following areas of the mill at different stages of progress:

a) Building and Services (50% complete) - The main work required was to repair a leaking roof and re-establish the fire protection system, main power feed, fresh water system and septic system. The repair to the roof is advanced to 50%, the main power transformers have been cleaned, a new foundation poured and fresh water system is fully functional since the start of construction.

b) Crushing and Grinding circuit (75% complete) - The crushing circuit has advanced well despite the unexpected replacement of the overhead crane. This replacement allowed the conveyor galleries and conveyors to be refurbished ahead of time and this is 90% complete. The grinding circuit is well advanced with 4 of the 5 mills being reconditioned and overall is 80% complete.

c) Gravity, Flotation, Leach and Refining Circuits (80% complete) - Most of the work required was to repair some structure, flotation cells, agitators, tanks and replace a disc filter. This work is advancing ahead of schedule and under budget.

d) Tailings and Permitting: The Certificate of Authorization for the operation of the Aurbel Mill and tailings site has been reviewed by the Ministry of Sustainable Development, Environment and Parks and is in the final stages of acceptance. The closure plan application is in the final stages of review prior to submission. Alexis and Teck Resources (which has a responsibility to ensure specific environmental requirements are met for closure based on previous ownership) are working closely together to advance the work required in the tailings area for the restart of the mill including the installation of a new discharge point, establishment of a reclaim water system, installation of a cyanide destruction system and piling of current dried tailings for use on the next dam lift in the spring.

Quality Control:

The technical and scientific content of this press release has been prepared and reviewed by Mr. Keith Boyle, P Eng., who is the Executive Vice-President and Chief Operating Officer of the company and a 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. 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, mineralization projections, future production volume and timing 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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