Alexis Minerals Corporation

Alexis Minerals Corporation

January 11, 2007 08:00 ET

Alexis Increases Tonnage, Grade and Quality of Lac Herbin Resource

TORONTO, ONTARIO--(CCNMatthews - Jan. 11, 2007) - Alexis Minerals Corporation (TSX VENTURE:AMC) is pleased to report results of the underground exploration program of delineation drilling on the Lac Herbin gold deposit in Val-d'Or, Quebec. A new Resource evaluation of the deposit is reported in Table 1 and has returned:

- Measured and Indicated Resources of 494,900 Tons (t) grading 7.83 grams gold per ton (g Au/t) or approximately 124,600 ounces gold (oz. Au), and an additional

- Inferred Resource of 678,000 t at a grade of 7.69 g Au/t, for an additional 167,600 oz. Au.

- All zones remain open to expansion

The new resource estimate is an increase in tonnage, grade and quality over the previous inferred resource calculated for the deposit by Alexis in December 2004 (see Press Release: December 7, 2004). The Lac Herbin project is located 10 km northeast of Val-d'Or and 1.8 km from the wholly-owned 1400 TPD Aurbel Gold Mill.

"The new resource estimate represents an important increase in tonnage and in total estimated ounces of gold," stated David M. Rigg, President and CEO of Alexis Minerals. "The deposit continues to exceed corporate objectives as we drive towards a production decision in early 2007. The initial objective of the underground program to bring half of the 2004 Inferred Resource estimate into a Measured and Indicated category has been met. The deposit continues to impress the Company with all gold zones remaining open to depth and along strike and exploration has now turned towards the evaluation of further new Resources."

Underground diamond drilling and development for exploration access continues as the company works towards a feasibility study. Additional results of this work will be reported shortly.

Resource Estimate

Mineral Resources were prepared independently by Mr. Carl Pelletier, P.Geo., Innovexplo Inc., under the supervision of Mr. Richard Roy, P. Geo., of NordQuest Inc. and Qualified Person for Alexis' Lac Herbin surface and underground exploration programs. The methodology used is by polygonal method on cross sections through the deposit. The geological continuity was first determined on cross section based on lithologies, structures and alteration using diamond drill holes and drift mapping information, and validated on plan view. Polygons were drafted on cross sections based on underground opening information for the Measured Resources and on diamond drill holes for the Indicated and Inferred resources. The undiluted resource was estimated using a cut-off factor of 34.28 g Au/t (1.0 oz Au/t).

Results from the new resource estimate will be used by Alexis' mine development team to determine project economics. An internal feasibility study is currently underway and progressing well.

Table 1 - Lac Herbin Resource Estimate
Lac Herbin Gold Resource
Zone(i) Measured Indicated Inferred
Tons Grade (g/t) Tons Grade (g/t) Tons Grade (g/t)
S1W+S1E 16,500 8.82 195,100 7.25 173,600 7.24
HW 13,300 7.70 162,300 7.42 192,300 7.75
HW2+WE 1,100 6.16 48,200 10.23 118,800 8.37
LH - - 48,700 8.50 73,800 7.87
Bonanza - - 6,000 11.89 18,600 12.07
S3 3,700 6.15 - - 82,800 6.46
Other - - - - 18,100 7.25
Total 34,600 8.02 460,300 7.81 678,000 7.69
(i)NOTE: S1W + S1E - S1 Zone; HW - Hangingwall Zone; HW2 + WE - Hangingwall
2 and West E Zones; LH - Lac Herbin Zone; S3 - S3 Zone.

Lac Herbin Underground Program, Val d'Or

The project was the focus of a Scoping Study that demonstrated that the Lac Herbin Project has the potential to produce approximately 35,000 ounces per year at a cash cost of US$224 per ounce (see Press Release: March 01, 2005). The study was prepared by Johanne Voyer, P.Eng and Qualified Person under 43-101 guidelines, through Quebec-based engineering and mining contract firm Ross Finlay 2000 Inc. A three phase underground exploration program was designed to further explore the gold potential of the Lac Herbin area and commenced in September 2005. The principal objective of the completed 3-Phase underground exploration program was to upgrade a portion of the previously-determined inferred gold resource into the measured and indicated categories.

Quality Control

The Lac Herbin program is supervised by Mr. Richard Roy, P.Geo., Qualified Person as defined under NI 43-101 guidelines. Assay samples are taken from drill 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 which includes mineralized standards, blank and field duplicate for each batch of samples. Analyses were performed by ALS Chemex - Chimitec of Val-d'Or (Quebec).

About Alexis Minerals

Alexis Minerals Corporation is a Canadian exploration and development company listed on the TSX Venture Exchange. Alexis holds an outstanding portfolio of properties covering the Val-d'Or and Rouyn-Noranda Mining Camps in Quebec. Alexis is following strategic exploration approaches across these properties for both gold and base metals, with a focus on the potential for gold production from the Lac Herbin and Lac Pelletier deposits during 2007 -- 2008. Alexis has a clear route to 100% ownership of all interests of Aur Resources on approximately 212 square kilometres of the Val-d'Or Mining Camp and has recently purchased the 1400 tonne per day Aurbel gold mill. The Company is also currently advancing towards a 50% interest in 825 square kilometres of the Rouyn-Noranda Mining Camp, all of the property holdings of Falconbridge Limited (formerly Noranda Inc.). Alexis has the right to earn-in into a 100% interest in the Lac Pelletier property.

Statements in this release that are not historical facts are "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Readers are cautioned that any such statements are not guarantees of future performance and that actual developments or results may vary materially from those in these "forward looking statements".

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Alexis Minerals Corporation
    David Rigg
    President and CEO
    (416) 861-5889
    (416) 861-8165 (FAX)
    Alexis Minerals Corporation
    Peter Cashin
    Investor & Corporate Affairs
    (416) 861-5905
    Alexis Minerals Corporation
    Louis Baribeau
    Relationiste, Quebec
    (514) 667-2304