Alexis Minerals Corporation
TSX : AMC

Alexis Minerals Corporation

June 26, 2009 16:02 ET

Alexis Minerals Revises Joint Venture Minority Interest in Q1-2009 Balance Sheet

TORONTO, ONTARIO--(Marketwire - June 26, 2009) - ALEXIS MINERALS CORPORATION (TSX:AMC) ("Alexis" or the "Company") reports that, upon a subsequent review of the financial statements for the Quarter ended March 31, 2009, management has determined that there is no minority interest related to the joint venture associated with the VMS properties as previously disclosed. As a result, the Company is restating the financial statements and Management Discussion and Analysis for the Quarter ended March 31, 2009. As a result of the restatement, Exploration properties and deferred exploration expenditures have decreased by $1,191,251 and Liabilities and Shareholders' Equity has decreased by $1,191,251. This adjustment has no impact on the Consolidated Statements of Operations, Comprehensive Income (Loss) and Deficit or the Consolidated Statements of Cash Flows.

Accordingly, revised Q1 2009 Financial Results have been published and are available on SEDAR at www.SEDAR.com

About Alexis Minerals Corporation

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). 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, the effect of the restatement on the Company, 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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