Alexis Minerals Corporation
TSX : AMC

Alexis Minerals Corporation

November 05, 2009 08:30 ET

Alexis Starts Bulk Sample at Lac Pelletier Gold Mine Project

TORONTO, ONTARIO--(Marketwire - Nov. 5, 2009) - ALEXIS MINERALS CORPORATION (TSX:AMC) is pleased to announce that its Lac Pelletier gold mine project at Rouyn-Noranda, Quebec, is now underway with the recent commencement of a bulk sample program. Approximately 9,400 ounces of gold (oz Au) are expected to be produced from a 40,000 tonnes sample currently being excavated in two of four zones. The milling of the ore is expected to be completed in early 2010. After that, the Company anticipates a production decision will be made in the first quarter of 2010, based on feasibility study results being completed concurrent with the bulk sample mining.

Lac Pelletier is approximately 4 kilometres southwest of the city of Rouyn-Noranda, Quebec, in the prolific Abitibi Mining Camp, historically one of the world's top gold producing regions. The Lac Pelletier Gold Mine is expected to generate over CDN $20.7 million free cash flow on production of approximately 118,100 oz Au (109,300 ounces recovered) over an estimated minimum 3 year project life. Lac Pelletier offers Alexis an opportunity to bring a second satellite mine operation into production to complement cash flow earned from the Alexis Lac Herbin mine in Val d'Or, Quebec.

Since June, ten weeks was taken to successfully dewater and rehabilitate the 900 metre (m) ramp that flooded in 1991. In late August, the development program began, accessing the stoping areas that will provide the ore for the bulk sample. Recently, the company began the development inside one of the mineralized zones, and is now stockpiling the ore. As of October 31, 431 m of the planned 830 m of lateral development had been completed.

In early October, the Company made an important revision to the current bulk sampling program, electing to excavate a ventilation raise and second egress to surface prior to the bulk sampling campaign, instead of at the commencement of pre-production development in 2010. This revision was designed to allow continued mining and production from areas selected for testing in the bulk sample campaign, once the bulk campaign is completed. The raise development causes a slight delay in the original bulk sample schedule (2 weeks); however it is expected to significantly accelerate pre-production for the overall project, effectively allowing the Company to produce an estimated extra 5,000 ounces of gold during 2010 at Lac Pelletier.

All permit requests for full production are submitted, and the Company expects to receive confirmation on these before the end of 2009. A feasibility study began in mid-October and is expected to be completed upon reconciliation of results from the milling of the 40,000 tonnes bulk sample in February 2010.

Alexis' management expects to make a positive production decision in the first week of March 2010 subject to the results of the bulk sample and feasibility study. With Lac Pelletier in production, the Company's total gold output would increase in 2010 to annual levels of between 75,000 and 80,000 ounces of gold per year including the production from the Lac Herbin gold mine. This would represent another significant step toward achieving the new Corporate Strategy of developing Alexis into a mid-tier gold-producing mining company.

Quality Control:

The technical and scientific content of this press release has been prepared and reviewed by Martin Perron, P.Eng. and Pascal Hamelin, P.Eng, employees of the Company and Qualified Persons 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). 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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