Alexis Minerals Corporation
TSX : AMC

Alexis Minerals Corporation
Garson Gold Corp.
TSX VENTURE : GG

Garson Gold Corp.

December 23, 2009 18:57 ET

Alexis Taking Next Steps in Acquisition of Garson Gold Corp.

TORONTO, ONTARIO--(Marketwire - Dec. 23, 2009) - ALEXIS MINERALS CORPORATION (TSX:AMC) ("Alexis" or the "Company") and GARSON GOLD CORP. (TSX VENTURE:GG) ("Garson Gold") announce that Alexis has issued 43,868,733 Alexis shares as payment for the 151,271,511 common shares of Garson Gold that have been properly deposited and not withdrawn from Alexis' bid to acquire Garson Gold (the "Offer"). Garson Gold shareholders who tender to the offer receive 0.29 of an Alexis common share for each Garson Gold common share tendered.

In conjunction with the acquisition of Garson Gold, Alexis announces the appointment of Julie Lassonde-Gray, currently President, Garson Gold Corp., to its Board of Directors. The Board of Directors of Garson Gold Corp. - Edward Stringer, David Tafel, Ken Cawkell, Dr. James M. Patterson and Pamela Strand, formally resigned and a new Board was appointed. The new Board of Directors consists of Stan Bharti, David Rigg, Jean Depatie, and Tony Wonnacott, all currently Directors of Alexis Minerals Corporation, and Julie Lassonde-Gray. The new Board, on behalf of former Garson Gold shareholders, would like to acknowledge the contribution made by the departing Board members in developing the company.

In order to allow for the remaining Garson Gold common shares to be tendered to the Offer and facilitate the issue of Alexis common shares to the remaining Garson Gold shareholders who have not tendered to date, Alexis has extended its Offer to purchase the balance of the Garson Gold common shares until 5:00 p.m. (Toronto time) on December 31, 2009.

Alexis intends to take the required actions that will result in the Company owning 100% of the Garson Gold common shares.

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 where an underground bulk sampling and exploration program is ongoing. 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). The acquisition of Garson Gold Corp. will give Alexis a third project area located in the very prospective Snow Lake Mining Camp in Manitoba. Alexis will complete a feasibility study of the New Britannia Mine in 2010 as well as exploration across the properties. Anticipated mine development programs in Snow Lake will allow Alexis to grow gold production and achieve mid-tier gold production by 2011. Further information about Alexis Minerals can be found at its website: www.alexisminerals.com.

About Garson Gold Corp.

Garson Gold holds a 100% interest in The New Britannia Gold Mine (NBM) Project in Snow Lake Manitoba and the Copper Prince and the McMillan Gold Mine properties located in Ontario. Garson Gold's flagship project is the NBM, which covers approximately 4,840 hectares and hosts the historic New Britannia Gold Mine which operated from 1949 to 1958 and again from 1995 to 2005 and produced approximately 1.44 million ounces of gold. The resource estimate at the NBM property, audited by Micon International Ltd. in accordance with CIM classifications pursuant to National Instrument 43-101, is available for viewing on SEDAR (www.sedar.com) and www.garsongold.ca. Infrastructure at the New Britannia Gold Mine includes a fully-permitted 2,150 tonne per day modern mill and tailings facility, and associated plant, and equipment.

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, ability to complete the Offer, and future exploration expenses and 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 negotiations between the Company and prospective investors, extensive technical and scientific analysis conducted by the management of the Company, 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.

Important Notice

This document does not constitute an offer to buy or an invitation to sell, any of the securities of Alexis or Garson Gold. Such an offer may only be made pursuant to a registration statement and prospectus filed with the U.S. Securities and Exchange Commission and an offer to purchase and circular filed with Canadian securities regulatory authorities. Investors and security holders are urged to read the offer and take-over bid circular, if any, and any other relevant documents filed with the SEC and Canadian securities regulators, regarding the proposed business combination transaction because they contain important information. Investors may obtain a free copy of the offer and take-over bid circular and other documents filed by Alexis on SEDAR or on Alexis' website at www.alexisminerals.com or by directing a request to Alexis' investor relations department. The securities described in this press release have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws and may not be offered or sold within the United States unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available. This press release is for information purposes only and shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

Contact Information

  • Kingsdale Shareholder Services Inc.
    North American Toll Free Telephone: 1-866-481-2532
    Outside North America, Banks and Brokers Call Collect:
    416-867-2272
    or
    Alexis Minerals Corporation
    David Rigg
    President and CEO
    (416) 861-5889
    (416) 861-8165 (FAX)
    or
    Alexis Minerals Corporation
    Bruce Barch
    VP Investor and Corporate Affairs
    (416) 861-5905
    (416) 861-8165 (FAX)
    bruce.barch@alexisminerals.ca
    or
    Alexis Minerals Corporation
    Louis Baribeau
    Relationniste
    (514) 667-2304
    lb@decorporateconsultants.ca