Alexis Minerals Corporation
TSX : AMC
OTCQX : AXSMF

Alexis Minerals Corporation

April 10, 2012 08:00 ET

Alexis Achieves Turn-Around Target With 5500 Ounces of Gold Production in the First Quarter 2012

TORONTO, ONTARIO--(Marketwire - April 10, 2012) - ALEXIS MINERALS CORPORATION (TSX:AMC)(OTCQX:AXSMF) ("Alexis" or the "Company") is pleased to announce that in the first quarter of 2012, the Company produced approximately 5,500 ounces of gold including about 700 ounces of custom milling from its Lac Herbin Mine in Val D'Or, Quebec.

The level of production that is being experienced at Lac Herbin is in line with Alexis' previous guidance for 2012 production of 18,500 to 20,500 ounces for the year. Cash cost information will be released as part of the first quarter financial results expected in May.

Progress of the Lac Herbin Turnaround Plan

Since the introduction of the Lac Herbin Turnaround Plan (see press release issued on June 8, 2011), production levels and operating cash costs have been stabilizing to move closer to 2012 production expectations from the Lac Herbin Mine. During the fourth quarter of 2011 recovery rates from the mill remained lower than anticipated with average recovery rates around 81%. Recoveries for the first quarter of 2012 have increased since the fourth quarter and work on improving recovery rates at the Aurbel Mill will continue to be an area of focus for the company.

François Perron, President and CEO of Alexis, commented on these recent results: "We are pleased that the turnaround plan continues to proceed on schedule. The first quarter production is inline with our guidance for the year and demonstrates that operations are now beginning to achieve their objectives. I would like to thank the team in Val d'Or for the progress made on the turnaround plan, especially for reaching the production objective while continuing to significantly improve the safety performance at the mine."

Mineral Resource Update

Alexis expected to publish a new mineral resource estimate in the first quarter of 2012, however interruptions in compiling final results have delayed the release of this report. The Company now expects a mineral resource update to occur at the beginning of the second quarter of 2012.

About Alexis Minerals

Alexis Minerals Corporation is a Canadian publicly traded mining company concentrating on exploration and mine development. The Company is listed on the Toronto Stock Exchange ("TSX") under the symbol "AMC", and trades in the United States on the Over the Counter QX International ("OTCQX") platform under the symbol "AXSMF". Alexis Minerals is a dynamic and aggressive mining company operating in Canada's richest mining regions: Val-d'Or & Rouyn-Noranda, Quebec, and Snow Lake, Manitoba. Alexis continues production and exploration in the mineral rich Val-d'Or area with property covering over 1,000 km2. The Company also continues work on its newest property at the Snow Lake Mining Camp. Alexis is now in its third full year as a junior gold-producing company and gold production is a priority as the company targets mid-tier gold production levels.

Forward-looking information :

This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the impact of the production results on the Company's performance, the timing and amount of future exploration and development of the property, the timing and amount of future production, and the future financial or operating performance of Alexis and its projects. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to those risks described in the annual information form of the Company, which is available under the profile of the Company on SEDAR. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

Contact Information

  • Alexis Minerals Corporation
    Francois Perron
    President and CEO
    (416) 309-2952

    Alexis Minerals Corporation
    Louis Baribeau
    Public Relations
    (514) 667-2304

    Alexis Minerals Corporation
    Rob Hopkins
    Investor Relations
    (416) 861-5899

    Alexis Minerals Corporation
    Toll free: 1 877-717-3027
    info@alexisminerals.com
    www.alexisminerals.com