Alexis Minerals Corporation
TSX : AMC
OTCQX : AXSMF

Alexis Minerals Corporation

January 25, 2011 10:58 ET

Alexis Announces Fourth Quarter Gold Production

TORONTO, ONTARIO--(Marketwire - Jan. 25, 2011) - ALEXIS MINERALS CORPORATION (TSX:AMC)(OTCQX:AXSMF) ("Alexis" or the "Company") reports approximately 3,044 ounces of gold production during the Fourth Quarter of 2010 in Val d'Or, Quebec for total annual gold production of 24,930 ounces of gold in 2010.

Total annual production from the Lac Herbin Mine in 2010 was approximately 22,637 ounces of gold after mill recoveries. A total of 154,343 tonnes was milled at an estimated Mill Head Grade of 5.15 g/t of gold. During the first and second quarters of 2010 a bulk sample from the Lac Pelletier was also milled and contributed an additional 15,716 tonnes at an estimated mill head grade of 4.8 g/t of gold for approximately 2,293 ounces of gold after mill recoveries.

Table 1: Alexis Gold Production during 2010

  Q1 Q2 Q3 Q4 Total
  2010
Tonnes Milled (000 t) 48.1 59.2 36.5 26.2 170
Head Grade (g/t Au) 5.17 5.09 5.51 4.54 5.12
Mill Recoveries (%) 93.8 87.3 91.6 79.4 89.1
Gold Production (oz.Au) 7,495 8,465 5,925 3,044 24,930

Commenting on the 2010 production numbers, Alexis's Chief Operating Officer, Mr. Keith Boyle, stated: "Alexis has struggled in 2010 at Lac Herbin with several issues. Initial ground problems in the first quarter reduced production from the principal S3 ore zone and we had to apply more development to other zones in S1, HW, HW2 and WE to replace lost working areas and reduced tonnage available from S3. We anticipated better results over the year from other working areas but have encountered lower grades than anticipated in these areas even with tight mining procedures to control dilution in this narrow vein environment. Over the year we have also worked with the reopening of the Aurbel Mill, custom milling only in the first few months of the year prior to the mill being available. Mill recoveries were affected by the lower grades reporting to the mill circuit." 

The understanding of the character and controls on mineralization and veining within the Lac Herbin Deposit has increased substantially during the year. We are applying this understanding in the exploration of the Aurbel property with emphasis on the area around the Lac Herbin, Ferderber and Dumont Mines. Alexis is currently engaged in a focused exploration program of approximately 15,000 meters of surface drilling. Three surface drills will test highly prospective exploration targets through this area in the first quarter of 2011. 

Keith Boyle, P.Eng., Chief Operating Officer of the Company, and a qualified person under National Instrument 43-101, has reviewed the scientific and technical information in this press release.

Resignation of Mr. Keith Boyle

Mr. Keith Boyle has tendered his resignation as Chief Operating Officer to pursue other opportunities, effective February, 2011. The Board of Alexis and its employees wish to thank Mr. Boyle for his efforts, support and contribution to Alexis over the past three years and wish him success in his future endeavours.

About Alexis Minerals

Alexis Minerals Corporation is a Canadian mining company listed on the Toronto Stock Exchange (symbol "AMC") and trades in the United States on the Over the Counter QX International platform ("OTCQX:AXSMF"). 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, both in Quebec. Alexis also owns the Snow Lake Mine in Manitoba. With these assets Alexis has the potential to develop gold production forwards. 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) as well as in the Snow Lake Mining Camp (100% ownership of 92 sq. km). For more information about Alexis Minerals please visit www.alexisminerals.com.

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 prospectivity of the Company's projects, mineral reserve and mineral resource estimates, realization of mineral reserve estimates, future production forecasts and the future financial and 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. For a description of the factors affecting forward-looking information and the basis of management estimates, please see a copy of the annual information form of the Company and the technical report relating to the feasibility study, both of which are 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.

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