Alexis Minerals Corporation
TSX : AMC
OTCQX : AXSMF

Alexis Minerals Corporation

November 18, 2010 08:50 ET

Alexis Announces Private Placement Financing of up to $10,000,000 and Provides Update on Potential Spin-Off

TORONTO, ONTARIO--(Marketwire - Nov. 18, 2010) -

NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRE SERVICES

Alexis Minerals Corporation (TSX:AMC)(OTCQX:AXSMF) ("Alexis" or the "Company") is pleased to announce a brokered private placement in an amount of up to $10,000,000 (the "Offering"). The Offering will consist of 42,000,000 flow-through shares ("Flow-Through Shares") at a price of $0.24 per Flow-Through Share. Alexis has retained Industrial Alliance Securities to act as the agent for the Offering.

The closing of the Offering is expected to occur on or about December 3, 2010 and is subject to the completion of formal documentation and receipt of regulatory approval, including the conditional approval of the TSX.

The proceeds of the Offering will be used to incur eligible Canadian Exploration Expenses, as defined under the Income Tax Act (Canada), that will be renounced in favour of the purchasers with an effective date of no later than December 31, 2010.

Alexis also announces that further to its press release dated October 5, 2010, the board of directors of the Company has completed its review of the potential spin-off (the "Spin-Off") of the Company's Quebec exploration properties into a new publicly listed company and has determined that the Spin-Off is not the most efficient transaction structure in order to unlock Alexis shareholder value. Structuring a spin-off transaction in a tax efficient manner for shareholders has been a significant factor in the Board's considerations. The Company continues to review other strategic options available in relation to its Quebec exploration assets.

About Alexis:

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 the producing Lac Herbin gold mine in Val-d'Or and the Lac Pelletier gold property in Rouyn-Noranda, both in Quebec. Alexis also owns the Snow Lake Mine in Manitoba where a Feasibility Study is nearing completion. With these assets Alexis has the potential to increase gold production and is targeting mid-tier gold production levels in 2011-2012. 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 50 sq. km). Alexis Minerals has two drills active in Val-d'Or and two drills active in Snow Lake on surface exploration programs. For more information about Alexis Minerals visit www.alexisminerals.com.

Cautionary Note:

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, proposed use of proceeds, timing for closing of the Offering, ability to attract financing, renunciation of flow-through expenses, regulatory approvals, ability to complete the Offering, and future exploration expenses and plans. Forward looking information is 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 forward 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 the Company assumes no responsibility to update or revise them to reflect new events or circumstances.

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