Alexis Minerals Corporation
TSX : AMC
OTCQX : AXSMF

Alexis Minerals Corporation

May 17, 2010 08:30 ET

Alexis Announces Rollover of $4.2 Million Convertible Debenture

TORONTO, ONTARIO--(Marketwire - May 17, 2010) - ALEXIS MINERALS CORPORATION (TSX:AMC)(OTCQX:AXSMF) ("Alexis") has concluded discussions with the current holders of an expiring CAD $4.2 Million convertible debenture that matured on April 28, 2010. The investors have agreed to rollover the debenture into a similar convertible unsecured subordinated debenture, due April 28, 2014 (the "Debenture"). 

Rollover of $4.2M Debenture:

The new Convertible unsecured subordinated debenture for CDN $4.2 million will consist of units (the "Unit") with a face value of CAN$1,000. The Debentures will mature on the April 28, 2014. The units are unsecured and subordinated obligations of Alexis; have a coupon of 10%, payable twice per year in cash or shares; and are convertible, at the option of the holder, into common shares of AMC (the ''Common Shares'') at any time after the issue date of the debenture and prior to the close of business on the last business day prior to the Maturity Date at a conversion price of CAN$ 0.40 per Common Share, being at a rate of, 2,500 Common Shares per CAN $1,000 principal amount of Debentures. Industrial Alliance Securities has acted as broker in the transaction.

This arrangement provides Alexis with additional time to devote funds towards developing its prospective properties in the Abitibi Mining Camp in Quebec, and those recently acquired in Snow Lake, Manitoba.

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 is targeting mid-tier gold production levels in 2011. 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). For more information about Alexis Minerals 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 debenture financing, the future financial or operating performance of Alexis and its projects, the identification of mineral reserves and resources, costs of and capital for exploration projects, exploration expenditures, timing of future exploration and production, requirements for additional capital, government regulation of mining operations, environmental risks, reclamation expenses, title disputes or claims, limitations of insurance coverage and the timing and possible outcome of pending litigation and regulatory matters. 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. 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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