Alexis Minerals Corporation
TSX : AMC
OTCQX : AXSMF

Alexis Minerals Corporation

December 23, 2010 16:00 ET

Alexis Closes Second Tranche of Private Placement Financing for Aggregate Gross Proceeds of $12,186,000

TORONTO, ONTARIO--(Marketwire - Dec. 23, 2010) -

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

Alexis Minerals Corporation ("Alexis" or the "Company") (TSX:AMC)(OTCQX:AXSMF) is pleased to announce that it has closed the second tranche of its previously announced private placement financing (the "Offering"), with additional subscriptions representing gross proceeds of $750,000 for aggregate gross proceeds from the Offering of approximately $12,186,000. In connection with the Offering, the Company issued an aggregate of 50,775,000 common shares on a flow-through basis ("Flow-Through Shares") at a price of $0.24 per Flow-Through Share. Industrial Alliance Securities and Secutor Capital Management Corporation acted as the agents with respect to the Offering.

Alexis intends to use the proceeds of the Offering 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. The Company intends to use the proceeds from the Offering on its Snow Lake Mine in Manitoba, as well as on its properties in Val D'Or and Rouyn Noranda, Quebec.

The Company also announces the resignation of Jean Depatie from the board of directors, effective January 1, 2011. Mr. Depatie has tendered his resignation from the Alexis board as he intends to focus on his other endeavors. The management and board of Alexis would like to thank Mr. Depatie for his service and the insight he has provided to the Company and wish him well in the future.

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 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 92 sq. km). For more information about Alexis Minerals visit www.alexisminerals.com.

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, proposed use of proceeds, renunciation of flow-through expenses, regulatory approvals, 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 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 the Company assumes no responsibility to update or revise them to reflect new events or circumstances.

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