Alexis Minerals Corporation

Alexis Minerals Corporation

November 12, 2007 08:30 ET

Alexis Commences Custom Milling of 50,000 Ton Lac Herbin Bulk Sample

TORONTO, ONTARIO--(Marketwire - Nov. 12, 2007) - Alexis Minerals Corporation (TSX:AMC) is pleased to announce that it has entered the last stage of its Phase IV underground development and bulk sampling program with the commencement of custom milling of a 50,000 ton bulk sample in Val d'Or, Quebec. Stope development has been completed on schedule in two areas where ore from the S1 and HW ore zones is now being extracted using long hole mining methods. Stoping in a third area, employing room and pillar mining in one of the "Flat Swarm" zones, is currently nearing completion. The bulk sampling and milling program will permit verification of different mining and metallurgical aspects of the deposit and confirm grade characteristics of the ore. Sampling of the "flat swarm" zone will assist with the evaluation of this environment of mineralization which contains some of the coarsest gold observed to date in the deposit.

Alexis will process approximately 20,000 tons of stockpiled low grade development ore mined during the Phase IV program, with a further 30,000 tons or ore from long hole and room and pillar mining in developed stoping areas. Transportation of surface stockpiled material to the nearby Camflo Custom Mill commenced in October after the completion of a new bridge across the Bourlamaque River and now rated for fully-loaded haulage trucks. Approximately 17,200 tonnes has been shipped to date.

"Phase IV has continued to confirm excellent lateral and vertical continuity of mineralization in shear-hosted vein systems at Lac Herbin. Continuing positive results provide Alexis with very high confidence in the viability of the project," said David Rigg, President and CEO of Alexis Minerals. "Delineation drilling has continued throughout the year in the principal S1, S3, WE, HW, HW2 and LH ore zones. Drilling on these areas will continue once bulk sampling has been completed. Exploration is also being planned to further test the deep potential of the mine. Bulk sampling and milling will provide much additional information on the ore characteristics of the deposit and support new Resource estimates expected at year-end."

Phase IV Underground Program Update

A total of 1,940 m of lateral development has been completed during Phase 4. 450 m of lateral drifting was along mineralized veins and 1,500 m was as waste development to access mine areas and provide suitable drill stations for exploration and delineation drilling. 26,727 metres of underground exploration and delineation drilling during the program have provided continuing encouragement towards expanding the gold Resources on the property and a revised Resource estimate is scheduled for year end.

Lateral development and bulk sampling along the S1W and HW zones and "Flat-Swarm" style mineralization has demonstrated excellent strike continuity to mineralization. Milling of low-grade stockpile material commenced on November 5th and milling of the 50,000 ton bulk sample is expected to be completed by mid-December, 2007.

Quality Control

The Lac Herbin underground exploration program is supervised by Mr. Olivier Grondin, P.Geo., and Phase IV development is supervised by Patrick Sevigny, P.Eng., Qualified Persons as defined under NI 43-101 guidelines. The content of this press release has been reviewed by the respective Qualified Persons.

About Alexis Minerals

Alexis Minerals Corporation is a Canadian exploration and development company listed on the Toronto Stock Exchange. Alexis holds an outstanding portfolio of properties covering the Val-d'Or and Rouyn-Noranda Mining Camps in Quebec. Alexis has a clear route to 100% ownership of all interests of Aur Resources on approximately 212 square kilometres of the Val-d'Or Mining Camp. Alexis owns the 1400 tonne per day Aurbel gold mill and holds a 100%-interest in the Aurbel property. Alexis is following strategic exploration approaches across these properties for both gold and base metals, with a focus on the potential for gold production from the 100%-owned Lac Herbin and Lac Pelletier deposits during 2007 - 2008. Alexis has the right to earn-in into a 100% interest in the Lac Pelletier property. The Company is also currently advancing towards a 50% interest in 825 square kilometres of the Rouyn-Noranda Mining Camp in JV with Xstrata Copper Canada (formerly Falconbridge Ltd.). Three (3) underground drills and two (2) surface drills are currently active in Val-d'Or and two surface drills are expected to recommence drilling on Rouyn-Noranda properties very shortly.

Statements in this release that are not historical facts are "forward-looking statements" within the meaning of the applicable securities laws. Readers are cautioned that any such statements are not guarantees of future performance and actual developments or results may vary materially from those in these "forward looking statements".

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