Alexis Minerals Corporation

Alexis Minerals Corporation

November 02, 2006 08:00 ET

Alexis Completes First Gold Pour at Lac Herbin

TORONTO, ONTARIO--(CCNMatthews - Nov. 2, 2006) - Alexis Minerals Corporation (TSX VENTURE:AMC) is pleased to announce that custom milling of a bulk sample obtained during the underground exploration program on the Lac Herbin gold deposit has commenced. Approximately 15,000 tonnes (t) of development ore from drifting on the Hangingwall (HW) and S1 West (S1W) zones and from other underground development headings has been shipped to the custom milling facility and will be processed. The first of two planned gold pours was completed on November 1, 2006 and yielded two (2) gold Doré bars for a cumulative weight of 1,374.3 ounces. The bars will now be shipped to the Royal Canadian Mint for refining and determination of gold content.

"The milling campaign is the culmination of a lot of hard work by the project team and the successful completion of Phase 3 exploration on the Lac Herbin Deposit," said David Rigg, President and CEO of Alexis Minerals. "I congratulate the team on staying on schedule and on budget during the program and advancing the project towards a production decision as we continue to build a strong future for Alexis."

The bulk sample will consist of three separate stockpiles representing mineralization from drifting and raising on the two principal zones, the HW Zone and the S1W Zone, with the third stockpile representing all other mineralization encountered throughout the 3-phase underground program. The stockpiles will be processed in sequence by the mill and results will be used to confirm grade and milling character of potential ores in the Lac Herbin Project area. The Mill results, with good reconciliation and compilation, should also provide the true cut-off grade for the deposit (currently set at 1.0 ounces per tonne).

The on-going milling campaign represents the final stage of a three phase underground exploration program initiated in September 2005. Results from the milling campaign will assist with engineering and resource evaluation of the deposit. The Lac Herbin project is located 10 km northeast of Val-d'Or and 1.8 km from the wholly-owned 1400 TPD Aurbel Gold Mill.

Quality Control

The Milling Campaign on the Lac Herbin bulk sample is being undertaken on a commercial basis by Usine Camflo Inc., Malartic, Quebec and is being supervised on behalf of Alexis by Maureen Paterson, P.Eng., Metallurgist and Qualified Person as defined under NI 43-101 guidelines. A strict QA/QC program is followed on samples taken from the mill circuit. Rejects are kept for future reference or metallurgical testing. Analyses are performed by Bourlamaque Assay Labs - Val d'Or (Québec) for Camflo. Analyses are performed by ALS Chemex - Chimitec of Val-d'Or (Québec) for Alexis.

In a separate announcement, Mr. Philippe Cloutier, Vice President of Exploration for Alexis Minerals has resigned his post in order to pursue other opportunities. The employees and Board of Directors of Alexis thank him for his efforts on behalf of Alexis and extend him best wishes and success in his future endeavors.

About Alexis Minerals

Alexis Minerals Corporation is a Canadian exploration and development company listed on the TSX Venture Exchange. Alexis holds an outstanding portfolio of properties covering the Val-d'Or and Rouyn-Noranda Mining Camps in Quebec. 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 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 has purchased the 1400 tonne per day Aurbel gold mil and holds a 100%-interest in the Aurbel 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 Plc (formerly Falconbridge Ltd.).

Statements in this release that are not historical facts are "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Readers are cautioned that any such statements are not guarantees of future performance and that actual developments or results may vary materially from those in these "forward looking statements".

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Alexis Minerals Corporation
    David Rigg
    President and CEO
    (416) 861-5889
    (416) 861-8165 (FAX)
    Alexis Minerals Corporation
    Peter Cashin
    Investor & Corporate Affairs
    (416) 861-5905
    Alexis Minerals Corporation
    Louis Baribeau
    Relationiste, Quebec
    (514) 667-2304