Alexis Completes Takeover Agreement on Rouyn-Noranda Joint Venture Properties

TORONTO, ONTARIO--(Marketwire - Aug. 3, 2011) - ALEXIS MINERALS CORPORATION [TSX:AMC] [OTCQX:AXSMF] ("Alexis" or the "Company") is pleased to announce that it has closed on the Heads of Agreement (the "Agreement") in its acquisition from Xstrata Canada Corporation –Xstrata Copper Canada ("Xstrata Copper") as previously announced in its press release dated April 5, 2011.

Under the Agreement, Alexis assumes a 100% interest in the former joint venture properties covering approximately 750 square kilometres of the Rouyn-Noranda Mining Camp in Quebec. Additionally, Alexis becomes the registered, 100% owner of the properties with the exception of a designated area measuring 28.51 square kilometres. In this designated area, the Company holds 100% beneficial interest in all mineral rights below a depth of 200 metres. Surface rights and liabilities down to this depth and covering all mine, mill and smelter infrastructure, remain solely with Xstrata Copper. Alexis and Xstrata have closed on the acquisition of the majority of the properties, with a small proportion remaining for transfer pending third party consents and expected to close over the coming months.

As consideration pursuant to the Agreement, Alexis has made payment to Xstrata Copper in the amount of CAD $200,000. Additionally, Xstrata Copper retains a net smelter royalty interest (NSR) of 1 to 2% on all metals on mineral claims made by Alexis.

Further details of the Agreement can be found in the previous press release on the Alexis Website or filed at SEDAR.com.

About Alexis Minerals

Alexis Minerals Corporation is a Canadian publicly traded mining company concentrating on exploration and mine development. The Company is listed on the Toronto Stock Exchange ("TSX") under the symbol "AMC", and trades in the United States on the Over the Counter QX International ("OTCQX") platform under the symbol "AXSMF". The Company's focus is to grow through exploration, development and acquisition of mineral properties and directly and indirectly, through joint ventures. Alexis is now in its third full year as a junior gold-producing company. The Company holds a dominant property position (over 1,050 km²) in three of Canada's richest mining camps: Val-d'Or and Rouyn-Noranda, in the Abitibi District of Québec, Canada, historically the 3rd richest gold producing region in the world; and Snow Lake, Manitoba, Canada. Alexis undertakes exploration across these properties searching for new world class discoveries, while maintaining a focus on growing Alexis to become a mid-tier gold producer.

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 success of the joint venture relationship and its effect on the Company and its performance, and the future financial or operating performance of Alexis and its projects. 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, which is available under the profile of the Company on SEDAR. 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.