Alexis Minerals Corporation
TSX VENTURE : AMC

Alexis Minerals Corporation

August 13, 2007 08:00 ET

Alexis Confirms Lower Cost Mining Potential at Lac Pelletier, Quebec

Initial drilling returns up to 7.58 grams per tonne gold over 22.4 metres (0.221 oz. over 73.5 feet)

TORONTO, ONTARIO--(Marketwire - Aug. 13, 2007) - Alexis Minerals Corporation (TSX VENTURE:AMC) is pleased to announce that initial drill results from a drilling program on the company's Lac Pelletier gold project, four kilometres southwest of Rouyn-Noranda, Quebec. Drilling to delineate an area for potential long-hole mining is proving successful in an area adjacent to the historic ramp and within the known deposit (see Press Releases : August 31, 2006 ; April 19, 2007). To date, assay results from 15 drillholes (1361.5 m) of a planned 36 hole, 3567.5 m program (see Figure 1) have been received. The intent of the program is to identify a large-volume ore shoot that could be mined using low-cost, longhole bulk mining methods during the early production stages of the Lac Pelletier operation as opposed to the stepped room and pillar mining approach studied in recent scoping study evaluations.



Significant results from the first 1,361.5 m of drilling are:

- 7.58 (5.33 cut(i)) g Au/t over 22.4 m (Hole 17475-31)

- 6.68 (4.47 cut(i)) g Au/t over 18.1 m (Hole 17475-27)

- 8.08 g Au/t over 13.2 m (Hole 17475-33)

- 5.37 g Au/t over 10.6 m (Hole 17475-51)

- 4.42 g Au/t over 25.5 m (Hole 17475-37)

(i) Cut Grades - See note in Table 1


The current program has confirmed the presence of a large and extensive area of well developed mineralization at the point of intersection of the two principal gold structures, B Shear and Zone 4 (see Figure 2). The zone has been confirmed over a minimum plunge length of 40 metres, a true vertical thickness of up to 25.5 m and an average width of 60 m but remains open. The thickened area trends west northwest and plunges at a shallow angle to the east southeast. Mineralization is characterized by a strongly chlorite-carbonated altered shear zone containing up to 5% disseminated to fracture filling pyrite and 10-40% quartz-carbonate-tourmaline veins and veinlets. Fine disseminated visible gold is occasionally observed associated with the sulphides. The drill program continues to expand the zone. Additional results will be reported as results become available from the assay laboratory. Holes are closely spaced on a 10 x 15 metre pattern and have been drilled vertically to best evaluate the zones mining potential.

"The new results demonstrate the potential for low-cost, bulk-mining at Lac Pelletier," David M. Rigg, President and CEO of Alexis Minerals. "All holes have intersected targeted mineralization within metres of their projected locations. Drilling has confirmed continuity to mineralization in the zone and supports the potential of locating additional low-cost, bulk-mineable resources elsewhere on the property. Lac Pelletier offers Alexis potential for production with a short lead-in time for start up and low capital costs in support of development of the Lac Herbin mine project in Val d'Or. Alexis will focus on dewatering the underground infrastructure at Lac Pelletier in 2007 and underground exploration to upgrade and expand the resource, test mining to confirm grade, and further metallurgical work."

Quality Control

The Lac Pelletier program is supervised by Claude Savard, P.Geo., Qualified Person as defined under NI 43-101 guidelines. Ms. Savard has reviewed this press release. Engineering work is supervised by Robert Inglis, P.Eng and Claude Perrault P.Eng. Assay samples are taken from drill core, sawed in half with one half sent to a commercial laboratory and other half retained for future reference. A strict QA/QC program is followed which includes mineralized standards and blank for each batch of samples. Analyses were performed by Techni-lab, Abitibi (Quebec).

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 mill 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 Copper Canada (formerly Falconbridge Ltd.). Four (4) underground drills and four (4) surface drills are currently active on the Val-d'Or and Rouyn-Noranda properties. Alexis has the right to earn-in into a 100% interest in the Lac Pelletier property.

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"



Table 1 - Diamond Drilling Results, Lac Pelletier Project,
Rouyn-Noranda, Quebec

--------------------------------------------------------------------------
Drillhole Section From To Length Un-cut Cut Grade
Number (m) (m) (m) Grade (high assays cut to 30 g Au/t)
(g Au/t) (g Au/t)
--------------------------------------------------------------------------
17475-27 38W 54.6 72.7 18.10 6.68 4.47
--------------------------------------------------------------------------
17475-27 38W 83.4 86.0 2.60 3.48 3.48
--------------------------------------------------------------------------
17475-28 38W 67.0 88.9 21.90 4.30 4.30
--------------------------------------------------------------------------
17475-28 38W 90.9 94.0 3.10 0.98 0.98
--------------------------------------------------------------------------
17475-31 39W 64.6 87.0 22.40 7.58 5.33
--------------------------------------------------------------------------
17475-33 40W 61.0 63.0 2.00 1.21 1.21
--------------------------------------------------------------------------
17475-33 40W 70.1 83.3 13.20 8.08 8.08
--------------------------------------------------------------------------
17475-37 41W 59.5 85.0 25.50 4.42 4.42
--------------------------------------------------------------------------
17475-36 41W 57.9 60.0 2.10 2.32 2.32
--------------------------------------------------------------------------
17475-36 41W 72.0 76.5 4.50 8.95 8.95
--------------------------------------------------------------------------
17475-38 41W 28.0 30.1 2.10 1.17 1.17
--------------------------------------------------------------------------
17475-38 41W 54.0 56.7 2.70 1.58 1.58
--------------------------------------------------------------------------
17475-41 42W 56.3 58.4 2.10 3.04 3.04
--------------------------------------------------------------------------
17475-41 42W 74.5 80.3 5.75 6.88 6.88
--------------------------------------------------------------------------
17475-39 42W 50.3 58.9 8.60 4.70 4.70
--------------------------------------------------------------------------
17475-39 42W 60.0 75.7 15.70 Strong Vein Network Assays Pending
--------------------------------------------------------------------------
17475-53 42W 47.2 49.2 2.00 1.08 1.08
--------------------------------------------------------------------------
17475-43 43W 41.6 60.0 18.40 3.40 3.40
--------------------------------------------------------------------------
17475-43 43W 76.3 82.0 5.70 7.20 7.20
--------------------------------------------------------------------------
17475-48 44W 43.0 47.0 4.00 4.25 4.25
--------------------------------------------------------------------------
17475-48 44W 67.3 69.6 2.30 8.48 8.48
--------------------------------------------------------------------------
17475-54 44W 46.2 48.3 2.10 3.58 3.58
--------------------------------------------------------------------------
17475-51 45W 31.4 42.0 10.60 5.37 5.37
--------------------------------------------------------------------------
17475-51 45W 53.0 68.0 15.00 4.15 4.15
--------------------------------------------------------------------------
17475-50 45W 31.0 40.1 9.10 4.14 4.14
--------------------------------------------------------------------------

Cut grades: All high grade assay intervals returned by the lab over
30.0 g Au/t have been cut to 30.0 g Au/t.


To view Figure 1, the map of Pelletier Lake, please click the following link:
http://www.ccnmatthews.com/docs/lakep1.pdf

To view Figure 2, section 39W of the Pelletier Lake project, please click the following link:
http://www.ccnmatthews.com/docs/lakep2.pdf

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)
    or
    Alexis Minerals Corporation
    Peter Cashin
    Investor & Corporate Affairs
    (416) 861-5905
    Email: info@alexisminerals.com
    or
    Alexis Minerals Corporation
    Louis Baribeau
    Relationiste, Quebec
    (514) 667-2304
    Website: www.alexisminerals.com