Alexis Minerals Corporation
TSX : AMC
OTCQX : AXSMF

Alexis Minerals Corporation

November 24, 2010 08:30 ET

Alexis Expands Potential for Gold Discovery in Snow Lake With Acquisition of Additional Properties

TORONTO, ONTARIO--(Marketwire - Nov. 24, 2010) - ALEXIS MINERALS CORPORATION (TSX:AMC)(OTCQX:AXSMF)("Alexis" or the "Company") is pleased to announce that the Company has entered into an option to purchase agreement with Peter C. Dunlop (the "Vendor") to acquire a 100% interest (the "Option") in 33 mineral claims covering approximately 38 km² (the "Property") in the Herblet Lake area of Manitoba. The Property is contiguous to the north of the Snow Lake, Manitoba Mine property (50 km²) that is currently wholly-owned by Alexis through its subsidiaries. Alexis' property holdings now cover an area identified as a regional structural basin where up to four deformation periods have been identified. Based on the understanding of the structural controls in the Snow Lake Mine, the Company feels that the Property significantly expands the potential for Alexis to make new discoveries at depth and down plunge of the Main Mine, #3 Zone and a number of other known mineral occurrences ranged around the basin-like structure.

In order to earn a 100% interest in the property Alexis is required to pay the Vendor $50,000 upon signing the Definitive Agreement; pay the Vendor $50,000 on each anniversary of the signing of the Definitive Agreement until the fifth anniversary; and spend a total of $3,000,000 incrementally over the five year term of the Options.

In consideration of the grant of the Option, Alexis has granted the Vendor a 3% Net Smelter Royalty ("NSR") in respect of the Property. Alexis may repurchase up to 50% of the NSR for a cash payment of $500,000 for each 0.5% NSR purchased by Alexis.

Alexis has also engaged Geotech Ltd. to fly a deep penetrating ZTEM Airborne Survey over the entire Snow Lake property, including this newly optioned Property and three additional recently staked contiguous claims. This survey should allow for greater definition of the structure of the basin and potentially favourable targets across the properties.

Qualified Persons

The technical and scientific content of this press release has been reviewed by David Rigg, President and CEO, Alexis Minerals Corporation, a "Qualified Person" as defined under NI 43-101 guidelines.

About Alexis Minerals

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

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 exploration potential of the Property, the future financial or operating performance of Alexis and its projects, the identification of mineral reserves and resources, costs of and capital for development and mining projects, ability to successfully attract financing, development and exploration expenditures, timing of future development, exploration and production, requirements for additional capital, government regulation of mining operations, environmental risks, reclamation expenses, title disputes or claims, limitations of insurance coverage and the timing and possible outcome of pending litigation and regulatory matters. 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. For a description of the factors affecting forward-looking information and the basis of management estimates, please see a copy of the annual information form of the Company and the technical report relating to the feasibility study, both of which are 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.

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