Alexis Minerals Corporation
TSX : AMC
OTCQX : AXSMF

Alexis Minerals Corporation

May 27, 2011 08:30 ET

Alexis Extends Main Mine East Zone, Snow Lake Intersects Up to 4.38 Meters Grading 12.4 g/t Gold

TORONTO, ONTARIO--(Marketwire - May 27, 2011) - ALEXIS MINERALS CORPORATION (TSX:AMC)(OTCQX:AXSMF)("Alexis" or the "Company") is pleased to announce results from continued delineation and exploration drilling on the new Mine East zone at the Snow Lake Mine in Manitoba. The Mine East zone was discovered in January 2010 [Press Release: February 17, 2010] approximately 500 metres east of historically mined areas in the Snow Lake Mine and approximately 50 metres from underground infrastructure, on property acquired in an option agreement between 1998 and 2006. Recent drilling, as shown in Table 1, below, has been focused on the delineation of the zone and exploration of its' potential extension down dip and down plunge. The zone lies at the eastern limit of underground exploration and mine infrastructure developed in the 1950's.

The Mine East zone has a limited surface expression of less than 80 metres however it has been traced down dip to just above the 780' level. The zone strikes E-W, has a strike length of 150 to 220 metres and dips approximately 45 degrees north. True widths vary from less than a metre to over six metres and in broad terms, the zone appears to consist of two principal ore lenses, one above the 320' level exploration drift and the other above the 780' level exploration drift. Further drilling is in progress to confirm the plunge of the zone at depth. Recent structural study supports shallow 20-degree easterly plunges to the ore lenses contrary to the typical 45 degree plunge of the Snow Lake deposit. The East-West strike and shallow plunge may be related to folding of the deposit. The Zone remains open down dip and down plunge and given the proximity to the existing infrastructure, remains a preferred exploration target.

Alexis has two surface drills active on the Snow Lake property and a budget of more than 40,000 metres of drilling in 2011. The current program is focused on increasing resources in the near-mine area that can contribute to the production profile identified studied in feasibility [Press Release: November 3rd, 2010]. Exploration will test for the extensions of the #3 zone and the Mine East zone; on new Resource areas at the Bounter, Boundary, Caper and Birch zones; and, in property-wide exploration particularly to the east of the Three House Lake fold axis. A new structural model, considerable compilation and review and a new ZTEM airborne survey are contributing to this work.

The following table summarizes some of the highlights of the program:

Table 1
Main Mine East Zone
Hole
Number
From
(m)
To
(m)
Core
Length
(m)
Au
gpt
Zone
ME11-01118.06120.732.676.177Main Mine East
ME11-01125.50126.100.6016.114Main Mine East FW
ME11-01279.10280.101.007.784Main Mine East FW Gabbro
ME11-0268.0972.474.3812.414Main Mine East
ME11-0275.6678.142.489.110Main Mine East FW
ME11-0374.8676.952.093.782Main Mine East
ME11-0384.5085.090.598.091Main Mine East FW
ME11-15146.30153.307.004.272Main Mine East
ME11-17125.60128.202.603.807Main Mine East
ME11-20223.73225.541.812.159Main Mine East FW
ME11-20231.61232.120.519.600Main Mine East FW
ME11-2169.5771.101.534.157Main Mine East
ME11-2243.6245.501.882.935Main Mine East
ME11-23115.72119.353.632.563Main Mine East
ME11-2593.3797.143.7711.336Main Mine East
ME11-2697.0299.452.433.154Main Mine East
ME11-28157.80159.862.063.874Main Mine East
ME11-3060.2563.443.194.456Main Mine East
ME11-3163.7864.300.526.034Main Mine East HW
ME11-3169.7971.101.312.678Main Mine East

In order to gain the best knowledge of the East Zone extension, every effort was made to intersect the mineralized structure as close to 90 degrees as possible on both strike and dip. As such it is estimated that the core length is approximately 70 to 80 percent of the true thickness, based on previous historical knowledge of the Snow Lake deposit.

Francois Perron, the President and CEO of Alexis, comments: "The current part of the program was targeting extending the initial areas indentified last fall, and has succeeded in doing so thus far. Structural complexity in the area imposes a disciplined approach in the way we step out and gain further understanding of the structural controls. The next targets will include other nearby zones with the goal of continuing to enhance the mine life and overall economics of the project. Regional compilation and interpretation continues and should continue to provide additional targets."

Qualified Persons and Quality Control

The technical and scientific content of this press release has been reviewed by Earl Masarsky, P. Geo., Chief Mine Geologist, Manitoba Division, Alexis Minerals and Qualified Person as defined under NI 43-101 guidelines. Diamond drill core is logged and sampled by company personnel at the Snow Lake Mine. Core (NQ) is cut in half using a diamond saw with one half bagged and submitted for assay and the remaining half sample retained and archived in a secure facility. A strict QA/QC program is followed that includes mineralized standards, blank and field duplicate for each batch of samples. Samples are shipped by secure truck to TSL Laboratories Inc. (TSL) Saskatoon, Saskatchewan, an ISO/IEC 17025 accredited assay facility established in 1981. The Laboratory is certified by the Standards Council of Canada for gold analyses utilizing instrumental or gravimetric finish.

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 impact of the results of the drilling on the Company and its understanding of the property, the timing and amount of future exploration and development of the property, 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.

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