Alexis Minerals Corporation
TSX : AMC

Alexis Minerals Corporation

May 27, 2009 08:30 ET

Alexis Identifies New Resource Areas Adjacent to Lac Herbin Mine and Two Areas With Mine Discovery Potential

TORONTO, ONTARIO--(Marketwire - May 27, 2009) - ALEXIS MINERALS CORPORATION (TSX:AMC) is pleased to report recent exploration drilling results on the 100 sq. km., wholly owned Aurbel Property, approximately 10 km. northeast of Val d'Or, Quebec. Results confirm excellent potential for both increased resources at the Lac Herbin mine and potential for further new mine discoveries on the Aurbel property. A total of 22,946 m of surface and underground drilling was completed during Q1 - 2009.

Exploration during the quarter identified:

- continuation of the Lac Herbin mine mineralization to the East;

- two new areas with mine discovery potential, namely the Lac Herbin Zone approximately 1.0 km to 1.3 km West of the Lac Herbin Mine; and, the NEF Showing, 4.0 km Northeast of the Lac Herbin Mine; and,

- additional potential at depth beneath the Dumont Mine (see Press Release: May 07, 2009).

The following text highlights and reviews the most noteworthy results in these areas. A full assay listing of results is available on the website version of this news release at www.alexisminerals.com.

Lac Herbin Mine: (Immediate Mine Area)

Underground drilling continues to focus on replacing and increasing reserves at the mine. The principal discoveries in the first quarter were on the Bonanza Zone East, S1 Zone Extension East and the Apex Zone. The typical narrow vein deposit in the Val d'Or area of Quebec generally replaces the mined reserve year on year. The results to date in these three zones indicate the strong possibility of not only replacing, but increasing resources by year end.

- Bonanza Zone Extension - 250 m East of the Lac Herbin Mine

-- 6.3 g Au/t over 1.5 m (1.5 m true thickness) in hole LH01-254

-- 17.4 g Au/t over 1.5 m (1.5 m true thickness) in hole LH01-255

- S1 Zone Extension - 75 m East of the Lac Herbin Mine

-- 7.8 g Au/t over 1.7 m (1.5 m true thickness) in hole LH01-252

- Apex Zone - the immediate up-dip, near surface continuation of the Lac Herbin mine

-- 66.5 (27.0 cut(i)) g Au/t over 1.3 m in hole AMAR-107;

-- 13.9 g Au/t over 0.7 m in hole AMAR-111

(Cut(i) - Upper cut-off factor for high grade assay results on 34.39 Au g/t.)

The Lac Herbin West Zone: (1.0 to 1.3 km West of Lac Herbin Mine).

A significant new prospective area, termed the Lac Herbin West Zone, was identified when surface drilling evaluated a broad area along the western strike extension of the Lac Herbin mine. Management believes this new area has the potential to develop into a new gold deposit. Drilling on sections 1000 m and 1300 m west of the mine has confirmed significant gold values in three different converging shear zones and covering at least 400 m of strike length. The structural setting and assay results in this area are very reminiscent of early stage exploration results from the Lac Herbin deposit. Results include:

- 8.4 g Au/t over 1.8 m; 8.5 g Au/t over 0.8 m; and 5.3 g Au/t over 1.2 m (1.0 km W) in hole AMAR-97;

- 8.2 g Au/t over 0.9 m; 23.6 g Au/t over 0.9 m; 3.6 g Au/t over 2.0 m; and 14.3 g Au/t over 0.5 m (1.3 km W) in hole AMAR-104;

- Numerous intersections of tensional veins were returned, including:

-- 6.1 g Au/t over 1.6m, 8.4 g Au/t over 0.5 m, (1.0 km W) in Hole AMAR 94

NEF Showing: (4.0 km NE of the Lac Herbin Mine).

Surface drilling has been initiated in the 8 sq. km. area of NEF Showing, in the central part of the property and 4 km NE of Lac Herbin Mine. Prior drilling encountered 6.7 g Au/t over 4.0 m. in one of seven widely-spaced, historical holes. Two holes have recently been completed, 220 m and 900 m west of the showing, on structures interpreted to resemble a repeat of the Lac Herbin structural environment. Both holes are encouraging from a structural perspective and both have returned auriferous values. Additional drilling is currently being focused in this area.

- 6.8 g Au/t over 0.6 m and 3.8 g Au/t over 0.4 m (900 m west) in hole 17421-02;

- 6.9 g Au/t over 0.7 m (220 m west) in hole 17421-04

- Historical intersection: 6.7 g Au/t over 4.0 m (Hole 2102-51)

Enhancing Regional Production Potential

Alexis will focus additional surface exploration to investigate the potential depth extension of the Dumont Mine (see Press Release: May 07, 2009); and, in the area of both the Lac Herbin West and NEF areas. Underground drilling continues to focus on the eastern extension of the Bonanza and S1 zones as well as on other targets in the immediate mine area.

The Aurbel property, outside of the known Ferderber, Dumont and Lac Herbin Mines, has seen limited historical exploration with an average of one 200-m hole for everyone square kilometre of the property. Current exploration is guided by a new structural model developed from evaluation of the three mines.

Twelve additional surface drill holes on the Aurbel property, selected for geophysical and structural potential, were completed in a program to test a variety of structural targets identified through reinterpretation of available property geophysics. Numerous shear zones were encountered which returned low values and weak veining. Several of these areas may also prove prospective through further exploration. Assay results are pending receipt.

Quality Control:

The technical and scientific content of this press release has been reviewed by Mr. Jean Girard, Eng., and Claude Gobeil, P.Geo., who are employees of the Company and Qualified Persons as defined under NI 43-101 guidelines. Assay samples are taken from NQ or BQ core, sawed in half with one half sent to a commercial laboratory and the other half retained for future reference. A strict QA/QC program is followed on samples from drill core that includes mineralized standards, blank and field duplicate for each batch of samples. Analyses are performed by ALS Chemex of Val d'Or, Quebec.

About Alexis Minerals

Alexis Minerals Corporation is a Canadian mining company listed on the Toronto Stock Exchange (symbol "AMC"). 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. 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). Further information about Alexis Minerals can be found at its website: www.alexisminerals.com.

Forward looking information.

This document may contain or refer to forward looking information within the meaning of applicable securities laws, based on current expectations, including, but not limited to, mineralization projections, future production estimates and cost of production projections, projected capital and operating expenditures future exploration plans and techniques, estimates regarding the timing and costs of exploration, mineral prices, and future mining plans. Forward looking statements are subject to significant risks and uncertainties, including those risks identified in the annual information form of the Company, which is available under the profile of the Company on SEDAR, and other factors that could cause actual results to differ materially from expected results. Estimates and assumptions underlying the future-looking information are based upon extensive technical and scientific analysis conducted by the management of the Company, the analysis of external consultants and information obtained by the Company from third parties. Readers should not place undue reliance on forward-looking information. Forward looking information is provided as of the date hereof and we assume no responsibility to update or revise them to reflect new events or circumstances.

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