Alexis Minerals Corporation
TSX : AMC

Alexis Minerals Corporation

August 27, 2009 08:30 ET

Alexis Intersects 70.4 Grams Gold Over Two Metres in New Zone at Lac Pelletier Gold Project

TORONTO, ONTARIO--(Marketwire - Aug. 27, 2009) - ALEXIS MINERALS CORPORATION (TSX:AMC) is pleased to announce new high grade results at its Lac Pelletier gold project, in Rouyn-Noranda, Quebec. The Company continues to advance the bulk sampling program at Lac Pelletier, its second gold project.

A surface drilling program, including seven short holes (960 metres), was undertaken in July 2009 with the objective of increasing the resources at the mine. This drilling focused on the exploration of new zones on the western extension of the Lac Pelletier mineralized structures. The main discoveries in this new prospective area are 100-150 metres (m) northwest of the mine entrance. The best results are associated to quartz veins or concentrations of small quartz-carbonates-pyrite veins and veinlets. These structures are not yet correlated to the mine's mineralized structures. The early stage exploration results indicate the possibility of new mineralized structures. Results from the last holes drilled are expected in the upcoming weeks.

Results from the drilling are shown in the table below, and some highlights are:



- 70.4 (23.8 cut(1)) g Au/t over 2.0 m (1.41 m true thickness) in hole
17475-71;
- 6.93 g Au/t over 0.5 m (0.32 m true thickness) in hole 17475-72.
(cut(1) - Upper cut-off factor for high grade assay results on 30.0 g
Au/t.)



----------------------------------------------------------------------
From
Hole no (m) To (m) Length (m) True width (m) Au (g/t)
----------------------------------------------------------------------
16.3 16.9 0.6 0.42 4.7
------------------------------------------------------------
51.3 51.8 0.5 0.35 3.2
------------------------------------------------------------
17475-71 83.0 85.0 2.0 1.41 70.4 (23.8 cut)
------------------------------------------------------------
Incl. 83.0 83.7 0.7 0.49 160.6
------------------------------------------------------------
Incl. 83.7 84.5 0.8 0.57 32.2
------------------------------------------------------------
Incl. 84.5 85.0 0.5 0.35 5.3
----------------------------------------------------------------------
16.0 18.0 2.0 1.29 3.1
------------------------------------------------------------
17475-71A Incl. 16.0 17.0 1.0 0.64 1.6
------------------------------------------------------------
Incl. 17.0 18.0 1.0 0.64 4.6
----------------------------------------------------------------------
17475-72 6.5 7.0 0.5 0.32 6.9
----------------------------------------------------------------------
17475-72A Pending
----------------------------------------------------------------------
17475-73 Pending
----------------------------------------------------------------------
17475-74 Pending
----------------------------------------------------------------------
17475-75 Pending
----------------------------------------------------------------------


Bulk Sampling Update

Lac Pelletier is approximately 4 kilometres southwest of the city of Rouyn-Noranda, Quebec, in the prolific Abitibi Mining Camp, historically one of the world's top gold producing areas. The Company expects to complete a 40,000 tonne bulk sample at the Lac Pelletier Mine later in 2009 generating an estimated 9,400 oz of gold. Alexis has a certificate of authorization for the Lac Pelletier project and an application submitted for a mining lease. In the current gold price environment, a positive production decision is expected to be made early in 2010. Lac Pelletier is projected to produce 35,000 to 45,000 ounces of gold on an annual basis commencing in 2010, which would bring total Company annual gold production to between 75,000 and 85,000 ounces.

- On June 10, the company began the dewatering and rehabilitation of the ramp that flooded eighteen years ago. 800 metres of ramp were dewatered and rehabilitated in the first ten weeks of the project.

- An additional 256 metres of old drifts and ramp will be rehabilitated concurrent with development to access the bottom of the old ramp and view the previously exposed mineralized zones.

- A further 830 metre development program began this week to access the stoping areas which will provide the tonnage for the bulk sample.

- The Company is maintaining its target of having the underground bulk sampling campaign completed by the end of 2009.

Quality Control:

The technical and scientific content of this press release has been prepared and reviewed by Claude Gobeil and Pascal Hamelin, Qualified Persons as defined under NI 43-101 guidelines. Assay samples are taken from NQ 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 Techni-Lab of Ste-Germaine Boule, 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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