Alexis Makes Landmark Agreement to Acquire 100% Ownership in Joint Venture Properties in Rouyn-Noranda, Quebec

TORONTO, ONTARIO--(Marketwire - April 5, 2011) - ALEXIS MINERALS CORPORATION (TSX:AMC)(OTCQX:AXSMF) ("Alexis" or the "Company") is pleased to announce the signing of a landmark agreement with joint venture (JV) partner Xstrata Canada Corporation – Xstrata Copper Canada Division ['Xstrata Copper'] by which Alexis will assume a 100% interest in JV properties covering approximately 750 sq.km. of the Rouyn-Noranda Mining Camp, Quebec. Alexis will become the registered, 100% owner except for a designated area of 28.51 sq.km where it will register a 100% beneficial interest in all mineral rights below a depth of 200 metres. Surface rights and liabilities down to this depth and covering all mine, mill and smelter infrastructure, will remain solely with Xstrata Copper.

Terms of the 100% Acquisition Agreement

The basic terms of the agreement include:

1. Payment to Xstrata Copper of $200,000 upon closing.

2. Xstrata Copper will retain the right to back-in to a 65% interest on any base metal deposit containing more than 350,000 tonnes copper metal equivalent after presentation of a NI 43-101 compliant resource, under the following conditions:

--Pay Alexis three times the project specific exploration and development expenditures; and

--Pay Alexis three times the Rouyn regional base metal exploration expenditures up to a maximum of $20 million;

--Xstrata Copper must complete a NI 43-101 compliant Feasibility Study, within a specified period and at no cost to Alexis;

--Alexis will retain a 35% interest; receive a 6-month financing period subsequent to a production decision; and, will participate in a JV management committee where unanimous agreement is required on critical mining decisions.

The back-in right does not apply to any Gold Deposit; defined as a deposit where the value of Gold and Silver are three times greater than the value of base metals; using 6-month average metal prices at Closing. As such, Gold deposits are solely to the Alexis account.

3. Xstrata Copper retains a 1-2% NSR on all metals on mineral claims transferred to Alexis. Where historic royalties exist, the combined royalty is capped at 3 to 4%. In areas with no prior royalties, the NSR is capped at 2%.

4. Xstrata Copper have the right to explore for, and exploit Smelter materials (e.g. Flux) in all areas. Should Smelter materials be mined from the Alexis properties, Alexis will receive a royalty of $0.50 per tonne plus 50% of any gold which may be recovered.

5. Subsequent to closure, Alexis and Xstrata Copper will work cooperatively together for a period of up to 12 months to review the underlying agreements made over the last 40 years to develop this unique property package, in order to resolve any third-party rights or obligations.

6. The 10-claim, West Ansil Property will be excluded from the agreement and will continue as a 50/50 JV.

7. Xstrata retain their Rights of First refusal for custom milling and smelting of base metal production.

8. All regional areas of interest applicable under the historical JV are cancelled.

History of the Joint Venture

Alexis entered into an option agreement with Noranda Inc. on June 16^th, 2004 with the objective of undertaking aggressive exploration to earn a 50% interest in a property package which covered approximately 70% of prospective ground over the prolific Central Mining Camp (formerly known as the "Copper Capital of Canada") and its extensions into the surrounding, and larger, Rouyn-Noranda Mining Camp. Alexis vested in the option in January 2007 earning a 50% participating interest with exploration expenditures of $19.5M.

Alexis Benefits from the Agreement

Alexis Management considers the area to offer significant potential for new world-class mineral discoveries. The area has a long history of discovery and production. Over the last 80 years, production from the Rouyn-Noranda Camp has come from over 50 mines; 20 past-producing mines for predominantly base metals and 30 past-producing mines for predominantly gold, Table 1.

Table 1. Total Historical Base Metal and Gold Production in the Rouyn-Noranda Camp, Quebec.

		Historical Base Metal Production				Historical Precious Metal Production
•		2.4 Million tonnes Copper		•		19.5 Million ounces Gold
•		1.9 Million tonnes Zinc		•		94.4 Million ounces Silver

The Alexis properties will cover the former producing Horne, Quemont, Ansil, Corbet, Gallen, Waite, East Waite, Waite-Amulet and Newbec Deposits; as well as numerous showings and occurrences for Gold and Base metals. The depth and strike potential of these historic deposits will be reviewed by Alexis in the course of future exploration. In a review of a total of 107 deposits known in the Rouyn to Val d'Or region in government published mine-production database of the Quebec Abitibi region, 99 deposits if discovered under this agreement would be 100% controlled by Alexis, and only 8 subject to back-in.

The 2011 exploration budget of Alexis in the Abitibi is approximately $4 million, of which approximately $0.5 million will be focused on initial programs of exploration this year to test priority targets identified in the Rouyn area.

Quality Control

Information included in this report has been compiled, reviewed and approved by David Rigg, P.Geo., Qualified Person as defined under NI 43-101.

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 second 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 these drill results on the Company and its understanding of the property, the timing and amount of future exploration, 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.