Alexis Minerals Corporation

Alexis Minerals Corporation
Garson Gold Corp.

Garson Gold Corp.

March 25, 2010 12:53 ET

Alexis Minerals Commences Second Stage Transaction to Acquire Remaining Shares of Garson Gold Corp.

TORONTO, ONTARIO and VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 25, 2010) - ALEXIS MINERALS CORPORATION (TSX:AMC) (OTCQX:AXSMF) ("Alexis") and GARSON GOLD CORP. (TSX VENTURE:GG) ("Garson Gold") are pleased to announce that they have commenced the necessary steps to allow Alexis to acquire all of the remaining common shares of Garson Gold that it does not currently hold. In order for Garson Gold to become a wholly-owned subsidiary of Alexis, the two companies have entered into an arrangement agreement pursuant to which they intend to complete a business combination by way of statutory plan of arrangement (the "Arrangement").

Alexis currently owns a total of 201,305,648 Garson Gold common shares ("Garson Gold Shares"), representing approximately 95.6% of the outstanding Garson Gold Shares. Alexis acquired a significant portion of these shares under its offer (the "Offer") for all of the outstanding Garson Gold Shares first announced on November 11, 2009 and in subsequent extensions thereof. The proposed Arrangement constitutes the second step transaction, as contemplated under the Offer, by which Alexis intends to acquire all of the remaining Garson Gold Shares not already owned by Alexis.

The proposed Arrangement is expected to be completed in April 2010, and is subject to certain conditions including receipt of all necessary court, shareholder and regulatory approvals, including approval of the TSX Venture Exchange. A special meeting of shareholders of Garson Gold (the "Meeting") has been called on April 26, 2010 to approve the Arrangement. The record date for determining Garson Gold shareholders entitled to receive notice of and vote at the Meeting is March 26, 2010. At least 66 % of the votes cast by Garson Gold shareholders at the Meeting must be in favour of the Arrangement to approve the Arrangement. As a result of the number of Garson Gold Shares that Alexis acquired under the Offer, Alexis holds a sufficient number of Garson Gold common shares to pass all necessary shareholder resolutions to approve the Arrangement.

Under the terms of the Arrangement, each Garson Gold shareholder will receive 0.29 Alexis common shares for each Garson Gold Share held (the "Exchange Ratio"). The Exchange Ratio is the same consideration that Alexis offered and paid under the Offer. Upon completion of the Arrangement, outstanding Garson Gold options will be exchanged and adjusted for a corresponding number of options to acquire Alexis common shares in accordance with the Exchange Ratio. Garson Gold warrant and debenture holders will be entitled to acquire a number of Alexis Shares (based on the Exchange Ratio), with the number of shares and exercise price adjusted in accordance with the terms of each warrant or debenture.

About Alexis Minerals

Alexis Minerals Corporation is a Canadian mining company listed on the Toronto Stock Exchange (symbol "AMC") and trades in the US 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. Recently Alexis has acquired over 90% of all shares of Garson Gold Corp and is proceeding with the forced conversion of the remaining outstanding shares. 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 and in joint venture with Xstrata Copper). Anticipated mine development programs in Snow Lake will allow Alexis to grow gold production and achieve mid-tier gold production by 2011. For more information about Alexis Minerals visit

About Garson Gold Corp.

Garson Gold holds the Snow Lake Mine (NBM) Project in Snow Lake Manitoba. The Snow Lake Mine covers approximately 4,840 hectares and hosts the historic New Britannia Gold Mine which operated from 1949 to 1958 and again from 1995 to 2005 and produced approximately 1.44 million ounces of gold. Infrastructure at the New Britannia Gold Mine includes a fully-permitted 2,150 tonne per day modern mill and tailings facility, and associated plant, and equipment.

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, ability to complete the Arrangement, and future exploration expenses and plans. Forward-looking statements are subject to significant risks and uncertainties, including those risks identified in the annual information forms of Alexis and Garson, which are available under the profile of each 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 negotiations between the Alexis and prospective investors, extensive technical and scientific analysis conducted by the management of Alexis, and information obtained by the Alexis 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.

Important Notice

This document does not constitute an offer to buy or an invitation to sell, any of the securities of Alexis or Garson Gold. Such an offer may only be made pursuant to a registration statement and prospectus filed with the U.S. Securities and Exchange Commission and an offer to purchase and circular filed with Canadian securities regulatory authorities. Investors and security holders are urged to read the information circular, and any other relevant documents filed with the SEC and Canadian securities regulators, regarding the proposed business combination transaction because they contain important information. Investors may obtain a free copy of the information circular and other documents filed by Alexis or Garson on SEDAR or on Alexis' website at or by directing a request to Alexis' investor relations department. The securities described in this press release have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws and may not be offered or sold within the United States unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available. This press release is for information purposes only and shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

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