Alexis Minerals Corporation

Alexis Minerals Corporation

August 02, 2005 08:30 ET

Alexis Minerals Corporation: Lac Herbin Underground Program Commences

TORONTO, ONTARIO--(CCNMatthews - Aug. 2, 2005) - Alexis Minerals Corporation (TSX VENTURE:AMC) is pleased to announce that preparatory construction work in advance of a Phase 1 underground exploration program on the Lac Herbin Project, Val-d'Or, Quebec is presently underway. The principal objective of the underground program is to upgrade a portion of the inferred gold resource into the measured and indicated categories. The Lac Herbin Deposit currently hosts 1,070,000 tonnes grading 7.3 grams gold per tonne (250,000 ounces). It is located 10 km northeast of Val-d'Or (Figure 1) and adjacent to the past-producing Ferderber (total production of 1.6MT grading 6.99g/t Au) and Dumont Mines (total production of 1.2 MT grading 6.51g/t Au).

A Certificate of Authorization for the underground exploration program at Lac Herbin was received from the Ministry of Environment (MDDEP) on July 8. Other required permits, authorizations and surveys are being finalized. Tenders from five underground mining contractors have been received and Don Bourgeois and Sons, a local mining contractor, has been selected to provide the underground excavation services for the project. Don Bourgeois and Sons is a well established local mining contractor that has also provided mining and development services to Aur Resources Inc during the final years of operations at the nearby Ferderber and Dumont mines. Don Bourgeois and Sons also has a clean safety record with no reported accident in 43,785 hours of work over the last three years.

Proposed Lac Herbin Underground Program

A three phase underground exploration program has been designed to upgrade the current resource of the Lac Herbin Deposit (Inferred Resource of 1,070,000 tonnes grading 7.3 grams gold per tonne for approximately 250,000 ounces). The initial Phase I program is scheduled for start-up in August 2005 and will include ramp development and underground delineation drilling. Phase II will subsequently test additional zones and depth continuity of mineralization within the resource. Phase III will result in bulk sampling and test mining of a 30,000 tonne bulk sample. Ore from development and test mining may be custom milled at one of several local custom milling facilities.

Project History

The ramp portal and an initial 16 metres of ramp development was completed in 1997. The portal work was stopped when financing for the project was lost due to low gold prices. The 1997 work included upgrading of the 1.5 kilometre road access between the portal and the 1400 TPD Aurbel Gold Mill (fully permitted and on care and maintenance). This earlier work significantly reduces the cost of the current phase of Lac Herbin program.

The project was the focus of a recent Scoping Study (Preliminary Economic Evaluation. The study was prepared by Johanne Voyer, P.Eng and Qualified Person under 43-101 guidelines, through Quebec-based engineering and mining contract firm Ross Finlay 2000 Inc). The report (filed on "Preliminary Assessment Study of the Lac Herbin Deposit") confirms that the Lac Herbin Deposit is potentially economic at current gold prices. The study is based on mining widths ranging from 1.6m to 10.6m with an average of 2.65m. The Scoping Study demonstrated that the Lac Herbin Project has the potential to produce approximately 35,000 ounces per year at a cash cost of US$224 per ounce and be in production within one year. (See press release: March 01, 2005).

Alexis Minerals Corporation is a Canadian exploration and development company listed on the TSX Venture Exchange. Alexis holds a portfolio of properties covering approximately 210 square kilometres in the Val d'Or area and considered highly prospective for both gold and base metals. Alexis has a clear route to 100% ownership in the properties and maintains an option to purchase the 1400 tonne per day Aurbel gold mill. The Company has also entered into option agreement with Falconbridge Limited (formerly Noranda Inc.) wherein Alexis will earn a 50% interest in all of Falconbridge's properties in the prospective Rouyn-Noranda base metal and gold camp, Quebec. The Falconbridge properties cover approximately 825 square kilometres in the Rouyn-Noranda area. In April 2005, Alexis successfully closed a financing of $15.0M through CIBC World Markets to fund aggressive exploration on these two substantial and prospective areas. Two diamond drills are currently active in the Val d'Or area and six drills are active in the Rouyn-Noranda area.

Statements in this release that are not historical facts are "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Readers are cautioned that any such statements are not guarantees of future performance and that actual developments or results may vary materially from those in these "forward looking statements".

For a map of the Lac Herbin Project, please click on the link below:

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Alexis Minerals Corporation
    David Rigg
    President and CEO
    (416) 861-5889
    (416) 861-8165 (FAX)
    Alexis Minerals Corporation
    Peter Cashin
    Investor & Corporate Affairs
    (416) 861-5905
    Alexis Minerals Corporation
    Louis Baribeau
    Relationiste, Quebec
    (514) 605-0576