Alexis Minerals Reports Financial Results for Quarter Ended June 30, 2011

TORONTO, ONTARIO--(Marketwire - Aug. 16, 2011) - ALEXIS MINERALS CORPORATION (TSX:AMC)(OTCQX:ASXMF) ("Alexis" or the "Company") today announces its second quarter financial and operational results for the period ending June 30, 2011. All figures are reported in Canadian dollars, unless otherwise noted.

Financial Summary:

• Alexis reported revenue of $3.34 million for the quarter ending June 30, 2011, - an increase of 42% over the first quarter of 2011
• The Company sold 2,420 ounces of gold at an average realized price of $1,465/oz (US$ 1,511/oz.).
• Cash cost of sales per ounce of gold production from Lac Herbin was reduced to $1,745/oz. (see non-GAAP measures)
• The Company raised gross proceeds of $20,125,000 from the issuance of 201,250,000 common shares at a price of $0.10 per share pursuant to a public offering.

Operations Summary:

• The Company's Lac Herbin mine in Val d'Or produced 2,406 ounces of gold, a 39% increase over the first quarter of 2011.
• The Aurbel Gold Mill in Val d'Or realized an average recovery rate of 87.4%. The recovery plans introduced in the first quarter should see the mill achieve a recovery rate of 92% in the coming quarters.
• Exploration efforts at Snow Lake and Lac Herbin mines show promising results to increase the Company's gold reserves.

Second Quarter Results From Operations

Alexis sold 2,420 ounces of gold and generated $3.34 million in revenue from mining operations during the second quarter at an average gold sale price of $1,465 per ounce. During the same period in 2010, 7,865 ounces of gold were sold generating $8.88 million in revenue with the average sale price being $1,185 per ounce.

Mine operating expenses were $4.22 million and amortization and depletion amounted to $0.59 million. Operating expenses were $8.68 million and amortization and depletion was $2.48 million for the same period in 2010. Amortization and depletion have been substantially reduced as a result of the impairment write-downs on both the Lac Herbin property and equipment during the fourth quarter of 2010.

The gross loss for the second quarter is $1.47 million compared to gross loss of $2.28 million during the second quarter of 2010. Revenue from mining operations includes $3.54 million from gold sales (Q2-2010: $9.32 million) reduced by $0.20 million in refining and royalty charges (Q2-2010: $0.44 million). The Company is subject to a Net Smelter Royalty (NSR) of 4.5% on Lac Herbin gold sales. The cost of sales per ounce sold during the current quarter, excluding amortization and depletion, was $1,745 per ounce compared to $1,104 per ounce during the comparative quarter (see non-GAAP Measures). The deposit continues to pose challenges and the Company is focusing on reducing absolute costs. Alexis anticipates that future cash costs will be reduced further by the recently announced turnaround plan at Lac Herbin.

Alexis recorded a net loss for the quarter ended June 30, 2011 of $2.50 million compared to a net income of $0.39 million for the quarter ended June 30, 2010. Expenses were $1.04 million during the second quarter (Q2-2010: $1.42 million).

Results for Six Months Ending June 30, 2011

Alexis sold 4,246 ounces of gold, generating $5.69 million in revenue from mine operations for the period of six months ending on June 30, 2011. The average gold sale price during this time was $1,421 per ounce. 12,615 ounces of gold were sold at an average sale price of $1,169 for the same period in 2010. The gross loss for the period was $3.91 million compared to a loss of $3.11 million in 2010. A net loss of $4.71 million was reported for the six months ended June 30, 2011 compared to a net income of $0.19 million for 2010. Expenses were $2.86 million for the period (2010: $2.10 million).

Outlook

Alexis remains encouraged as exploration continues at Snow Lake with many prospective targets. The drilling program at Snow Lake has discovered significant gold mineralization in a potential, on-strike extension to the Snow Lake Mine. This may represent the discovery of a major new ore zone and characterizes the potential remaining on the property and in proximity to the Company's Snow Lake Mill, currently the only gold mill in the region. As well, two new high-grade gold zones were discovered containing mineralization which is similar in character to that of the Main and the No.3 Zones, yet is of significantly higher grade.

In addition, Lac Herbin operations will undergo significant underground development and intensive drilling in order to re-establish the production profile. The operation will now benefit from more flexibility and the Company expects to complete the development by the fourth quarter where planned production will be approximately 4,250 ounces per quarter into 2012.

Complete financial statements and related Management's Discussion and Analysis documents will be available under the Company's profile on www.sedar.com before the market opens on August 15, 2011 and at the Company's website www.alexisminerals.com.

Non-GAAP Measures

The Company has included certain non-GAAP performance measures, namely, cash costs per gold ounce sold [NTD: working capital not used herein or reconciled below] throughout this document. In the gold mining industry, these are common performance measures but do not have any standardized meaning, and are non-GAAP measures. In addition to conventional measures prepared in accordance with GAAP, the Company and certain investors use this information to evaluate the Company's performance and ability to generate cash, profits and meet financial commitments. These non-GAAP measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. The following tables provide a reconciliation of cash costs per gold ounce sold for the three months ended June 30, 2011 and 2010.

Cash cost per ounces sold

Technical programs and information included in this release have been supervised, compiled, reviewed and approved by David Rigg, P.Geo., the Co-Chairman of the Company and a Qualified Person as defined under NI 43-101.

About Alexis

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 1,104 km²) in three of Canada's richest mining camps: Val-d'Or and Rouyn-Noranda, in the Abitibi District of Québec, Canada, historically the third 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. For more information, please visit the company's website at www.alexisminerals.com.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION

Except for statements of historical fact, certain information contained herein constitutes "forward-looking information" under Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the outcome of these financial results on the future of the Company, development potential of the Company's properties; the future price of gold and other minerals; the estimation of mineral reserves and mineral resources; the successful implementation of the development plans at each of the Company's properties; the realization of mineral reserve estimates; the timing and amount of estimated future production; future costs of production; future capital expenditures; success of exploration activities; mining or processing issues; currency exchange rates; government regulation of mining operations; and environmental risks. 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 statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made. Estimates regarding the anticipated timing, amount and cost of mining at the Lac Herbin and Snow Lake Projects are based on assumptions underlying mineral reserve and mineral resource estimates, the results of feasibility studies on the properties and the realization of such estimates are set out herein. Capital and operating cost estimates are based on extensive research of the Company, costs incurred at the projects to date, purchase orders placed by the Company to date, recent estimates of construction and mining costs and other factors that are set out herein. Production estimates are based on mine plans and production schedules, which have been developed by the Company's personnel and independent consultants. Forward-looking statements are 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 statements, including but not limited to risks outlined in the annual information form of the Company. Although management of 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 statements 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.