Alexis Minerals Reports Financial Results for the Third Quarter Ended September 30, 2011

TORONTO, ONTARIO--(Marketwire - Nov. 16, 2011) - ALEXIS MINERALS CORPORATION (TSX:AMC)(QTCQX:AXSMF) ("Alexis" or the "Company") announces its third quarter financial and operational results for the period ending September 30, 2011. All figures are reported in Canadian dollars, unless noted otherwise.

Financial Summary:

• Alexis reported revenue of $2.2 million for the quarter ending September 30, 2011
• The Company sold 1,477 ounces of gold at an average realized price of $1,634 per ounce (US$ 1,691/oz.).
• Cash cost of sales per ounce of gold production from Lac Herbin was $2,810 per ounce (see non-GAAP measures)
• The Company reported a loss of $3.9 million or $0.01 per share for the quarter.

Operational Summary:

• The Lac Herbin mine in Val d'Or recovered 2,454 ounces of gold.
• The Aurbel Gold Mill in Val d'Or realized an average recovery rate of 87.1%.
• Exploration efforts at Snow Lake and Lac Herbin mines continue to show promising results to increase the Company's gold reserves.

The third quarter of 2011 saw the full implementation of the turnaround plan at the Lac Herbin mine outlined in the press release dated June 8^th, 2011. As part of this plan, the Aurbel Mill was shut down for improvements which directly impacted the ounces produced from the mill this quarter. Additionally, a restructuring plan was implemented at the mine site which called for significant development work to re-establish operations. Both of these factors impacted production this quarter.

Commenting on the results of the turnaround plan and third quarter, Francois Perron, President and CEO stated: "We fully expected to see these results as part of the turnaround that was implemented at Lac Herbin. Important work has been completed at the Aurbel mill and the Lac Herbin mine to ensure that this is a successful operation going forward. Based on this, we are estimating that we will produce between 4,000-6,000 ounces from Lac Herbin in the remainder of this year".

Third Quarter Results From Operations

Alexis sold 1,477 ounces of gold to generate $2.2 million in revenue from mining operations during the third quarter at an average gold sale price of $1,634 per ounce. Mine operating expenses were $4.15 million and amortization and depletion amounted to $0.8 million. The cost of sales per ounce sold during the current quarter, excluding amortization and depletion, was $2,810 per ounce (see non-GAAP Measures) influenced by the turnaround plan at the Lac Herbin mine.

Alexis recorded a net loss for the quarter ended September 30, 2011 of $3.87 million or $0.01 per share. General and Administrative expenses were $1.13 million during the third quarter.

Results for Nine Months Ending September 30, 2011

Alexis sold 5,723 ounces of gold, generating $7.90 million in revenue from mine operations for the period of nine months ending on September 30, 2011. The average gold sale price during this time was $1,476 per ounce and average cash costs were $2,278 per ounce. A net loss of $8.56 million was reported with mine operating expenses of $13.04 million and General and Administrative expenses of $3.99 million for the period.

Outlook

A number of projects were implemented at the Lac Herbin mining camp to improve operations in the underground and at the Aurbel mill. The new target recovery rate for the mill will be 92%, up from 87.1% that was observed in the third quarter. The production profile at the mine has also been modified so that it is more in line with the nature of the deposit. Fourth quarter production should now be on plan and management is optimistic that the company should see production of 9,000 to 11,000 ounces in 2011 and 15,000-20,000 ounces in 2012 from this project location.

Exploration continues at Snow Lake, Manitoba. Drill results have confirmed that there is the potential for mineralization from surface to the 520 foot depth at the east extension of the Main Mine Zone (see press release dated September 1, 2011). This suggests that there is a major new ore zone on the strike of the existing deposit. Further drilling will also occur at many of the nearby zones including: Boundary, Kim, Caper and Birch.

Complete interim financial statements and related Management's Discussion and Analysis documents will be available under the Company's profile on www.sedar.com 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 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 September 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.