Alexis Minerals Corporation

Alexis Minerals Corporation

March 31, 2005 00:05 ET

Alexis Minerals: Second Hole at West Ansil Intersects 3.57 % Copper Over 52.70 Metres and 5.30% Copper Over 10.80 Metres


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: ALEXIS MINERALS CORPORATION

TSX VENTURE SYMBOL: AMC

MARCH 31, 2005 - 00:05 ET

Alexis Minerals: Second Hole at West Ansil Intersects
3.57 % Copper Over 52.70 Metres and 5.30% Copper Over
10.80 Metres

TORONTO, ONTARIO--(CCNMatthews - March 31, 2005) - Alexis Minerals
Corporation (TSX VENTURE:AMC) in joint venture with Noranda Inc.
(TSX:NRD) is pleased to report results from a second drill hole
completed in the area of the previously announced West Ansil Discovery
hole (Press Release: March 4, 2005) in the Central Rouyn-Noranda Mining
Camp, Quebec. The new West Ansil Zone is located 1.8 km to the southwest
of the historic Ansil Mine, Figure 1.

Hole AN-05-04 (in progress) intersected two significant intervals of
massive sulphide mineralization, Table 1. The two high-grade
intersections in AN-05-04 are separated by a 9.05 metre thick diorite
dyke.

The first massive sulphide intersection has returned:

- 3.57% Cu, 0.25% Zn, 7.72 g/t Ag and 0.52 g/t Au over 52.70 metres from
317.45 to 370.15 m

- including, 5.18%Cu, 0.22% Zn, 10.07 g/t Ag and 0.74 g/t Au over 31.95
metres from 338.2 to 370.15 m

The second massive sulphide intersection has returned:

- 5.3 % Cu, 0.07 % Zn, 9.16 g/t Ag and 2.32 g/t Au over 10.80 metres
from 379.20 to 390.00 m

Mineralization is situated 100 metres to the southeast and 150 metres
vertically above the discovery intersection of 1.28% Cu over 26.75
metres in hole AN-05-03.

David M. Rigg, President and C.E.O, stated, "This substantial new
intersection further advances the significance of the previously
announced discovery. Results from hole AN-05-04 support the high NSR(1)
potential which characterizes the historic deposits in the immediate
area. The discovery comes after little more than four months of
exploration in the heart of the Rouyn-Noranda Mining Camp. It confirms
that the joint venture approach, 3D Gocad modelling within an extensive
historical database and an aggressive exploration drilling approach, is
producing discoveries."

Borehole geophysics has identified four, subvertically stacked
conductors. The lowermost conductor at a vertical depth of approximately
500 metres represents the massive sulphides in the original discovery
zone (AN-05-03). Hole AN-05-04 confirms massive sulphides responsible
for two central conductors above this. Hole AN-05-05, 50 metres further
south of AN-05-04, is targeting the uppermost BHEM anomaly at a vertical
depth of approximately 200 metres. Hole AN-05-05 has intersected strong
alteration and minor stringer mineralization (assays pending) at the
target depth, however, the upper anomaly remains unexplained. Additional
borehole geophysical surveys will be undertaken upon completion of the
drilling and results will be applied to retarget exploration in the area.

The style and setting of the mineralization appears typical of other
Volcanogenic Massive Sulphide (VMS) deposits in the Camp. The latest
drilling may suggest the presence of a stacked mineralized system,
however does not provide sufficient information to characterize the
environment and dimensions of the mineralization. There is also a
possibility that these zones were originally a single zone now offset by
late diorite dykes. True widths of the mineralization cannot be
estimated without additional drilling, geochemistry of surrounding
intensely-altered rock types, and modelling of the area.

Table 1. Significant intersections in recent surface drilling.



Drill Local UTM Azimuth/Dip From - Descrip- Composite
Hole coordinates /Length To (m) tion Assay
(N,E) Results
---------------------------------------------------------------------
AN-04-01 5356635,638464 270/-70/993.5 799.05- Stringers 1.35% Cu
800.25 /Massive and 0.2%
Magnetite Zn over
1.2 m
---------------------------------------------------------------------
AN-05-02 5356573,638203 305/--75/774.0 554.90- Stringers 2.72% Cu
560.70 /Chlorite over
5.8 m
(including
4.17% Cu
over 3.4 m)
---------------------------------------------------------------------
AN-05-03 5356450,638140 360/-75/792.0 522.85- Massive 1.28% Cu,
549.00 Sulphide 0.23% Zn,
and 1.6 g/t
stringer Ag and
zone 0.3 g/t
Au over
26.15 m
---------------------------------------------------------------------
AN-05-04 5356378,638185 360/--70/656.0 317.45/ Massive 3.57% Cu,
(in progress) 370.15 Sulphides 0.25% Zn,
Zone 1 0.5 g/t
Au over
52.70 m
---------------------------------------------------------------------
AND 379.20- Massive 5.30% Cu,
390.00 Sulphides 2.3 g/t
Zone 2 Au over
10.80 m
---------------------------------------------------------------------
AN-05-05 5356326,638172 360/-70/438.0 194.5- stringers pending
(in progress) 210.9 +chlorite
---------------------------------------------------------------------


The Alexis - Noranda joint venture is advancing a planned 50,000 metres
exploration drill program in the Rouyn-Noranda area in 2005. In addition
to the three machines now working on the discovery area, two drill
machines continue to test other 3D-Gocad, Titan24 and MegaTEM targets.

Quality Control

Drilling on the West Ansil property is supervised by Senior Geologist
Mario Masson, P.Geo. and Qualified Person under National Instrument
43-101 guidelines. Assay samples are taken from drill core (BQ size)
sawed in half with one half sent to a commercial laboratory and other
half retained for future reference. A strict QA/QC program is followed
which includes mineralized standards, blank and field duplicate for each
batch of samples. Significant assay results are duplicated at the
original laboratory and a second independent laboratory. Assays were
performed by ALS Chemex - Chimitec of Val-d'Or (Quebec).

Philippe Cloutier appointed Vice President Exploration

Alexis Minerals Corporation is pleased to announce the appointment of
Mr. Philippe Cloutier, BSc., P.Geo., to the position of Vice President,
Exploration.

Most recently, Mr. Cloutier has been the senior consulting exploration
geologist for Alexis Minerals Corporation in Val d'Or Quebec. Previously
he was Senior Geologist at Aur Resources, North & Central American
Divisions and a Project Geologists for Noranda Mines and Soquem. Mr.
Cloutier will be responsible for all levels of program management for
Gold and Base Metals projects in the Southern Abitibi District,
specifically, the Rouyn- Noranda and Val d'Or mining camps.

Alexis Minerals Corporation is a Canadian exploration and development
company listed on the TSX Venture Exchange. Alexis holds a portfolio of
properties covering approximately 270 square kilometers 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 Aurbel gold mill. The Company has
also entered into option agreement with Noranda Inc. wherein Alexis will
earn a 50% interest in all of Noranda's properties in the prospective
Rouyn-Noranda base metal and gold camp, Quebec. The Noranda properties
cover approximately 800 square kilometres 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".

(1) NSR - Net Smelter Return - the dollar value paid by a smelter for
material received for processing into metals, net of transportation,
metal recoveries and smelter costs.

There is a map available on CCNMatthews website:

Figure 1: General Location Map, Rouyn Noranda Mining Camp, Quebec:
www2.ccnmatthews.com/database/fax/2000/alex0331.pdf

-30-

Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Alexis Minerals Corporation
    David Rigg
    President and CEO
    (416) 861-5889
    (416) 861-8165 (FAX)
    or
    Alexis Minerals Corporation
    John Pritchard
    V.P Corporate Development
    (416) 861-5884
    or
    Alexis Minerals Corporation
    Louis Baribeau
    Relationniste, Quebec
    (514) 605-0576
    The TSX Venture Exchange does not accept responsibility for the adequacy
    or accuracy of this release.