Alexis Obtains Approval for $45 Million Debt Financing for Snow Lake and Announces Proposed Restructuring With Share Consolidation and Name Change

TORONTO, ONTARIO--(Marketwire - May 29, 2012) - ALEXIS MINERALS CORPORATION (TSX:AMC)(OTCQX:AXSMF) ("Alexis" or the "Company") is pleased to announce that it has received formal credit approval from Credit Suisse for a US $45 million, 4 1/2-year term loan to further the development of the Snow Lake Mine.

The terms of the agreement include a US $45 million term loan bearing interest of LIBOR + 5% and a hedging program to be agreed to between the parties. The loan will be subject to covenants standard to this type of arrangement and other conditions precedent, including an equity contribution prior to draw down on the loan, the details of which will be released upon finalization of definitive agreements in respect of the debt financing. The use of proceeds of the combined debt and equity financing will include the restart of the Snow Lake mine, repayment of the current bridge loan and for general corporate expenses.

The Snow Lake mine was most recently operated as the New Britannia Mine until it was closed in 2005. Alexis took ownership of the New Britannia Mine when it acquired Garson Gold in 2009 (see release dated October 20, 2009). Since the acquisition, Alexis has increased the resource, and completed a feasibility study (see release dated November 3^rd, 2010) and consolidated the land position around the mine. Initial capital expenditure for the restart of the Snow Lake mine is estimated at approximately $45 million. Alexis expects that once the pre-production stage is complete, the mine should produce 80,000 per year*. Exploration is also planned to continue on the 88 square kilometre property.

Alexis is being advised on the financing by Auramet Trading, LLC ("Auramet") of Fort Lee, New Jersey, USA. Auramet is a full service merchant, trader, financier and advisor in the mining sector.

In conjunction with the financing announcement, the Company is also proposing a 20:1 share consolidation (the "Consolidation") at its upcoming annual and special meeting of shareholders to be held on June 13, 2012 (the "Meeting")

Pursuant to the Consolidation, one post consolidated common share of the Company will be issued for every 20 pre-consolidated common shares of the Company. There are currently 597,026,077 common shares of Alexis issued and outstanding. Upon completion of the Consolidation there would be approximately 29,851,304 common shares of the Company issued and outstanding. The change in the number of issued and outstanding common shares that would result from the Consolidation would not materially affect any shareholder's percentage ownership in Alexis although such ownership would be represented by a smaller number of common shares. The proposed Consolidation is subject to the approval, by special resolution, of the shareholders of Alexis and the approval of the TSX.

At the Meeting, Alexis will also propose a name change to "QMX Gold Corporation" (the "Name Change") to reflect the transition to larger scale production. The proposed name change is subject to the approval, by special resolution, of the shareholders of Alexis, and the approval of the TSX.

Commenting on the financing and proposed changes for Alexis, Francois Perron adds: "This is the moment that shareholders have been waiting for. I am extremely happy that we were able to come to an agreement with Credit Suisse on a financing arrangement that management and the board feel benefits the Company and our shareholders. The project team at Snow Lake has continued to advance the project and our ability to attract a financing partner such as Credit Suisse demonstrates the robustness of the project. We will soon be ready to move forward on our project at Snow Lake, which is expected to transform the company. As part of this transformation, I am pleased to announce that we are proposing a share consolidation to establish a capital structure appropriate for a Company that should reach a combined 100,000 ounces of annual production once the Snow Lake reaches commercial production. Finally, I am pleased to announce that we will be changing the name of the company to QMX Gold Corporation to reflect the evolution of the company as it moves forward with its existing mine in "Q"uebec, its project in "M"anitoba as well as the continued e"X"ploration of these properties."

*Snow Lake Mine Re-activation Project Technical Report NI 43-101, December 10. 2010 prepared by Mr. Andre Roy Eng.

Qualified Person

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 Minerals

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". Alexis Minerals is a dynamic and aggressive mining company operating in Canada's richest mining regions: Val-d'Or & Rouyn-Noranda, Quebec, and Snow Lake, Manitoba. Alexis continues production and exploration in the mineral rich Val-d'Or area with property covering over 1,000 km². The Company also continues work on its newest property at the Snow Lake Mining Camp. Alexis is now in its third full year as a junior gold-producing company and gold production is a priority as the company targets mid-tier gold production levels.

Forward-looking information:

This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the completion of this transaction, receipt of regulatory approvals, timing and amount of future exploration and development of the property, the timing and amount of future production, the future financial or operating performance of Alexis and its projects, and the completion of the Consolidation and the Name Change. 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 state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward looking information is 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 information, including but not limited to those risks described in the annual information form of the Company, which is available under the profile of the Company on SEDAR. Although 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 information 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.