Alexis Minerals Corporation

Alexis Minerals Corporation

April 03, 2009 08:30 ET

Alexis Produces Over 6600 Ounces of Gold in First Two Months of 2009

TORONTO, ONTARIO--(Marketwire - April 3, 2009) - ALEXIS MINERALS CORPORATION (TSX:AMC) is pleased to advise that the Lac Herbin mine in Val d'Or, Quebec has completed its first milling campaign of 2009, confirming that gold production is on target to meet the annual goal of 40,000 oz. The campaign commenced February 12th and was completed on March 13th after the milling of 27,869 metric tonnes of ore. The ore graded 7.65 gAu/t and 6,692 oz. of fine gold were produced after refining at the Royal Canadian Mint. Mill recoveries were as expected at 97.5%. The overall grade of the ore was higher than the annual budgeted grade of 7.45 g/t. Costs are on target towards the 2009 budget of C$545/oz.

These results continue to confirm the good grade and recovery characteristics of the ore from the Lac Herbin gold mine. Mine production is on a continuing basis at the Lac Herbin Mine and ore is shipped approximately 35 km. to the custom milling facility near Malartic, Quebec. Over 16,000 tonnes of ore grading an estimated 6.34 gAu/t have been mined and are currently stockpiled at the mill site and Alexis' mine site in preparation for the second milling campaign scheduled to commence on May 5th, 2009. Higher grade ore is scheduled in the mine plan over the next few months from the S1 and S3 areas.

The production results set the course for Alexis' 2009 strategic plans. Cash flow from Lac Herbin's gold production is expected to fund the refurbishing of the Company's wholly owned Aurbel Mill by year end. This will lead to a C$10-15/ tonne reduction in transportation and milling costs in 2010 and an even revenue stream. Cash flow will also fund the company's development work at the Lac Pelletier Project in Rouyn-Noranda as well as the 2009 exploration program.

Expanding Lac Herbin Mine Life

The Company also advises recent exploration drilling confirms strong potential for increasing resources and further extending the mine life at Lac Herbin. The company is currently active with two underground drills in the mine and three surface drills in areas adjacent to the mine and on the surrounding 100 Aurbel Property. During Q1-2009, 12,615 m of surface drilling and 10,331 m of underground drilling were completed.

Encouraging results were found close to the Lac Herbin mine (250 m to the east), in the Bonanza Zone confirming a connection with Lac Herbin. The Bonanza zone is completely open at depth and for 200 m laterally to the east of the intersections. The intersections open a new area for potential resource expansion at Lac Herbin.

Enhancing Regional Production Potential

Other regional exploration reveals exciting new prospective gold structures in a broad area west of the Lac Herbin mine for a potential mine extension. Surface drilling, 1 km west of the Lac Herbin mine, had anomalous gold values observed in three different shear zones in an area covering 400 m of strike length, 1000 to 1300 m west of the mine. This confirms a geological context similar to that at Lac Herbin with numerous gold-bearing shear zones of different strikes and dips. Drilling results in the NEF Area, 4 km NE of Lac Herbin, define a different structure than at Lac Herbin, yet with good gold showings. These results generate confidence that more resources will be found in close proximity to the Company's Aurbel Mill, to provide additional ore to supplement the Lac Herbin ore that will feed the mill.

Surface winter drilling is continuing in the area west of the mine, in the NEF area and on deeper targets beneath the Dumont Mine. Results will be published on completion of the winter program.

Quality Control

The technical and scientific content of this press release have been reviewed by Keith Boyle, P.Eng.; Patrick Sevigny, Eng.; and Claude Gobeil, P.Eng.; employees of the Company and Qualified Persons as defined under NI 43-101 guidelines.

About Alexis Minerals

Alexis Minerals Corporation is a Canadian mining company listed on the Toronto Stock Exchange (symbol "AMC"). The Company owns one producing gold mine in Val d'Or and the right to earn a 100% interest in the Lac Pelletier gold property in Rouyn-Noranda. Alexis undertakes exploration in the mineral rich Val d'Or (100% ownership of 212 and Rouyn-Noranda Mining Camps (50% ownership of 785 and in joint venture with Xstrata Copper). There are currently two drills active underground at Lac Herbin and two surface drills active in surface exploration in Val d'Or. Further information about Alexis Minerals can be found at its website:

Forward looking information.

This document may contain or refer to forward looking information within the meaning of applicable securities laws, based on current expectations, including, but not limited to, mineralization projections, future production estimates and cost of production projections, projected capital and operating expenditures, future exploration plans and techniques, estimates regarding the timing and costs of exploration, mineral prices, and future mining plans. Forward looking statements are subject to significant risks and uncertainties, including those risks identified in the annual information form of the Company, which is available under the profile of the Company on SEDAR, and other factors that could cause actual results to differ materially from expected results. Estimates and assumptions underlying the future-looking information are based upon extensive technical and scientific analysis conducted by the management of the Company, the analysis of external consultants and information obtained by the Company from third parties. Readers should not place undue reliance on forward-looking information. Forward looking information is provided as of the date hereof and we assume no responsibility to update or revise them to reflect new events or circumstances.

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