Alexis Minerals Corporation
TSX : AMC
OTCQX : AXSMF
PINK SHEETS : AXSMF

Alexis Minerals Corporation

May 20, 2010 08:30 ET

Alexis Rallies as Second Quarter Improves-Up to 267 g/t Gold Intersections and 8 g/t Gold Average Grades at Lac Herbin

TORONTO, ONTARIO--(Marketwire - May 20, 2010) - ALEXIS MINERALS CORPORATION (TSX:AMC)(OTCQX:AXSMF)(PINK SHEETS:AXSMF) is pleased to announce drill results that are continuing to improve second quarter overall results at its Lac Herbin gold mine, where grades have increased to above planned levels. During April mined grades increased to 6 g Au/t; and in May grades to date are 8 g Au/t. These are evidence that the isolated problems encountered in the first quarter were anomalies. The second quarter cash costs will improve as a result of these improved grades. The 2010 guidance will remain at 32,000 ounces of gold production at a cash cost of $750 – 800 per oz Au considering the lower than expected first quarter results.

Also, Lac Herbin will advance several areas of the HW2 and Bonanza veins into the mining sequence to make available several very high grade areas to assist with mitigation of grade variations during the mining cycle. Selected areas of these veins are typically 2 to 5 feet wide and provide double to triple digit gram/tonne gold grades.

The table below summarizes recent drill holes in the HW2 zone. These two holes were planned to delineate a high grade sector previously identified with a high grade drill hole (LH02-356: 30.07 g Au/t (uncut) over 1.5m) drilled in 2009 at the 320 level.

Drill results at HW2 zone:

Hole No From (m) To (m) Length Grade Au (g/t) cut ¹ Uncut (g/t) True width (m)
LH06-059 96.4 99.2 2.8 6.15 6.15 1.7
  Including 96.4 97.4 1.0 8.37 8.37  
  Including 98.4 99.2 0.8 10.09 10.09  
LH06-060 111.3 115.9 4.6 25.4 118.5 2.5
  Including 112.5 114 1.5 34.28 145.28  
  Including 114 115 1.0 34.28 267.34  
  Including 115 115.9 0.9 34.28 65.79  

Abbreviations: m: metres; g/t : grams per metric ton
¹ The cut-off grade in DDH is at 34.28 g/t

These new intersections confirm the high grade potential of the HW2 zone. In fact, many holes that were drilled in that sector are showing quartz veins with true width varying between 0.5 and 5.7 m, and high gold content when sulphides are present. This is a new area to investigate and represents good potential for discovery. The mining of the HW2 high grade areas is planned to commence in July.

Alexis' management understands the challenges facing them in the short term, following the disappointing first quarter results. The progress and results reported here highlight an improving outlook for 2010. Regular reporting of progress will continue to ensure the marketplace is aware of the recovery to normal operations.

Qualified Persons

The technical and scientific content of this press release has been reviewed and approved by Valère Larouche, Chief Geologist, and Pascal Hamelin, P.Eng, Manager, Lac Herbin Mine for Alexis Minerals and Qualified Person 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") and trades in the United States on the Over the Counter QX International platform ("OTCQX: AXSMF"). 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, both in Quebec. Alexis also owns the Snow Lake Mine in Manitoba. With these assets Alexis has the potential to develop gold production forwards. Alexis is targeting mid-tier gold production levels in 2011. Alexis undertakes exploration in the mineral rich Val-d'Or (100% ownership of 212 sq. km.) and Rouyn-Noranda Mining Camps (50% ownership of 785 sq.km and in joint venture with Xstrata Copper) as well as in the Snow Lake Mining Camp (100% ownership of 50 sq. km). For more information about Alexis Minerals visit www.alexisminerals.com.

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 exploration priorities, estimates and costs, 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 mineralization projections are based upon extensive technical and scientific analysis conducted by the management of the Company, the results from drill programs and other exploration, 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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