Alexis Minerals Corporation

Alexis Minerals Corporation

January 22, 2010 08:30 ET

Alexis Targets 150,000 oz. Annual Gold Production as Resources More Than Double With Garson Gold Acquisition

TORONTO, ONTARIO--(Marketwire - Jan. 22, 2010) - ALEXIS MINERALS CORPORATION (TSX:AMC) ("Alexis" or the "Company") announces that its successful acquisition of Garson Gold Corp. ("Garson") creates a significantly enhanced gold resource base for Alexis, more than doubling the amount prior to the acquisition. Measured and Indicated Resources now exceed 865,000 ounces of gold (108% increase) and Inferred Resources are 479,000 ounces of gold (195% increase). Alexis will focus on the potential to develop production into 2011 with the expectation of reaching mid-tier gold production levels exceeding 150,000 ounces of gold per year, which forecasts are subject to completion of positive feasibility studies.

Resources are now in three world renowned Canadian Mining Districts: Val d'Or and Rouyn-Noranda, Quebec, and Snow Lake, Manitoba. The resources are located close to wholly-owned mine and mill infrastructures. The gold processing facilities, the 1400 ton per day (tpd) Aurbel Mill in Val d'Or and the 2150 tpd mill in Snow Lake, provide a platform for the regional consolidation of other gold resources, additional business opportunities through custom milling, and impetus for continued aggressive exploration across Alexis' extensive land holdings.

David Rigg, President and CEO stated: "I am extremely excited with this acquisition as it provides an enhanced Resource base from which we can focus on growing gold production. We expect to deliver enhanced value to all shareholders. The Snow Lake Resources, infrastructure and exploration potential offer great leverage, along with those in Val d'Or and Rouyn-Noranda, towards reaching the critical mass for mid-tier recognition".

Alexis intends to complete an independent Preliminary Economic Evaluation and Resource Evaluation of the New Britannia mine in Snow Lake, Manitoba in February 2010. The Company will continue the ongoing economic studies with the intent of completing a feasibility study in mid-2010. Alexis believes that mine development programs on the newly acquired Snow Lake property will provide the Company with the opportunity to grow gold production to achieve mid-tier gold production status in 2011.

Alexis currently owns 95% of Garson and has started the statutory procedures required to acquire the remaining untendered Garson shares. Successful completion of such statutory procedures will result in Alexis owning 100% of the Garson common shares. 

Aggregate Mineral Resources: (representing 100% of the estimated resources of Garson) 

           Category                                    Tonnes                   Grade (g/t)                           oz Au
Total Measured Resources                         264,800                         7.2                                   61,240
Total Indicated Resources                         4,114,383                       6.1                                   804,255
Total Measured & Indicated                 4,379,183                     6.1                                   865,495
Total Inferred Resources                     2,698,270                     5.5                                   479,627

[Note: Refer to the joint Alexis/ Garson news release, October 20, 2009, for details of resource estimates]

Quality Control

The technical and scientific content of this press release has been reviewed by Keith Boyle, P.Eng., Chief Operating Officer, 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"). 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 where an underground bulk sampling and exploration program is ongoing. 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). A third project area is located in the very prospective Snow Lake Mining Camp in Manitoba where Alexis will complete a feasibility study of the New Britannia Mine in 2010 as well as exploration across the properties. 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, ability to acquire 100% of the common shares of Garson, and future exploration expenses and 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 negotiations between the Company and prospective investors, extensive technical and scientific analysis conducted by the management of the Company, 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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