Alexis Minerals Corporation
TSX : AMC
OTCQX : AXSMF

Alexis Minerals Corporation

January 20, 2012 07:30 ET

Alexis' Turnaround Plan on Track: Lac Herbin Produced 3,726 Ounces Gold in the Fourth Quarter; 2012 Production Guidance Established

TORONTO, ONTARIO--(Marketwire - Jan. 20, 2012) - ALEXIS MINERALS CORPORATION (TSX:AMC)(OTCQX:AXSMF) ("Alexis" or the "Company") ") is pleased to announce that in the fourth quarter of 2011, the Company milled 31,551 tonnes of ore at an average grade of 4.47 g/t Au with a recovery rate of 84.08% from its Lac Herbin Mine in Val-D'Or, Quebec. This produced 3,726 ounces of gold.

With these final figures for the fourth Quarter, Lac Herbin produced 10,197 ounces of gold from 80,417 tonnes of ore during 2011. Table 1 presents full production results for 2011:

Table 1: Lac Herbin Production Statistics for 2011

Q1 Q2 Q3 Q4 2011 Total
Ore Milled (Tonnes) 14,156 17,150 17,560 31,551 80,417
Grade (g/t Au) 4.27 4.99 4.99 4.47 4.68
Mill Recovery (%) 89.3 87.4 87.1 84.08 86.97
Gold Production (oz) 1,786 2,423 2,261 3,726 10,197

Progress of the Lac Herbin Turnaround Plan

In June, a re-engineered turnaround plan for Lac Herbin was introduced (Press Release dated June 8, 2011). The plan included intensive underground development, significant near mine exploration and improvement of the recoveries at the Aurbel Mill. The production results of the turnaround have led to a 44% increase in ore mined and milled from the third quarter to the fourth quarter of 2011. Gold production also increased by 39% quarter over quarter. Increasing recovery rates at the Aurbel mill remains an area of focus as operations moved into new areas, milling higher than average amounts of development ore, as well as encountered new styles of mineralization both leading to lower than expected recoveries.

François Perron, President and CEO, commented on these recent results: "Since the beginning of the turnaround of the Lac Herbin mine, many aspects of operations have been improved by the team in Val d'Or. Following announcement of the plan and subsequent recruitment and deployment efforts, the mine is now realizing production results. The fourth quarter shows that significant progress is being made. We continue to ramp up access to more openings underground and balance our development efforts. Fourth quarter production shows that we have are well on our way to achieving our 2012 objectives and the team's focus remains on the ramp up as part of the continued turnaround plan."

Guidance for 2012

For the year 2012, Lac Herbin operations are expected to produce in the range of 18,500 to 20,500 ounces. On a quarterly basis, this represents production from 4,625 to 5,125 ounces. Guidance on production cost will be provided with the release of financial results.

Resource Update in the First Quarter

Lac Herbin is in the process of compiling exploration with the purpose of publishing a new mineral resource estimate in the first quarter of 2012.

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 impact of the production results on the Company's performance, the timing and amount of future exploration and development of the property, the timing and amount of future production, and the future financial or operating performance of Alexis and its projects. 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.

Contact Information

  • Alexis Minerals Corporation
    Francois Perron
    President and CEO
    (416) 309-2952

    Alexis Minerals Corporation
    Louis Baribeau
    Public Relations
    (514) 667-2304

    Alexis Minerals Corporation
    Rob Hopkins
    Investor Relations
    (416) 861-5899

    Alexis Minerals Corporation
    Toll free: 1 877-717-3027
    info@alexisminerals.com
    www.alexisminerals.com