MINERALS CORPORATION

Alexis Confirms Profitability of Lac Pelletier Gold Project

 and Potential for Commercial Production by Mid 2010

July 16, 2009, Toronto, Ontario:  ALEXIS MINERALS CORPORATION (AMC: TSX) is pleased to announce positive results from the pre-feasibility study on the Lac Pelletier Gold Project in Rouyn Noranda, Quebec. The study estimates that the Lac Pelletier Mine offers a 155% internal rate of return (IRR) and generates over CDN $20.7 million free cash flow on production of approximately 118,100 ounces (109,300 ounces recovered) ounces of gold (oz.Au) over an estimated 3 year project life. Lac Pelletier offers Alexis an opportunity to bring a second satellite mine operation into production to complement cash flow earned from the Alexis Lac Herbin mine in Val d'Or, Quebec. The Company's total annual gold production would increase in 2010 to annual levels of between 75,000 and 85,000 oz.Au per year with both mines in production, representing a strong move towards the new Corporate Strategy focused on developing Alexis into a mid-tier gold-producing mining company.

Highlights of the Pre-Feasibility study for Lac Pelletier are:

         Measured and Indicated Resources, using a 3.0 g.Au/t cut-off grade, total 917,883 tonnes (t) @ 7.11 grams of gold per metric tonne (g.Au/t), for 209,895 ounces gold with additional Inferred Resources of 391,770 tonnes @ 6.52 g.Au/t for 82,127 oz.Au (Table 1);

         Proven and Probable reserves were calculated using a cutoff grade of 5,5 g.Au/t to be 483,362 t @ 7.60 g.Au/t for 118,100 oz.Au (Table 2);

         The net present value (NPV) of production at a 7% discount rate is CDN $16.9 million with an  IRR of 155%;

         The study estimates total pre-production capital expenditures of CDN $8.8 million net of recovered gold ($9.8 million) and uses an average price of USD $887/ozAu at a US$ exchange rate of 1.15 (CDN $1,020/oz.Au).  A rebate of 1.4 M$ for exploration expenses was integrated in year 1 covering the preproduction expenses.

         Total operating costs are projected at CDN $144/t (includes shipping and current, third-party custom milling prices of CDN $ 42/t);

         Total cash costs are projected to be US $554/oz.Au (CDN $637/oz.Au).

         Project Schedule developed to complete mine refurbishment and a 40,000 tonne bulk sample in 2009 with commercial production achieved in mid 2010.

The Lac Pelletier deposit offers good upside potential for the expansion of Resources and Reserves through the further exploration and delineation of remaining resource areas in the deposit and on any extensions. The Lac Pelletier deposit is also sensitive to gold price. Management is encouraged by the projected bullish trend of gold in the current economic climate. Higher gold prices may allow the use of lower cut-off grades during production with the potential to enhance current reserves within the mine area, Table 1. The project economics are also influenced by mining and processing costs. The refurbishment of Alexis'Aurbel gold mill by December 2009 (See Press Release: June 16, 2009) is likely to lower production costs by an estimated 10%. This reduction may also decrease the lower cut-off grade, enhancing Reserves. 

The Lac Pelletier project is located in the Rouyn-Noranda mining camp, on an Alexis wholly-owned property four kilometers southwest of the town of Rouyn-Noranda, and approximately 100 km. from the Company's first gold mine at Lac Herbin, near Val d'Or, Quebec. Alexis advanced surface site preparation at Lac Pelletier in early 2008 with the installation of power supply, road work, building construction and settling ponds for the project. The project was then delayed due to the industry-wide escalation of mining costs and concern towards the approach to mining methods suggested by several mining contractors. A pre-feasibility study was initiated in 2008 to assess the potential of the project and in order to review the proposed mining approach. With recent and forecasted gold prices being sufficient to make this project economic, management has elected to proceed with refurbishment of the underground workings and completion of a bulk sample in 2009, after which a production decision will be made in Q1-2010.

A 40,000 tonne bulk sample is expected to be completed by the end of 2009 from the current workings with the recovery of approximately 9,400 oz.Au.  Given a positive production decision in early 2010 the deposit is expected to reach commercial production by mid 2010. La Pelletier should produce between 40,000 and 50,000 ounces of gold per year. Adding this output to projected production at the Lac Herbin mine, the Company anticipates total annual gold production to increase to between 75,000-85,000 oz.Au per year from 2010 onward.

Dewatering the existing ramp commenced on June 10, 2009 and has now progressed providing access to the first level of the mine.  Concurrent with rehabilitation work in the ramp, final building construction has been completed and permitting rights obtained. Commencing in August 2009, development will advance to allow mining of 40,000 tonnes of ore which is anticipated to contain 10,200 oz.Au. Milling of this ore, with projected 92.5% mill recoveries by the end of 2009, should provide approximately 9,400 ounces of gold, largely offsetting the cost of the refurbishment and bulk sampling program in 2009. Subsequent preproduction costs in 2010 are estimated to be CDN $8.8M.  (NOTE: Preproduction costs: 18.6M$ - Gold revenue: 9.8M$ = 8.8M$). 

Lac Pelletier Resources and Reserves

Alexis Minerals has completed an updated calculation of Resources on the project, Table 1. Mineral Resources were prepared by Claude Gobeil, P.Eng., Senior Resource Geologist with Alexis Minerals, and Qualified Person under NI 43-101 for the Resource estimation. The parameters and methodology used are described in a NI 43-101 technical report which will be filed at www.sedar.com within 45 days.

Alexis Minerals has completed an updated, independent calculation of Reserves on the project, Table 2. The Pre-Feasibility study, including the evaluation of mineral reserves, was prepared by Francois Chabot (ing. M.Sc.), Independent QP, Golder Associ?s Lt?e. The parameters and methodology used are described in a NI 43-101 technical report which will be filed at www.sedar.com within 45 days.

Table 1: Stated Resources at Lac Pelletier Mine at variable cut-off grades

Rouyn-Noranda, Quebec.

Notes:

(1) The mineral resources are classified as measured, indicated and inferred, and comply with the CIM mineral resource definitions referenced in National Instrument 43-101.

(2) Resources were estimated based on different lower cut-off grades and minimum mining widths of 2.0 metres.

(3) Mineral resources that are not mineral reserves do not have demonstrated economic viability.

(4) The quantity and grade of reported inferred resources in this estimation are conceptual in nature and there has been

insufficient exploration to define these inferred resources as an indicated or measured resource and it is uncertain if

further exploration will result in upgrading them to an indicated or measured resource category.

(5) The tonnages and grades quoted are undiluted. Gold grades were capped at 30.00 g.Au/t

(6) Calculate using traditional Polygonal method on longitudinal section using true widths determined from sections drawn at 90 degrees to the strike of the mineralization.

Table 2: Stated Reserves at Lac Pelletier Mine, Rouyn-Noranda, Quebec.

  Notes:

(1) The mineral reserves are classified as Proven and Probable Reserves as defined by the CIM mineral resource definitions referenced in National Instrument 43-101.

(2) Base case assumes a gold price of US$887/oz gold; US$ exchange rate of $1.15 (CDN $ 1,020) and minimum mining widths of 2.0 metres.

(3) Reserve tonnages and grades are diluted at 10 to 20% at 0,0 gr Au/t depending of mining method..

(4) Gold grades are capped at 30.00 g.Au/t

(5) A cut-off grade of 5,5 gr (undiluted) was used.

Background

Falconbridge Ltd. and Thundermin Resources previously completed an underground exploration program on the deposit in 1992.  Historical work on the current deposit area includes 42,656 m of surface and underground diamond drilling; 1,050 m of ramp development and 292 m of lateral drifting with two levels developed in ore. The 1992 program treated a bulk sample of 11,634 tonnes at a custom milling facility, the Camflo Mill, in Malartic, Qu?bec. Alexis acquired the 722.6 Ha Lac Pelletier property in 2005. Alexis Minerals previously filed an independent Resource Evaluation of the deposit (See Press Release: August 31^st 2006) and reviewed the potential economics in an independent Scoping Study (See Press Release: April 19, 2007). The past-producing Stadacona mine (production of 2,742,000 tonnes grading 5.49 g/t Au from 1928 to 1958) is also located on the eastern side of the property, approximately four kilometers to the east of the ramp.  The property is subject to a 1% NSR royalty to Falconbridge (Xstrata) and a 2.5% NSR to Thundermin Resources Inc.

Alexis continues to fulfill its strategy of expanding its gold profile in addition to finding new resources in the highly prolific mining camps of the Abitibi district. The Company's large land holdings in the area provide the foundation for discovery and production integral to the advancement of its strategy of finding world class deposits.

Quality Control:

The technical and scientific content of this press release has been reviewed by Francois Chabot (ing., M.Sc.), Independent QP,  Golder Associ?s Lt?e. and Claude Gobeil, P.Eng., Senior Geologist; 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 sq. km.) and Rouyn-Noranda Mining Camps (50% ownership of 785 sq.km and in joint venture with Xstrata Copper). Further information about Alexis Minerals can be found at its website:  www.alexisminerals.com

Contact Information:

David Rigg, President and CEO

Tel: (416) 861-5889

Fax: (416) 861-8165

Bruce Barch,                                                              Louis Baribeau,

VP Investor & Corporate Affairs                               Relationniste

Tel: (416) 8615905                                                    Tel: (514) 6672304

bruce.barch@alexisminerals..com                            lb@decorporateconsultants.ca

Email: info@alexisminerals.com                 Website: www.alexisminerals.com