Alexis Minerals Corporation

Published : August 27th, 2009

Intersects 70.4 Grams Gold over Two Metres in New Zone at Lac Pelletier Gold Project

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MINERALS CORPORATION

 

For Immediate Release                                                                                  News Release ___________________________________________________________

 

Alexis Intersects 70.4 Grams Gold over Two Metres in New Zone at Lac Pelletier Gold Project

 

August 27, 2009, Toronto, Ontario:  ALEXIS MINERALS CORPORATION (AMC: TSX) is pleased to announce new high grade results at its Lac Pelletier gold project, in Rouyn-Noranda, Quebec. The Company continues to advance the bulk sampling program at Lac Pelletier, its second gold project. 

 

A surface drilling program, including seven short holes (960 metres), was undertaken in July 2009 with the objective of increasing the resources at the mine. This drilling focused on the exploration of new zones on the western extension of the Lac Pelletier mineralized structures. The main discoveries in this new prospective area are 100-150 metres (m) northwest of the mine entrance. The best results are associated to quartz veins or concentrations of small quartz-carbonates-pyrite veins and veinlets. These structures are not yet correlated to the mine's mineralized structures. The early stage exploration results indicate the possibility of new mineralized structures.  Results from the last holes drilled are expected in the upcoming weeks.

 

Results from the drilling are shown in the table below, and some highlights are:

 

o        70.4 (23.8 cut) g Au/t over 2.0 m (1.41 m true thickness) in hole 17475-71;

(cut - Upper cut-off factor for high grade assay results on 30.0 g Au/t.)

o        6.93 g Au/t over 0.5 m (0.32 m true thickness) in hole 17475-72.

 

Hole no

From (m)

To (m)

Length (m)

True width (m)

Au (g/t)

17475-71

16.3

16.9

0.6

0.42

4.7

51.3

51.8

0.5

0.35

3.2

83.0

85.0

2.0

1.41

70.4 (23.8 cut)

Incl. 83.0

83.7

0.7

0.49

160.6

Incl. 83.7

84.5

0.8

0.57

32.2

Incl. 84.5

85.0

0.5

0.35

5.3

17475-71A

16.0

18.0

2.0

1.29

3.1

Incl. 16.0

17.0

1.0

0.64

1.6

Incl. 17.0

18.0

1.0

0.64

4.6

17475-72

6.5

7.0

0.5

0.32

6.9

17475-72A

Pending

17475-73

Pending

17475-74

Pending

17475-75

Pending

 

Bulk Sampling Update

 

Lac Pelletier is approximately 4 kilometres southwest of the city of Rouyn-Noranda, Quebec, in the prolific Abitibi Mining Camp, historically one of the world's top gold producing areas.  The Company expects to complete a 40,000 tonne bulk sample at the Lac Pelletier Mine later in 2009 generating an estimated 9,400 oz of gold. Alexis has a certificate of authorization for the Lac Pelletier project and an application submitted for a mining lease. In the current gold price environment, a positive production decision is expected to be made early in 2010.  Lac Pelletier is projected to produce 35,000 to 45,000 ounces of gold on an annual basis commencing in 2010, which would bring total Company annual gold production to between 75,000 and 85,000 ounces.

 

         On June 10, the company began the dewatering and rehabilitation of the ramp that flooded eighteen years ago.  800 metres of ramp were dewatered and rehabilitated in the first ten weeks of the project.

         An additional 256 metres of old drifts and ramp will be rehabilitated concurrent with development to access the bottom of the old ramp and view the previously exposed mineralized zones.

         A further 830 metre development program began this week to access the stoping areas which will provide the tonnage for the bulk sample.

         The Company is maintaining its target of having the underground bulk sampling campaign completed by the end of 2009.

 

Quality Control:

The technical and scientific content of this press release has been prepared and reviewed by Claude Gobeil and Pascal Hamelin, Qualified Persons as defined under NI 43-101 guidelines. Assay samples are taken from NQ core, sawed in half with one half sent to a commercial laboratory and the other half retained for future reference. A strict QA/QC program is followed on samples from drill core that includes mineralized standards, blank and field duplicate for each batch of samples. Analyses are performed by Techni-Lab of Ste-Germaine Boulé, Québec.

 

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                                               Email: info@alexisminerals.com

Tel: (416) 861-5889

Fax: (416) 861-8165                                                     Website: www.alexisminerals.com

 

Bruce Barch,                                                               Louis Baribeau,

VP Investor & Corporate Affairs                                 Relationniste

Tel: (416) 861-5905                                                      Tel: (514) 667-2304

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

 

 

Alexis Minerals Corporation

PRODUCER
CODE : AMC.TO
ISIN : CA01537P1045
CUSIP : 01537P104
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Alexis Min. is a gold and copper producing company based in Canada.

Alexis Min. holds various exploration projects in Canada.

Its main asset in production is LAC HERBIN in Canada, its main assets in development are NEW BRITANNIA MINE and SNOW LAKE in Canada and its main exploration properties are MCMILLAN, LAC PELLETIER, BEACON NORTH, AURBEL, FERDEBER MINE, COPPER PRINCE (GARSON), LUCIANA, OSPIKA, BIG BAR, BAEZ, DUMONT, ROUYN-NORANDA, WEST ANSIL and NORALEX in Canada and MBK & BP in Indonesia.

Alexis Min. is listed in Canada, in Germany and in United States of America. Its market capitalisation is CA$ 213.7 millions as of today (US$ 220.6 millions, € 169.6 millions).

Its stock quote reached its highest recent level on January 11, 2008 at CA$ 0.94, and its lowest recent point on August 03, 2012 at CA$ 0.03.

Alexis Min. has 593 646 000 shares outstanding.

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TORONTO (AMC.TO)FRANKFURT (OU2.F)
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