MINERALS CORPORATION

65 QUEEN STREET WEST, SUITE 815

TORONTO, ONTARIO, M5H 2M5

ALEXIS INTERSECTS 36.10 g Au/t over 6.4 m on HANGING WALL ZONE; 34.97 g Au/t over 3.5 m on S1W ZONE; AND,

65.92 g Au/t over 1.9 m on WEST E ZONE

- DRILLING CONTINUES TO EXPAND ALL GOLD ZONES AT LAC HERBIN PROJECT

gAu/t = grams gold per metric tonne ���������� ??????????������������������ ???????????????????????������� ????????????m = metres

August 15, 2007 – Alexis Minerals Corporation [TSX-V: AMC] is pleased to announce additional results from continuing underground delineation drilling on the Lac Herbin gold project. High-grade ?intersections of up to 36.1 g Au/t over 6.4 m (1.05 opt over 21.0 feet) on the Hanging wall (HW) Zone; 34.97 g Au/t over 3.5 m (1.02 opt over 11.5 feet) on the S1W Zone; and, ?65.92 g Au/t over 1.9 m ??(1.92 ounces per tonne (opt) over 6.2 feet) on the West E (WE) Zone; continue to confirm excellent continuity to the multiple ore structures identified in the Lac Herbin deposit. Exploration is continuing with three underground diamond drills. Lateral development is continuing to develop new access for drilling purposes and is preparing access to selected areas for test stoping of the ore. The project is located 10 km northeast of Val-d’Or and 1.8 km from the wholly-owned 1400 TPD Aurbel Gold Mill.

“Lac Herbin underground drilling is returning grades and widths which continue to exceed our expectations,” said David Rigg, President and CEO of Alexis Minerals. “Ongoing results are significantly improving the long-term prospects for the Lac Herbin operation, well beyond the current 4-year model. The structural understanding of the deposit continues to improve and it is clear the deposit extends strongly to depth and to the southwest.”

Highlights from on-going underground exploration drilling include the following new intersections:

S1W Zone – Table 1

�         34.97 (18.37 cut*) g Au/t over 3.5 m (LH02-181) including,

• 48.34 (20.73 cut*) g Au/t over? 2.1 m

�         13.28 (7.02 cut*) g Au/t over 3.5 m (LH02-180)

�         10.14 (9.91 cut*) g Au/t over 2.5 (LH04-004) including,

• 35.1 (34.28 cut*) over 0.7 m

S1E Zone – Table 1

�         7.8 g Au/t over 2.6 m (LH01-168) including,

o        13.15 g Au/t over 0.96 m

HW Zone - Table 2

�         36.1 (16.54 cut*) g Au/t over 6.4 m (LH03-001) including,

• 28.19 (13.77 cut*) g Au/t over 3.2 m, and,
• 78.17 (34.28 cut*) over 1.8 m

�         6.28 g Au/t over 3.7 m (LH03-012) including,

o        21.8 g Au/t over 1.0 m

WE Zone – Table 3

�         12.72 g Au/t over 2.8 m (LH03-026)

�         65.92 g Au/t over 1.9 m (LH03-036)

(*Cut Grades - See note in Table 1)

Lac Herbin? Project : Exploration Results

Significant progress has been made during recent months in understanding the deposit. Exploration has resulted in ore zone extensions to several of the principle ore zones, namely the S1W, S1E and HW zones. In addition, the “Deep South” Zone, the new high grade discovery to the south and outside the limits of the principle mine resource area; is a brand new, major zone of mineralization found and delineated from the 200-m level down to the 400-m level. Results from previous drilling have been reported in press releases of January 24^th, February 14^th, March 22^nd and April 26^th.

Overall, results to date support the extension of the Lac Herbin deposit, to depth and to the southwest. Mineralization on the Deep South zone has a strike length of over 250 metres at the 400-m level, the limit of current drilling. Similarly, the S1W zone has been extended to depth and exhibits a strike length of 250 metres at the 500-m level. Both zones remain wide open beneath the current limits of drilling. Additional extensions are expected to depth and will be tested over the coming months from a newly developed drill drift completed in July, located to the south of both of these zones. Drilling to follow the zones down to at least the 800-m elevation will be possible.

New intersections on the deepest, eastern extremity of the S1E Zone (LH01-168) at the 200-m level also indicate that this zone remains open to extension further to the southeast.

WE Zone re-interpretation increases potential at depth

A recent re-evaluation of exploration data has re-interpreted a structure that was originally thought to be the host of the HW and HW2 zone. Many recent and previous drill holes on the HW structures are now believed to represent intersections in the WE gold zone (previously limited to a resource of 27,259 tonnes @ 3.44 g Au/t - see Press Release: January 11, 2007).

The new model expands potential in the WE zone by 100-m in strike length towards the west, and adds 225-m of down dip extent to below the 275-m vertical elevation. High grade mineralization previously reported in drilling in this area (10.69 g Au/t over 1.5 m (LH02-107); 19.07 g Au/t over 1.8 m (LH02-091); 20.71 g Au/t over 1.5 m (LH02-060)) is now correlated with the WE Zone, enhancing potential for increased grades and tonnage in the zone.

The HW2 zone is recognized as a deeper zone beneath the WE zone and is mostly unexplored by drilling. Additional exploration below these previously reported intersections will be directed to test the deeper HW2 zone.

Quality Control

The Lac Herbin underground exploration program is supervised by Mr. Olivier Grondin, P.Geo., and Patrick Sevigny, P.Eng., Qualified Persons as defined under NI 43-101 guidelines. Mr. Grondin has reviewed and is responsible for the technical disclosure in this press release.Assay samples are taken from underground drill core sawed in half with one half sent to a commercial laboratory and other half retained for future reference. A strict QA/QC program is followed which includes mineralized standards, blank and field duplicate for each batch of samples. Analyses were performed by ALS Chemex - Chimitec of Val-d’Or (Qu?bec).

About Alexis Minerals

Alexis Minerals Corporation is a Canadian exploration and development company listed on the TSX Venture Exchange. Alexis holds an outstanding portfolio of properties covering the Val-d’Or and Rouyn-Noranda Mining Camps in Quebec. Alexis is following strategic exploration approaches across these properties for both gold and base metals, with a focus on the potential for gold production from the 100%-owned Lac Herbin and Lac Pelletier deposits during 2007 – 2008. Alexis has a clear route to 100% ownership of all interests of Aur Resources on approximately 212 square kilometres of the Val-d’Or Mining Camp. Alexis has purchased the 1400 tonne per day Aurbel gold mill and holds a 100%-interest in the Aurbel property. The Company is also currently advancing towards a 50% interest in 825 square kilometres of the Rouyn-Noranda Mining Camp in JV with Xstrata Copper Canada (formerly Falconbridge Ltd.). Four (4) underground drills and four (4) surface drills are currently active on the Val-d’Or and Rouyn-Noranda properties. ?Alexis has the right to earn-in into a 100% interest in the Lac Pelletier property.

For Further Information Contact:

David Rigg, President and CEO ����������� ????????????

Tel: 416-861-5889��������������������������������������������� ?????????????????????????????????????????????

Fax: 416-861-8165

Peter Cashin, Investor & Corporate Affairs������� ???????Louis Baribeau, Relationiste, Qu?bec

Tel: 416-861-5905��������������������������������������������� ?????????????????????????????????????????????Tel: 514-667-2304 deconsul@videotron.ca

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

Statements in this release that are not historical facts are “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Readers are cautioned that any such statements are not guarantees of future performance and that actual developments or results may vary materially from those in these “forward looking statements”

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Underground Diamond Drilling Results, Lac Herbin Project, Val d’Or, Quebec

Notes: *Cut Grade- all assays in excess of 34.28 gAu/t are cut conservatively to 34.28 gAu/t (or 1.0 troy ounce/tonne), a common industry practice. Cutting factors at Lac Herbin have been based on statistical results of the bulk sampling and test milling program completed in November 2006 and reported in January 2007 (see Press Release: January 16, 2007).

LV= Low Values ��� ???QT = Quartz Tourmaline��������������� ?????VG = Visible native Gold

Table 1 – Results from Underground Diamond Drilling:

S1 Zone, Lac Herbin Project, Val-d’Or, Quebec

Table 2 – Results from Underground Diamond Drilling:

HW Zone, Lac Herbin Project, Val-d’Or, Quebec

Table 3 – Results from Underground Diamond Drilling

West E (WE) Zone, Lac Herbin Project, Val-d’Or, Quebec