For Immediate Release News Release ___________________________________________________________
Alexis' New Gold Mine Exceeds 2008 Production Target and Remains Within Budget
January 22, 2009, Toronto: ALEXIS MINERALS COPORATION (AMC:TSX) is pleased to advise that gold production in 2008 from its 100% owned Lac Herbin gold mine was 18,115 ounces, 6.6% above its most recent guidance of 17,000 ounces. Total 2008 mine costs were on budget. Audited financial reporting on revenue from gold produced in 2008 and costs are expected to be published in February. Annual gold production from Lac Herbin is expected to be at least 36,000 ounces in 2009, and annually thereafter supporting the Company's strategic priority of generating cash flow from gold production to fund aggressive exploration in the prolific Abitibi Mining District of Quebec.
2008 Summary of Gold Production
During the fiscal year ended December 31, 2008, Alexis became a gold producer mining 83,829 tonnes of ore (3% above target), with an average grade of 6.7 g/tonne (4% above projection). This was custom milled throughout the year at the local Richmont Mines' Camflo Mill with gold recoveries averaging 97.6%.
Fourth quarter results were a milestone for Alexis as commercial production was achieved on schedule at its first gold mine, Lac Herbin. This was the culmination of progressive successful programs from surface exploration in 2004 and 2005, underground exploration from 2005 through to late 2007 that resulted in a production decision in February 2008. Commercial production was achieved in October and full scale production in December 2008.
2008 Financial Results
Audited financial results for 2008 Year End and Fourth Quarter are expected to be released in due course, in February 2009. The Annual General Meeting of the Corporation will be held near the end of May, 2009 with details confirmed closer to the date.
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 exploration and development mining company listed on the Toronto Stock Exchange (symbol "AMC"). Alexis is following its strategic priority of generating cash flow from gold production to support aggressive exploration in the prolific Abitibi Mining District of Quebec. The Company has put into production its wholly owned Lac Herbin gold mine. Alexis also has the right to earn into a 100% interest in the Lac Pelletier gold property in Rouyn-Noranda and is focused on advancing this project towards a commercial production decision in 2009. Alexis holds portfolio of properties covering 1,005 sq. km. of the prospective Val d'Or (100% ownership of 212 sq. km.) and Rouyn-Noranda Mining Camps in Quebec and explores these properties for both gold and base metals. Approximately 786 sq. km. of the Rouyn-Noranda Mining Camp is explored in a 50/50 joint venture with Xstrata Copper. Alexis has budgeted $4.5 million for surface exploration in 2009. There are currently three drills active underground at Lac Herbin and two surface drills active in surface exploration in Val d'Or.
Further information about Alexis Minerals can be found at its website: www.alexisminerals.com
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
Email: email@example.com Website: www.alexisminerals.com
Forward looking information.
This document may contain or refer to forward looking information based on current expectations, including, but not limited to, mineralization projections, future production estimates and cost of production projections, projected capital and operating expenditures future exploration plans and techniques, estimates regarding the timing and costs of exploration, mineral prices, and future mining 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 extensive technical and scientific analysis conducted by the management of the Company, the analysis of external consultants 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.