Latest News

ALEXIS DIGS INTO THE FUTURE

AND RECOVERS 6,732 TROY OUNCES OF GOLD

IN BULK SAMPLING PROGRAM AT LAC HERBIN

January 29 2008 – Alexis Minerals Corporation [TSX : AMC] is pleased to announce that 6,732 troy ounces of fine gold were recovered in a program of test mining and custom milling at the Lac Herbin Gold Project in Val d’Or, Quebec during Q4-2007. Alexis Minerals processed 46,410 dry metric tonnes as shown in Table 1.

The major highlights and conclusions of the program are:

�         Strong ore continuity has been proven in all dimensions of the test stopes in the S1 and HW Zones.

�         Indicated Resources significantly underestimate the gold content of subsequently mined and recovered mineralization.

�         Gold recovered in milling confirms increases of 169% in S1 zone and 450% in the HW zone, over and above the gold content that would be estimated by the Indicated Resource method.

�         Indicated Resources currently use a cut-off grade of 34.29 gAu/T (1.0 oz.Au/t), whereby all higher grade assays in the database are reduced to the cut-off grade in the Resource calculation. The Indicated Resource calculation provides a better estimate of gold content if the cut-off limit is raised to over 68.57 grams of gold per metric tonne (gAu/T) (2.00 ounces gold per short ton (oz.Au/t)), Table 2.

�         Indicated Resources form the largest category of Resources used in economic evaluations of the Lac Herbin Deposit. A 68.57 gAu/T cut-off applied to these Resources would have a very positive material impact on estimated deposit economics.

�         Measured Resources provide a very good estimate of the gold content of mineralization in both the S1 and HW areas, Table 2.

�         Average Milling recoveries remain very high at 96.9%

“Alexis is very encouraged by the results of the program. The old saying ‘Drill for structure and mine for grade’ definitely applies to this deposit,” stated David Rigg, President and CEO of Alexis Minerals. “The results suggest that mining will produce more tonnes, at the same or higher grade, than� anticipated from Indicated Resource estimates, the principal category of Resource used for feasibility. Bulk sample results and over 30,000 metres of new drilling in 2007 are currently being incorporated into a new Resource estimate for the deposit. In addition, Alexis is proceeding with a revision to the 2007 feasibility study as the Company moves towards a formal production decision.”

                                                                                                              Read More