Alexis Vests Into Seventeen Gold and Base Metal Properties in Central Val D’Or Mining Camp
ALEXIS MINERALS CORPORATION (TSX: AMC) is pleased to announce that it has vested into ownership of 17 properties in the Val d’Or Mining District, Quebec after meeting all conditions of a 2004 option agreement with Aur Resources. The 17 properties cover 109 sq.km of the favourable Val d’Or Formation in a swath of ground east of Val d’Or that extends from the eastern limits of the Sigma-Lamaque Mine, for a distance of 25 km to the village of Louvicourt. The properties cover an area of exploration potential for both base metals and gold and are contiguous to the south of the wholly owned Alexis Aurbel gold property, where Alexis is currently advancing the Lac Herbin Gold Deposit into production.
“We have now vested in all of our priority exploration properties. Alexis now owns 212 sq.km of the Val d’Or Camp and, in a 50/50 joint venture with Xstrata Copper, a further 786 sq.km of the Rouyn-Noranda Camp,” stated David Rigg, President and CEO, Alexis Minerals. “Alexis is continuing base metal and gold exploration throughout these areas and has budgeted $5.5 M for surface programs in 2008. In Val d’Or, the surface program will test target areas west of the Louvicourt Mine; several of the 50 deep base metal targets identified by deep-penetrating Titan24 geophysics; and, several shallow open pit targets on historically reported metal showings. Diamond drilling continues with one machine and a second machine is expected during the summer as we expand our surface programs to focus on both gold and base metal targets.”
Alexis entered into the option agreement in 2004 to acquire all Aur Resources Inc.’s (“Aur”) interests in 17 contiguous, gold and base metal properties in the central area of the Val-d’Or Camp, subject to certain NSR royalties. Alexis has exceeded work commitments of $1.0M per year over the 4-year term of the agreement and made a final cash payment of $1.0M in March.
Two properties within the package, Louvex and Bonnefond, are operated by Alexis under the terms of the Louvaur Joint Venture Agreement. Alexis has earned into the 55% Aur interest in this joint venture with Xstrata Copper (after Novicourt). Xstrata Copper elected in January 2007 not to fund their portion of exploration costs within the joint venture and is subject to dilution.
About Alexis Minerals
Alexis Minerals Corporation is a Canadian exploration and development company listed on the Toronto Stock Exchange. Alexis owns the 1400 tonne per day Aurbel gold mill and is currently advancing the adjacent, wholly-owned Lac Herbin Gold deposit into production in 2008. Alexis also has the right to earn in into a 100% interest in the Lac Pelletier gold property in Rouyn-Noranda and is focused of advancing this project to a commercial production decision in 2008. Alexis holds an outstanding portfolio of properties covering 1,005 sq.km of the prospective Val d’Or 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. There are currently four underground drills active at Lac Herbin, one surface drill active in Val d’Or and one surface drill active in Rouyn-Noranda.
Forward looking information.
This document may contain or refer to forward looking information based on current expectations, including, but not limited to, mineralization projections, estimates regarding the timing and costs of production and exploration, mineral prices, feasibility of projects, 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. These forward looking statements are made as of the date hereof and we assume no responsibility to update or revise them to reflect new events or circumstances.
Contacts: Alexis Minerals Corporation David Rigg President and CEO (416) 861-5889 (416) 861-8165 (FAX) Alexis Minerals Corporation Bruce Barch VP Investor & Corporate Affairs (416) 861-5905 Alexis Minerals Corporation Louis Baribeau Relationniste, Quebec (514) 667-2304 Email: info@alexisminerals.com Website: www.alexisminerals.com
SOURCE: Alexis Minerals Corporation