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Alexis Gold Strategy Focuses On Exploration And Production Potential

Posted on: Wednesday, 21 December 2005, 12:00 CST

Alexis Minerals Corporation (TSX VENTURE:AMC) is pleased to announce that it is moving forward with its gold exploration and production strategy in the Rouyn-Noranda and Val d'Or mining camps, Quebec. The centerpiece of this strategy is the Lac Herbin gold deposit (inferred resource of 1,070,000 tonnes (t) grading 7.3 grams per tonne (g/t) gold (Au) for approximately 250,000 ounces), currently the focus of an underground exploration program along the Lac Herbin shear, east of Val d'Or. The ramp has been advanced 663 metres since program start-up in early September and delineation diamond drilling will commence in January (visit our website for further program details at www.alexisminerals.com ).

In addition to the underground program, economic assessments are well underway on the company's Lac Pelletier Gold property (historical measured and indicated mineral resource of 501,596 t grading 8.10 g/t Au; see Press Release: September 27, 2005). Alexis is also undertaking gold exploration to assess the gold potential on over 1,000 km2 of properties in the Val d'Or and Rouyn-Noranda Mining Camps. Alexis is currently focused on evaluating the Noralex property (1.64 g/t Au over 24.5 metres and 4.09 g/t Au over 7.2 metres; see Press Release: February 10, 2005) and additional targets in the Rouyn-Noranda Mining Camp (Figure 1).

"We are positioning Alexis to become a mid-tier gold producer by 2007-2008 with the potential of initially producing 55,000 ounces of gold per year," said David M. Rigg, President and CEO of Alexis Minerals. "I am very excited about the gold potential of our Quebec properties focused around our option to acquire a 100% interest in the 1,400 TPD Aurbel gold mill from Aur Resources in 2006. The Aurbel mill could serve as the central gold processing facility for operations."

The company's strategy envisions completing advanced exploration over the Lac Herbin gold zone with the view of finalizing a feasibility study and making a production decision on the deposit by 2007. Subsequently, the Lac Pelletier gold deposit evaluation will be advanced so that a production decision on this opportunity could be made within a year of the Lac Herbin production startup. Additional gold project opportunities, such as Flavrian Gold and Noralex, would continue to be assessed in Val d'Or and Rouyn-Noranda for their potential to provide future millfeed to the Herbin-Pelletier operation.

Lac Herbin Underground Program, Val d'Or

The principal objective of the underground program is to upgrade a portion of the inferred gold resource into the measured and indicated categories. The Lac Herbin resource estimate (referred to above) was prepared by Richard Roy, P.Geo., of NordQuest Inc. and verified by Carl Pelletier, Innovexplo Inc., Independent Qualified Person as defined under NI 43-101 guidelines. The project is located 10 km northeast of Val-d'Or and adjacent to the past-producing Ferderber (total production of 1.6MT grading 6.99g/t Au) and Dumont Mines (total production of 1.2 MT grading 6.51g/t Au).

A three phase underground exploration program has been designed to further explore the gold potential of the Lac Herbin area. The project was the focus of a Scoping Study that demonstrated that the Lac Herbin Project has the potential to produce approximately 35,000 ounces per year at a cash cost of US$224 per ounce (see Press Release: March 01, 2005). The study was prepared by Johanne Voyer, P.Eng and Qualified Person under 43-101 guidelines, through Quebec-based engineering and mining contract firm Ross Finlay 2000 Inc. The report confirms that the Lac Herbin Deposit is potentially economic at current gold prices. The study is based on mining widths ranging from 1.6 m to 10.6 m with an average of 2.65 m.

Lac Pelletier Gold Property, Rouyn-Noranda

Alexis recently signed an option with Thundermin Resources (TSX: THR) to acquire a 100% interest in the Lac Pelletier gold property, 4 km southwest of the town of Rouyn-Noranda and within trucking distance to the Aurbel gold mill in Val d'Or (see Press Release: September 27, 2005). The property hosts the Lac Pelletier gold deposit (historical mineral resource of 501,596 t grading 8.10 g/t Au) and also straddles the past-producing Stadacona Mine where 2,742,000t grading 5.49 g/t Au were mined from 1928 to 1958 (Ref. Bibliographie des mineralisations metalliques, MRN, 1967, ES-002).

Mr. Gilles Imbeau, P. Eng., prepared the mineral resource estimates for Thundermin on the Lac Pelletier deposit prior to the implementation of National Instrument 43-101 ("NI 43-101") using procedures consistent with standards established under NI 43-101, except that the measured and indicated mineral resources were not separated (Ref.: Annual Report 2002, Thundermin Resources at sedar.com).

Currently, Alexis is re-assessing all data and planning a summer surface drilling program on Lac Pelletier to expand known mineralized zones and to test new structural targets.

Alexis considers all resource estimates for zones of mineralization on the Lac Pelletier property to be estimates of resource potential which require review and reassessment in light of their potential to provide satellite mill feed to the Aurbel Gold Mill in Val d'Or. These estimates have not been re-evaluated by Alexis and investors are cautioned that their has been insufficient exploration and re-evaluation by Alexis to define a mineral resource on the property and it is uncertain if further exploration will result in the discovery of a mineral resource on the property suitable for satellite operations.

EXPLORATION PROPERTIES

Noralex Gold Property, Rouyn-Noranda

The Noralex property, 15 km east of the Town of Rouyn-Noranda forms part of the 825 square kilometres group of properties currently under option by Alexis from Falconbridge Limited. The Noralex property is interpreted to straddle the same rock succession which hosts the Doyon, Bousquet and Laronde Mines, 10 km northwest of the Bousquet-Cadillac Mining Camp.

Results from a 4,050 meter - 15-hole diamond drilling program on the Noralex Property (Press Release: February 10, 2005) returned abundant anomalous gold values (greater than 100ppb) throughout a broad, 1 to 1.5km wide corridor in a sequence of mafic to felsic volcanic and intrusive rocks. Grains of native gold were observed in 5 of the 15 holes. Three distinct types of gold mineralization have been observed to date, including:

- extensive quartz-pyrite veining in highly-altered tonalite (1.93g/t Au over 33 m and 1.64 g/t Au over 24.5 m). The host tonalite has been traced over a strike length of 1.0 km,

- volcanic-hosted sulphide zones containing anomalous to higher grade gold intercepts up to 4.09 g/t Au over 7.2 meters, and,

- anomalous (greater than 100 ppb) gold in sheared volcanics in the hanging-wall to the mineralized tonalite described above.

Alexis Minerals is currently compiling all available exploration data and will be determining what exploration approach will be required to enhance the gold potential of the property.

Flavrian Gold and Iron Oxide Copper Gold (IOCG), Rouyn-Noranda

This past summer, Alexis undertook an exploration program to evaluate the potential for copper-gold deposits within and at the periphery to the Flavrian Granite in the Rouyn-Noranda mining camp. Compilation led to the identification of two target areas:

- structurally-controlled quartz-sulphide gold deposits within the Flavrian Intrusive to the southwest of the past-producing Pierre Beauchemin (287, 535t grading 5.92 g/t Au) and Quesabe (89 000t grading 10.7 g/t Au) Mines and,

- Copper-gold mineralization (IOCG) related to the St. Jude Breccia, west of the Flavrian Intrusive.

Surface mapping, geochemical sampling and 4,084 metres of surface diamond drilling in 12 holes has been recently completed over the target areas. The best drilling results were returned from the Quesabe area in which hole FV-05-08 returned significant gold mineralization from 190.0 to 199.1 metres down the hole including:

- 1.52 g/t gold over 9.1 metres including; - 2.24 g/t gold over 4.4 metres from 191.0 to 195.4 m and, - 2.0 g/t gold over 1.0 metres from 197.1 to 198.1 m

The most significant assays from drilling over the St. Jude Breccia identified as representing an 'Iron-Oxide Copper Gold' (IOCG) target area were returned from drillhole FV-05-10 which intersected three gold-bearing sections including:

- 3.05 g/t Au over 0.5 metres from 88.8-89.3 m;

- 3.80 g/t Au over 1.2 metres from 100.4 to 101.6 m and,

- 7.33 g/t Au over 0.6 metres from 281.6 to 282.2 m

Exploration in both target areas confirmed the viability of both target types being present in the Rouyn-Noranda camp. Reconnaissance exploration for the identification of additional gold and copper-gold targets of this variety continues and 2006 exploration plans are currently being evaluated.

Quality Control

Drilling on the Flavrian Gold/IOCG project is supervised by Project Geologist Philippe Berthelot, P.Geo. and Qualified Person under National Instrument 43-101 guidelines. Assay samples are taken from drill core (BQ size) 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. Significant assay results are duplicated at the original laboratory and a second independent laboratory. Assays were performed by Techni-Lab of Ste.Germaine de Boule (Quebec).

Further details of the company's gold exploration activities are available in our recently filed Q1 2006 MD&A report at www.sedar.com.

Alexis Minerals Corporation is a Canadian exploration and development company listed on the TSX Venture Exchange. Alexis holds a portfolio of properties covering approximately 212 square kilometers in the Val d'Or area and considered highly prospective for both gold and base metals. Alexis has a clear route to 100% ownership in the properties and maintains an option to purchase the 1400 tonne per day Aurbel gold mill. The Company has also entered into option agreement with Falconbridge Limited (formerly Noranda Inc.) wherein Alexis will earn a 50% interest in all of Falconbridge's properties in the prospective Rouyn-Noranda base metal and gold camp, Quebec. The Falconbridge properties cover approximately 825 square kilometres in the Rouyn-Noranda area. One surface diamond drill is currently active in the Val d'Or area and 2 drills are active in the Rouyn-Noranda area.

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".

For a map of the "Figure 1 - Alexis Minerals Corporation Gold Projects", please click on the link below:

http://www.ccnmatthews.com/docs/amcb1221.doc

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

Alexis Minerals Corporation (TSX VENTURE:AMC)

Source: Business Wire

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