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Alexis Commences Underground Drilling at Lac Herbin Gold Project, Quebec

Posted on: Tuesday, 7 February 2006, 09:00 CST

Alexis Minerals Corporation (TSX VENTURE:AMC) is pleased to announce that it has now advanced the Lac Herbin ramp 976 metres since the program commenced in September 2005. Construction of the first drill bay has been completed and delineation drilling of the S1 East zone has started. Lac Herbin contains an inferred resource of 1,070,000 tonnes (t) grading 7.3 grams per tonne gold (g/t Au) and is located 10 km northeast of Val-d'Or, adjacent to the past-producing Ferderber (1.6Mt grading 6.99g/t Au) and Dumont Mines (1.2 Mt grading 6.51g/t Au).

The current Phase I underground program will include the excavation of 1250 metres of ramp, initial development on the 165 Level (165 metres below surface, Figure 1) and the completion of 6,000 m of delineation drilling from underground drill stations. The program will focus on proving up gold resources identified by surface drilling in the S1 East, Lac Herbin and HW gold zones. The program is 18 percent under budget due to the efficient conduct of the underground contractor, Don Bourgeois and Sons. These cost savings will allow Alexis to expand the scope of the Phase 1 program to include an anticipated 300 to 400 metres of lateral development within the zones and result in a bulk sample from development of between 2,000 to 4,000 tonnes. Delineation drilling will be completed on the S1 East Zone (4.53 g/t Au) in February and advance across the Hanging Wall and Lac Herbin zones (10.31 g/t Au and 7.81 g/t Au, respectively) during March and April.

"Our current underground exploration activities at Lac Herbin are an important first step for Alexis on the road to becoming Val d'Or's newest gold producer," said David M. Rigg, President and CEO of Alexis Minerals. "I am very excited about the gold potential of this property. The project economics are particularly enhanced by our option to acquire a 100% interest in the 1,400 TPD Aurbel gold mill, 1.8 km east of Lac Herbin, and our timing coincides well with current positive metal price sentiments. The Aurbel mill can provide us with an important business opportunity acting as the central gold processing facility for this and other operations."

Lac Herbin was the focus of a Scoping Study in 2005 that demonstrated positive economics at metal price of US$400 per ounce gold with 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 study is based on mining widths ranging from 1.6 m to 10.6 m with an average of 2.65 m. Phase 2 and Phase 3 of the underground program at Lac Herbin has been designed to further explore the gold potential of the area.

Project History

A ramp portal and an initial 16 metres of ramp development were completed in 1997. The 1997 work program was stopped when gold reached US$250 per ounce. 1997 work included upgrading of the 1.5 kilometre road access between the portal and the 1400 TPD Aurbel Gold Mill (fully permitted and on care and maintenance). This earlier work significantly reduced the start-up cost of the Alexis program.

Proposed Lac Herbin Underground Program

A three-phase underground exploration program has been designed to upgrade the current resource of the Lac Herbin Deposit (inferred Resource of 1,070,000 tonnes grading 7.3 grams gold per tonne for approximately 250,000 ounces). 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 Phase I program is scheduled for completion in May 2006. Phase II will subsequently test four additional mineralized zones and the depth continuity of mineralization within the resource. Phase 2 will include 700 metres of lateral development, down to and including Level 215, and 12,000 metres of delineation drilling. Phase III will focus on bulk sampling and test mining of up to a 30,000 tonne bulk sample to confirm ore continuity and mine grade.

The Lac Herbin underground exploration program is supervised by Mr. Richard Roy, P.Geo., of NordQuest Inc., Independent Qualified Person as defined under NI 43-101 guidelines.

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. For further information please visit our website at www.alexisminerals.com.

In separate news, Alexis Minerals has issued options to purchase 715,000 common shares at an exercise price of $0.415 valid for a period of 5 years to directors, officers, employees and consultants of the Company, subject to regulatory approval.

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.

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"

NOTE: There is a Map of the Lac Herbin Gold Project (Figure 1) available on CCNMatthews' website at: http://www.ccnmatthews.com/docs/amc0207.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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