Alexis Feasibility Study Confirms Profitability at Lac Pelletier With IRR of 61%: Offers Strong Long Term Exploration and Mine Potential

TORONTO, ONTARIO--(Marketwire - June 28, 2010) - ALEXIS MINERALS CORPORATION (TSX: AMC.TO)(OTCQX: AXSMF)(PINK SHEETS: AXSMF.PK) announces the completion of its feasibility study on its Lac Pelletier property, Rouyn-Noranda, Quebec. The results confirm that the Lac Pelletier gold project is profitable and offers longer term potential through exploration. The Company believes the bulk sampling program has confirmed the deposit grade, while mine development and diamond drilling has proven ore continuity.

The Feasibility Study will be available shortly at www.sedar.com as a published NI 43-101 compliant Technical report. Highlights from the feasibility study base case are presented in Table 1 and include:

--  Production of approximately 33,501 ounces of gold over an estimated 14-
    month period from Measured and Indicated Resources between the 50- and
    150-m elevations. 
--  Cash costs are estimated to be US$747/ozAu and total costs of
    approximately US$ 981/ozAu. 
--  The capital cost is estimated at C$7.1 M, including working capital. 
--  Operating cost is estimated at C$ 156/tonne 
--  The mine is projected to generate a 61% internal rate of return (IRR)
    from current Reserves and the payback period is estimated to be 12
    months. 
--  Proven and Probable Reserves are estimated to be 168,000 tonnes grading
    6.46 g/t Au between the 50- and 150-m elevations for 34,897 ounces of
    Gold 
--  Reclassification of Indicated Resources used in pre-feasibility work
    below the 150-m elevation, to Inferred Resources due to the need for
    additional delineation drilling. 

The deposit shows a robust internal rate of return using the Bloomberg consensus modelled gold price deck of 2010 - US$1127, 2011 - US$1158, 2012 - US$1128, 2013 - US$1125, 2014 - US$850 per ounce and fixed exchange rate of C$1.05 equals US$1.00, with relatively low capital requirements.

The study uses revised estimates of mineral resources and mineral reserves based on the results from the recent underground program, as presented in Table 2. The study was prepared by Golder Associates in collaboration with Alexis Minerals Corporation and Genivar, using only revised Measured and Indicated Resources evaluated between the lower limit of the crown pillar and the lower limit of detailed work undertaken during the recent underground program (150-m level). Areas below the 150-m level in Zone 4 were previously assessed as Indicated Resources. These deeper zones require more detailed diamond drilling to confirm their structure, distribution and orientation. This has resulted in a revision to these resources. Resources below the 150-level have been moved from Indicated Resources to Inferred Resources until additional work is completed.

A new geological model has been developed for zone 4 which identifies untested potential for resource/reserve expansion in many areas of the deposit. Additional surface and underground drilling into the deposit below the 150-m level is expected to transfer Inferred Resources back to Indicated Resources, increasing these back to pre-feasibility levels of at least 135,000 ounces gold. Lac Pelletier offers:

--  Potential to upgrade to Measured and Indicated Resources from Inferred
    Resources between the 150- and 300-m elevations with further delineation
    drilling. The projected effect of such an increase has been evaluated in
    a 4-Year Model for the deposit; 
--  Significant potential for additional discovery; particularly, to the
    south (Zones 4.3 (South) and 4.4) and north-east (Zone 4.1) of the
    current mine area; and, 
--  Potential to extend mineralization at depth with all zones remaining
    open to depth. 

Although, the Lac Pelletier project is projected to be cash flow positive, the life of the project needs to increase in order to reduce the total cost per ounce by having more ounces mined with nearly the same capital investment. More ounces can be added with definition and exploration drilling campaigns. The results from the underground program and feasibility study are also being evaluated in light of other opportunities within Alexis, particularly the ongoing feasibility study for the recently acquired Snow Lake Mine in Manitoba.

The Company expects to delay a production decision at Lac Pelletier until results from the Snow Lake feasibility study are available in September this year. In the interim, additional exploration adjacent to the Lac Pelletier mine is recommended to evaluate potential extensions of the mine environment at the 50- to 150-m elevations. With a successful exploration program, additional definition drilling should then be undertaken to delineate areas below 150m and convert the known Inferred resources to the Indicated category.

Longer Term Mine Potential - Four-Year Model

Management recognizes that future mining at Lac Pelletier offers challenges; however overall, management is encouraged by the new understanding of mineralization. Lac Pelletier appears to be very similar to many of the Abitibi-type shear hosted quartz vein deposits that operate for many years with only two to three years of mining reserves and resources and continually replacing production on an annual basis through ongoing exploration. A 4- year production model was developed by adding inferred resources and presuming exploration success to simulate a typical Abitibi type deposit. This model provides an insight into long term potential of the Lac Pelletier mine. Management considers the 4-year model to be conservative and to indicate the following:

--  Production of approximately 131,272 ounces of gold over an estimated 4-
    year period. 
--  Cash costs are estimated to be US$747/ozAu (C$153/tonne) and total costs
    of approximately US$871/ozAu. 
--  The initial capital cost is estimated at C$7.1 M, including working
    capital. 
--  The mine is projected to generate a 92% internal rate of return (IRR)
    and the payback period is estimated to be 12 months. 
--  The 4-year model demonstrates similar economic returns as the previously
    completed pre-feasibility study (2009) 

Table1: Comparison of Results of the Feasibility Study Base Case, 4-year Production Model and Pre-Feasibility Study (2009), Lac Pelletier Gold Project, Rouyn-Noranda, Quebec

---------------------------------------------------------------------------
                                                                        Pre-
                       Base Case                  4-yr Model    Feasibility
---------------------------------------------------------------------------
Tonnes                   168,002                     658,362        483,362
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Grade (g/t)                 6.46                        6.46            7.6
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Recovery                      96%                         96%          92.5%
---------------------------------------------------------------------------
Ounces Produced           33,501                     131,272        109,273
---------------------------------------------------------------------------
Gold Price ($US/oz)  1,127/1,158 1,127/1,158/1,128/1,125/850    950/910/820
---------------------------------------------------------------------------
Fx CAD/USD                  1.05                        1.05           1.15
---------------------------------------------------------------------------
Capital Costs (C$ mm)        7.1                         7.1            8.8
---------------------------------------------------------------------------
Operating Cost (C$/t)     156.32                      156.32         143.55
---------------------------------------------------------------------------
Cash Cost ($US/oz)           747                         747            554
---------------------------------------------------------------------------
Total Cost ($US/oz)          981                         871            691
---------------------------------------------------------------------------
Net Cash Flow (C$ mm)        4.5                        24.0           20.7
---------------------------------------------------------------------------
IRR                           61%                         92%           155%
---------------------------------------------------------------------------
NPV(7) (C$ mm)               3.5                        18.1           16.9
---------------------------------------------------------------------------

Table 2: Revised Mineral Resource and Reserve Estimates (May 31, 2010), Lac Pelletier Gold Project, Rouyn-Noranda, Quebec.

A/ Revised Resource, Lac Pelletier

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Cut off grade              MEASURED                      INDICATED         
---------------------------------------------------------------------------
g Au/t            Tonnes   g Au/t     Ounces Au   Tonnes   g Au/t Ounces Au
---------------------------------------------------------------------------
3.0               99 034     6.77        21 540  347 104     6.95    77 570
---------------------------------------------------------------------------
4.0               79 904     7.54        19 377  293 941     7.59    71 704
---------------------------------------------------------------------------
5.0               64 532     8.28        17 173  236 665     8.39    63 831
---------------------------------------------------------------------------
5.5               57 806     8.63        16 041  221 637     8.61    61 331
---------------------------------------------------------------------------
6.0               49 910     9.09        14 579  207 058     8.81    58 634
---------------------------------------------------------------------------
6.5               44 005     9.47        13 391  190 603     9.03    55 336
---------------------------------------------------------------------------

---------------------------------------------------------------------------
Cut off grade              IND+ MES                      INFERRED          
---------------------------------------------------------------------------
g Au/t            Tonnes   g Au/t     Ounces Au   Tonnes   g Au/t Ounces Au
---------------------------------------------------------------------------
3.0              446 138     6.91        99 110  702 316     6.60   149 068
---------------------------------------------------------------------------
4.0              373 845     7.58        91 081  573 162     7.33   135 081
---------------------------------------------------------------------------
5.0              301 197     8.37        81 004  453 498     8.13   118 573
---------------------------------------------------------------------------
5.5              279 442     8.61        77 372  419 514     8.37   112 899
---------------------------------------------------------------------------
6.0              256 968     8.86        73 213  413 406     8.41   111 800
---------------------------------------------------------------------------
6.5              234 608     9.11        68 727  311 210     9.14    91 406
---------------------------------------------------------------------------

Notes:
Resources are undiluted, all drill hole intercepts were calculated using a
minimum true width of 2.0 m and using the grade of the adjacent material if
assayed. All assays cut to 30 gAu/t.
- Assay results as of March 2010 and Resource estimate as of May 31, 2010
- QP for NI 43-101 mineral resources estimate is Martin Perron, Eng. 
(Alexis Minerals Corporation)
- High grade assays were cut at 30 g Au/t for all zones 
- A cut-off grade of 5.5 g/t (undiluted) was used
- 43-101 Mineral Resource Statement: Mineral Resources that are not mineral 
reserves do not have demonstrated economic viability (NI 43-101/3.4(e)). The
4-year Model includes a portion of mineralized material (Inferred Resources)
in order to demonstrate the potential of the Lac Pelletier to support 
ongoing long-term production. This material is considered too speculative 
geologically to have the economic considerations applied to them that would
enable them to be categorized as mineral reserves, and there is no certainty
that the 4-year model assessment will be realized (NI-43-101/2.3 (3bi)).

B/ Revised Mineral Reserves, Lac Pelletier

---------------------------------------------------------------------------
Mine Reserves(1)                 Tonnes        Grade (g.Au/t)   Ounces Gold
---------------------------------------------------------------------------
Proven                            59,770                 6.2         11,914
---------------------------------------------------------------------------
Probable                         108,231                 6.6         22,966
---------------------------------------------------------------------------
Proven & Probable                168,001                6.46         34,897
---------------------------------------------------------------------------

(1) Notes:                                       
(1) The mineral reserves developed in the Feasibility Study are classified 
as Proven and Probable Reserves as defined by the CIM mineral resource 
definitions referenced in National Instrument 43-101. Francois Chabot, eng 
of Golder Associates is the Qualified Person.                              
(2) Base case assumes a gold price of US$1,127/oz gold; US$ exchange rate of
$1.05 (CDN $ 1,183) and minimum mining width of 2.0 metres.               
(3) Reserve tonnages and grades are diluted at 10 to 20% at 0.0 g.Au/t 
depending on mining method.                              
(4) Gold grades are capped at 30.00 g.Au/t                           
(5) A cut-off grade of 5.5 g/t (undiluted) was used.                  

Qualified Persons

The technical and scientific content of this press release has been reviewed by Francois Chabot (ing., M.Sc.), Independent QP, Golder Associes Ltee.; Pascal Hamelin, P.Eng, Manager of Lac Pelletier; and Martin Perron, Eng., Superintendent of Geology, Lac Pelletier; Qualified Persons as defined under NI 43-101 guidelines.

About Alexis Minerals

Alexis Minerals Corporation is a Canadian mining company listed on the Toronto Stock Exchange (symbol "AMC") and trades in the United States on the Over the Counter QX International platform (OTCQX: AXSMF). The Company owns one producing gold mine in Val-d'Or and the right to earn a 100% interest in the Lac Pelletier gold property in Rouyn-Noranda, both in Quebec. Alexis also owns the Snow Lake Mine in Manitoba. With these assets Alexis has the potential to develop gold production forwards. Alexis is targeting mid-tier gold production levels in 2011. Alexis undertakes exploration in the mineral rich Val-d'Or (100% ownership of 212 sq. km.) and Rouyn-Noranda Mining Camps (50% ownership of 785 sq.km and in joint venture with Xstrata Copper) as well as in the Snow Lake Mining Camp (100% ownership of 50 sq. km). For more information about Alexis Minerals visit alexisminerals.com.

Forward looking information.

This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the future financial or operating performance of Alexis and its projects, the identification of mineral reserves and resources, costs of and capital for development and mining projects, development and exploration expenditures, timing of future development, exploration and production, requirements for additional capital, government regulation of mining operations, environmental risks, reclamation expenses, title disputes or claims, limitations of insurance coverage and the timing and possible outcome of pending litigation and regulatory matters. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to those risks described in the annual information form of the Company. For a description of the factors affecting forward-looking information and the basis of management estimates, please see a copy of the annual information form of the Company and the technical report relating to the feasibility study, both of which are available under the profile of the Company on SEDAR. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

Contacts

David Rigg
Alexis Minerals Corporation
President and CEO
(416) 861-5889
(416) 861-8165 (FAX)
info@alexisminerals.com

Bruce Barch
Alexis Minerals Corporation
VP Investor & Corporate Affairs
(416) 861-5905
bruce.barch@alexisminerals.ca

Louis Baribeau
Alexis Minerals Corporation
Relationniste
(514) 667-2304
lb@decorporateconsultants.ca
www.alexisminerals.com