Alexis Minerals Focuses on Gold Potential of Snow Lake Mine-Announces Equity Financing to Reinforce Financial Position

TORONTO, ONTARIO--(Marketwire - July 14, 2010) - ALEXIS MINERALS CORPORATION (TSX: AMC.TO)(OTCQX: AXSMF)(PINK SHEETS: AXSMF.PK) (the "Company") announces it has filed a preliminary short form prospectus in connection with a marketed Offering of Units of the Company in certain provinces of Canada and the USA, in an amount up to $12.5 million. Each Unit will be comprised of one common share and one-half of one common share purchase warrant priced at 18 cents per unit. The Offering is being led by Industrial Alliance Securities Inc. and a syndicate including NCP Northland Capital Partners Inc. and Global Hunter Securities LLC. The Company expects that the proceeds of a financing will allow it to meet its operational requirements and advance its key capital programs for the next twelve months as it initiates the next phase of its strategic plan focused on the reopening of the Snow Lake Gold Mine in Manitoba.

Alexis' strategy remains to strive for growth of the company's resources and gold output to reach a potential mid-tier status of gold production in the near- to mid-term. The development of the Snow Lake Mine has the potential to add an additional 90,000 ounces of gold production per year and in particular, offers the shortest route towards these objectives. The Company's strategy in the next 12 to 18 months is to:

--  Continue production from the Lac Herbin Mine, in accordance with the
    current 5-year life of mine plan and processed through the Company's
    Aurbel Gold Mill; 
--  Complete a bankable feasibility study on the Snow Lake Mine property by
    September 2010; and subsequently, advance the mine into production upon
    a positive production decision; 
--  Focus exploration near to infrastructure in the Val-d'Or and Snow Lake
    areas, to further realize the very strong gold potential in these areas.

With the completion of a feasibility study at the Lac Pelletier Project (Press Release: June 28, 2010) and the Snow Lake Mine feasibility study in September 2010, Alexis plans to procure required project financing from amongst a broad range of financing proposals received since the publication of the Preliminary Assessment on the potential of the Snow Lake property (Press Release: March 8, 2010). The offering will support the early stages of mine refurbishment and development at the Snow Lake Mine until suitable project financing is obtained.

Each Unit of the current financing will be comprised of one common share of the Company (each, a "Common Share") and one-half of one common share purchase warrant (each full common share purchase warrant, a "Warrant"). Each Warrant entitles its holder to purchase one common share of the Company at a price of $0.40 for a period of 36 months following the closing of the Offering. The Company has also granted to the underwriters an over-allotment option exercisable for a period of 30 days from the date of closing of the Offering, to purchase up to an additional $2.5 million of additional Units at the Offering price.

If, at any time commencing the 20th trading day after the closing date of the Offering, the weighted average trading price of the common shares of the Company listed on the Toronto Stock Exchange (the "TSX") is or exceeds $0.55 for a period of 20 consecutive trading days, the Company may accelerate the expiry date of the Warrants by giving prior notice to the holders of Warrants within ten business days immediately following such 20 trading day period. In such event, the Warrants, if unexercised, will expire on the 30th calendar day following the date on which such notice will be deemed to have been received by such holders of Warrants. The notice will be deemed to be received five days following the date such notice was sent.

The Offering is scheduled to close on or about July 30, 2010 and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the Toronto Stock Exchange.

In addition to this offering, on May 17, 2010, the Company announced that it had extended a debenture with an aggregate principal amount of $4.2 million (Press Release: May 17, 2010). The Company has also entered into an agreement with RMB Resources Inc. ('RMB') whereby RMB has agreed to arrange for the extension of the existing $2.15 million convertible debenture that Alexis assumed in connection with its acquisition of Garson Gold Corp. The combination of the extension to the debentures and the current equity offering recapitalizes Alexis Minerals, and is expected to be sufficient to advance the early stages of mine refurbishment and development at the Snow Lake Mine until suitable project financing is obtained. This Offering is expected to allow Alexis to remain strongly focused on the Snow Lake and Lac Herbin mines and the growth in the gold producing profile of the Company.

Alexis also wishes to announce that it has entered into a Settlement Agreement with Dumas Contracting Ltd. with respect to $6,350,000 of outstanding accounts payable for contract mining services rendered at the Lac Pelletier Property. Alexis has agreed to pay to Dumas $3,175,000 on the Closing Date of the Offering; issue additional units with a value of $1,587,500; and, pay the remaining $1,587,500 of the outstanding accounts payable, in four equal quarterly instalments. The Offering will qualify the distribution of Units pursuant to the Settlement Agreement. The Offering will qualify the distribution of additional Units issued in satisfaction of up to $1.5M of outstanding accounts payable to certain other creditors.

The Common Shares and Warrants offered have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the Common Shares or Warrants in any jurisdiction in which such offer, solicitation or sale would be unlawful.

About Alexis Minerals Corporation

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 according to recent independent reports. A feasibility study for Lac Pelletier indicates the potential for an additional 35,000 oz. of annual gold production; and a Preliminary Assessment for Snow Lake estimates another 90,000 oz. of annual gold production. As a result, Alexis is targeting mid-tier gold production levels in 2011. Alexis also 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). Exploration to date has found various gold- and base metal-rich areas providing the potential for further growth in mineral production through new mine discovery. For more information about Alexis Minerals visit www.alexisminerals.com.

Forward looking information

This document may contain or refer to forward looking information within the meaning of applicable securities laws, based on current expectations, including, but not limited to, mineralization projections, future exploration priorities, estimates and costs, projected capital and operating expenditures, future exploration plans and techniques, estimates regarding the timing and costs of exploration, mineral prices, 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. Estimates and assumptions underlying the mineralization projections are based upon extensive technical and scientific analysis conducted by the management of the Company, the results from drill programs and other exploration, the analysis of external consultants and information obtained by the Company from third parties. Readers should not place undue reliance on forward-looking information. Forward looking information is provided as of the date hereof and we assume no responsibility to update or revise them to reflect new events or circumstances.

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 or Toll Free: 877-717-3027
bruce.barch@alexisminerals.ca

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