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Alexis Minerals Corporation: Alexis Minerals Reports Q4 and 2008 Financial Results

TORONTO, ONTARIO--(Marketwire - Feb. 25, 2009) - ALEXIS MINERALS COPORATION (TSX:AMC) is pleased to announce its 2008 Fourth Quarter and Year End Financial Results. Alexis has delivered on its prime milestone for 2008, becoming one of the world's new gold producers. Alexis brought its first gold mine into full production, and continued to expand its resource base in support of extending the life of mine plan. The Company is successfully continuing with its other key strategic priorities, growth in production and exploring for significant gold and base metal deposits. All figures are reported in Canadian dollars, unless otherwise noted.

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 Alexis issued its 2008 Annual Financial Statements and MD&A
 February 24 2009.
 Copies will be available at [ www.sedar.com ] and [ www.alexisminerals.com ]

Management will host a web cast presentation with a Q&A session starting at
 2 pm (ET), Wednesday, February 25th 2009.
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 Call in numbers are:
 416-695-9712 or 1-800-565-0813 (Toll Free)
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Q4 2008 Highlights:

During the three months ended December 31, 2008 ("Q4 2008"), the following occurred at Alexis Minerals:

- The Company reported revenue of CAD $10.1 million.

- Lac Herbin, in Val d'Or, Quebec, became the Company's first gold mine.

- The Company sold 10,600 ounces of gold at a realized average price of CAD $995/oz. during Q4 2008. The gold sales included:

-- 6,392 ounces from the preproduction period, and,

-- 4,208 ounces from the commercial production period at a cash cost of CAD $581/oz (see Non GAAP Measures)

- The first 6,392 ounces sold during the 4th quarter were produced in the preproduction phase. Consequently, the cost per ounce of these initial ounces sold was high relative to the cost of the ounces produced during the fourth quarter. Management expects the cash cost per ounce of the gold produced in December 2008 which will be sold in March 2009 to be on track with our estimated CAD $536/oz.

- The Lac Herbin mine generated through its pre-production and production stages a total of 18,115 oz. of gold in the year.

- A year end tabulation of Resources was completed at Lac Herbin.

- Resources have been discovered to replace ore mined in 2008 and ensure a life of mine of at least five years.

- The Quality of the resources has improved significantly:

-- Measured Resources have increased 180% over December 2007 to 124,800 tonnes grading 9.2 gAu/ T for 37,100 ounces of gold.

-- The grade of Measured Resource increased to 9.2 g Au/t from 6.8 g Au/t with the grade increase supported by milling results. (see press release: February 24, 2009)

- Exploration discoveries in 2008, provide significant potential for further Resource growth in 2009:

-- Discoveries in Lac Herbin's HW2 Zone and S3 Zone.

-- Gold mineralized shears of the Lac Herbin mine appear to extend for at least a further 500 metres beyond current development.

-- An additional gold bearing shear directly north of the Lac Herbin mine.

-- A new zone ("FL Zone") is potentially a linking structure between the Herbin and Ferdeber mines.

- A new discovery was made on the Central VMS properties in drilling of the Deep West target area. A copper-rich zone of Volcanic Massive Sulphides (VMS) was intersected and was underlain by an extensive copper-rich stringer zone. Mineralization is interpreted to be at the same stratigraphic location approximately 1.5 km. from the nearby past-producing Louvicourt Mine in Val d'Or.

Financial Results:

For the quarter and year ended December 31, 2008

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 Three Twelve
 months months
Alexis Minerals Corporation ended ended
 31-Dec-08 31-Dec-08

Tonnes of ore mined 31,823 80,284

Grade per tonne 6.67g/t 6.90g/t
Total gold ounces mined 6,822 18,115
Average recovery rate 97.5% 97.6%
Gold ounces sold 10,600 15,265
Average realized gold price (per oz CAD) $995 $964

Revenue from mining operations (net of
 Royalties and refining charges CAD 000's) $10,079 $10,079

Mine operating expenses (excludes depletion
 and amortization - CAD 000's) $8,334 $8,334
Amortization and depletion (CAD 000's) $1,364 $1,364
Gross profit (CAD 000's) $381 $381
Net earnings (loss) (CAD 000's) $185 $(1,995)
Basic and diluted earnings (loss) per share (CAD) $0.00 $(0.02)
Cash flow from operating activates (CAD 000's) $4,558 $3,314
(i)Cost of sales per ounces sold (CAD) $786 $786

(i)see Non GAAP Measures

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The Company sold 10,600 ounces of gold and generated $10.08 million in revenue from mining operations during its first quarter of commercial production. Mine operating expenses were $8.33 million and the Company recorded amortization and depletion of operating costs of $1.36 million. The Company is amortizing the deferred costs related to the Lac Herbin mine over the current net reserves at Lac Herbin of approximately 189,000 ounces. The gross profit was $0.38 million. Revenue from mining operations includes $10.54 million from gold sales reduced by $0.46 million in refining charges and royalty charges. The Company is subject to an NSR of 4.5% on Lac Herbin gold sales. The cost of sales per ounces sold excluding amortization and depletion was $786 per ounce (see Non GAAP Measures). This reflects the higher cost of preproduction ounces included in the sales of the first quarter of commercial production. In the fourth quarter, 6,392 ounces of gold were sold which were produced in the preproduction phase.

The net loss for the twelve months ended December 31, 2008 was $1.99 million compared to a loss of $1.76 million for the twelve months ended December 31, 2007.

Operating Performance

The Company made a production decision in February, 2008. Lac Herbin achieved Commercial Production in October 2008 and Full Production in December 2008, as scheduled. The mine averaged 408 tonnes per day in the fourth quarter. Gold production in the fourth quarter was 6,822 ounces and production was positively impacted by a 58% higher grade than anticipated from mine estimates during processing at the regional custom mill.

Underground development and exploration continued during the fourth quarter of 2008. Development work focused on production areas which will be exploited in 2009. Commercial production commenced in October 2008 with 31,823 tonnes and 6,822 ounces produced. Total ore mined during Q4-2008 and during the pre-production period through 2008 was 80,284 Tonnes grading 6.90 gAu/t.

At the end of December 74 employees were working in the Company's mining operations. The Company managed operations effectively, preventing any environmental non-conformities during Q4-2008.

Development

Lac Herbin

During Q4-2008 diamond drilling at Lac Herbin has continued to focus on delineation and infill drilling of areas of the S3, HW2 and S1 zones that required more information prior to development. A total of 2028 m were drilled for delineation purposes. Underground exploration drilling also started in earnest during Q4-2008 and a total of 13,245 m were completed. Total drilling at Lac Herbin during 2008 was 55,056 m.

A new resource estimate for the Lac Herbin Mine was completed based on the extensive lateral development in ore and detailed drilling completed during 2008 (see News Release, February 23, 2009).

As well, management is encouraged by the discovery of several new areas where there is significant potential to increase Resources on an annual ongoing basis.

Lac Pelletier

The 2007 scoping study on Lac Pelletier prepared by Golder (see Press Release: April 19, 2007), shows clear economic potential for the deposit, The Lac Pelletier project was affected by dramatically changing market conditions during 2008, principally general cost increases in the mining industry, availability of personnel, and then the negative reversal of the worldwide economic climate. The risks associated with the project during 2008, while also moving Lac Herbin through pre-production and into production, became of paramount concern. A further review of the technical aspects of the project was initiated prior to underground work. A new resource calculation incorporating all Alexis surface drilling and using an alternative longitudinal method was completed in 2008. The study has confirmed the independent resource calculation completed in 2006 for the study will be reported shortly. A prefeasibility study was also started during 2008 and will be completed in April 2009.

Exploration

Val d'Or

17,496 metres of drilling was completed in Q4-2008, bringing total drilling during the year to 78,487 metres.

i) Aurbel

With the completion of construction of the Lac Herbin Mine, Alexis' strategy has been to renew exploration focus on the near-by and wholly-owned, past-producing Dumont and Ferdeber mines in Val d'Or.

The Dumont Mine produced 248,000 oz of gold from shear-vein zones from surface to a vertical depth of 400 metres between 1980-1994. Dumont is located on the Alexis Aurbel property, approximately 1 km southwest of the Lac Herbin Mine. The Dumont deposit is considered "open to depth" and will be further explored in 2009.

The Ferdeber mine, which produced 362,000 oz of gold between 1979-1994, is located 1.5 km to the east of the Lac Herbin mine. During the fourth quarter information was reviewed and compiled, identifying targets to the east, west and at depth of the mine.

Further exploration will be focused on extensions to these two deposits and in identifying the potential between these mines and the Lac Herbin mine. The recent inclusion of the FL Zone in Inferred Resources at Lac Herbin bodes well for future discovery in 2009, as well as potential for ramping up production from multiple locations in this key area around the Aurbel Gold Mill.

ii) Central VMS

In April, 2008 Alexis announced that it had vested into ownership of seventeen properties in the Val d'Or Mining District, Quebec. The seventeen properties cover 109 sq.km of the favourable Val d'Or Formation. The properties cover an area of exploration potential for both base metals and gold contiguous to the south of the wholly owned Alexis Aurbel gold property.

Fourth quarter exploration on this large property in the Val d'Or Central VMS Camp resulted in:

- The discovery of a zone of Volcanogenic Massive Sulphides (VMS) in the Deep West Target area. The massive sulphides are copper-rich and underlain by a wide copper-rich stringer zone. The VMS mineralization is interpreted to be at the same stratigraphic location as, and 1.5 km from, the nearby Louvicourt Mine in Val d'Or, Quebec. Assay results included:

 - 0.5 % Cu over 81.6m in Stringer type mineralization from
 1927.0 to 2008.6 metres; including,

 - 1.0 % Cu over 16.3 m, at 1965.7 to 1982.0, and,

 - 3.6 % Cu over 9.4 m in a combined stringer and Massive Sulphide
 zone between 2008.6 and 2018.0 m; including,

 - 6.8 % Cu over 3.45 m, in Massive to Semi-Massive
 Sulphides between 2014.55 and 2018.0m

The area is in detailed compilation. Compilation and 3D modeling should be completed during Q2-2009.

- Dunraine target - Surface drilling is currently advancing towards a different off-hole target identified during Q4-2008 at a depth of 1200 metres; and located approximately 4 km to the SW of the Deep West target. Results from the 1500-metre hole are expected by the end of February, 2009. This area is recognized as almost a perfect mirror image of the setting around the Louvicourt mine.

Rouyn-Noranda

Alexis - Xstrata Joint Venture

There was no additional drilling on the joint venture properties during Q4-2008.

Non GAAP Measures

The Company has included certain non-GAAP performance measures, namely cash costs per gold ounce sold, throughout this document. In the gold mining industry, these are common performance measures but do not have any standardized meaning, and are non-GAAP measures. The Company believes that, in addition to conventional measures prepared in accordance with GAAP, we and certain investors use this information to evaluate the Company's performance and ability to generate cash, profits and meet financial commitments. These non GAAP measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. The following table provides a reconciliation of cash costs per gold ounce sold to the Audited Consolidated Financial Statements for the years ended December 31, 2008 and 2007. Full reports can be found at [ www.sedar.com ] and [ www.alexisminerals.com ].

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Cash cost per ounces sold


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 Oct Nov Dec Total
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Revenue

From preproduction ounces
 (CAD 000) $4,530 - $1,350 - $5,880

From commercial production
 ounces (CAD 000) - - - $4,199 $4,199
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 $4,530 - $1,350 $4,199 $10,079

Ounces sold

Pre-production ounces sold 5,000 1,392 6,392

Commercial production ounce
 sold 4,208 4,208
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Total ounces sold 5,000 1,392 4,208 10,600


Mine operating expenses (CAD 000) $4,739 $1,149 $2,446 $8,334


Cash cost per ounce sold (CAD
 000's) $948 $825 $581 $786
(mining operating expenses divided
 by ounces sold)

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About Alexis Minerals

Alexis Minerals Corporation is a Canadian mining company listed on the Toronto Stock Exchange (symbol "AMC"). 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. 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). There are currently two drills active underground at Lac Herbin and two surface drills active in surface exploration in Val d'Or. Further information about Alexis Minerals can be found at its website: [ www.alexisminerals.com ].

Forward looking information.

This document may contain or refer to forward looking information based on current expectations, including, but not limited to, mineralization projections, future exploration plans and techniques, theories regarding the characteristics regarding the deep zone, 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 future-looking information are based upon extensive technical and scientific analysis conducted by the management of the Company, 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.