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Alexis Minerals Corporation: Alexis Minerals Announces First Quarter 2009 Results

TORONTO, ONTARIO--(Marketwire - May 19, 2009) - ALEXIS MINERALS CORPORATION (TSX:AMC) has reported its first quarter 2009 Financial Statements and Management's Discussion and Analysis for the three month period ended March 31, 2009 on SEDAR ([ www.sedar.com ]). These documents can also be reviewed in full on the Company's website at [ www.alexisminerals.com ].

The Company maintained its gold production at its Lac Herbin mine on schedule. It continued to expand its resource base in support of extending the life of mine plan for Lac Herbin. The Company is successfully continuing with its other key strategic priorities, growth in production and exploring for significant gold and base metal deposits.

(Note: All figures are reported in Canadian dollars, unless otherwise noted).

Q1 2009 Highlights:

- The Company reported revenue of CAD $6.8 million.

- Lac Herbin, in Val d'Or, Quebec, continued operating at full production on schedule to mine an increased target of more than 170,000 tonnes of ore to meet production objectives of 40,000 oz. of gold in 2009.

- The Company sold 6,375 ounces of gold at a realized average price of CAD $1,128/oz.

- The Company mined 7,783 oz. of gold in the first quarter. A total of approximately 1,200 ounces remained in stockpile subsequent to the custom milling campaign that occurred between February 8 and March 8, 2009.

- Resources have been discovered to replace ore mined at Lac Herbin.

- Exploration discoveries in Q1-2009 provide significant potential for further Resource growth in 2009 and beyond.

The Company's growth strategy is expected to enable Alexis to increase gold production. We maintain projected Lac Herbin production at 40,000 ounces of gold in 2009. This is due to an improved confidence in the grade of mineralization over previous projections at the Lac Herbin deposit, supported by gold production and strong milling results.

Based on a preliminary assessment conducted in February 2007 by Golder Associates Ltd., we expect to complete a 40,000 tonnes bulk sample at the Lac Pelletier Mine later in 2009 generating an estimated 10,000 oz of gold. In the current gold price/market cost environment, a positive production decision at Lac Pelletier is expected to be made during the year. Lac Pelletier production is projected to add an additional 35,000 to 45,000 ounces gold on an annual basis commencing in 2010, which would bring total Company annual gold production to 75,000 or 85,000 ounces. The preliminary assessment is preliminary in nature and includes inferred resources that are too speculative geologically to have economic considerations applied to them that would enable them to be categorized as mineral reserves. There is no certainty that the preliminary assessment will be realized. The pre-feasibility study will outline Mineral Reserves at Lac Pelletier.

Alexis is currently reviewing proposals from contractors for refurbishing the Aurbel Mill in order to be commissioned by the end of 2009. The application for a certificate of authorization for the Aurbel Mill is advanced and will be submitted shortly. Subsequent to this application a revised Mill and Tailings Closure Plan will be submitted. Approval of both is expected within the timeframe of refurbishment of the mill in 2009.

Exploration and development during Q1-2009 continues to support the recent projection of a five year life of mine for Lac Herbin. Typical of Quartz-Vein Deposits in the Val d'Or Camp, Alexis expects that exploration concurrent with production will continue to extend mine life on an annual basis well into the future. Q1 exploration drilling has also identified additional mine potential on the Aurbel property, near Lac Herbin.

Q1 2009 Financial Results (Three months ended 31-Mar-09)

Tonnes of ore mined 33,996

Grade per tonne 7.12g/t

Total gold ounces mined 7,783

Average recovery rate 97.5%

Gold ounces sold 6,375

Average realized gold price (per oz CAD) $ 1,128

Revenue from mining operations ( net of $ 6,819
 Royalties and refining charges CAD 000's)

Mine operating expenses (excludes depletion and $ 4,307
 amortization - CAD 000's)

Amortization and depletion (CAD 000's) $ 1,411

Gross profit (CAD 000's) $ 1,101

Net earnings (loss) (CAD 000's) $ 102

Basic and diluted earnings (loss) per share (CAD) $ 0.00

Cash flow from operating activates (CAD 000's) $ 3,283

Cost of sales per ounces sold (CAD)(i) $ 676

(i)see Non GAAP Measures

Operating Performance

The Company sold product from mining operations during its second quarter of production. Mine operating expenses were $4.31 million and the Company recorded amortization and depletion of operating costs of $1.41 million. The Company is amortizing the deferred costs related to the Lac Herbin mine over the current net reserves at Lac Herbin of approximately 206,600 ounces. The gross profit was $1.10 million. Revenue from mining operations includes $7.19 million from gold sales reduced by $0.37 million in refining and royalty charges. The Company is subject to an NSR of 4.5% on Lac Herbin gold sales.

The cost of sales per ounce sold was CAD $676 per ounce (see Non GAAP Measures). The slightly higher costs, compared to last quarter, are a result of expected production in the first two quarters being slightly lower than the averaged 10,000 oz/qtr. The first stopes being mined are at the margins of the ore body and therefore lower grade. The subsequent stopes to be mined will be in the heart of the ore body and therefore the higher grade portion of the ore body. The operating cost for the first quarter was $156/tonne, essentially on budget. Alexis expects this to be lower in the latter part of the year because the development will be lower and the milling costs will be lower as per our custom milling contract structure.

Alexis recorded net income for the quarter ended March 31, 2009 of $0.10 million compared to a net loss of $0.65 million for the quarter ended March 31, 2008. The Company incurred general and administrative expenses of $0.97 million during the quarter (Q1-2008: $0.85 million). As well, the Company recorded a future income tax expense of $0.38 million for the three months ended March 31, 2009 (Q1-2008: a recovery of $0.14 million). Alexis averaged a sale price of $1,128 per ounce during Q1-2009.

Non GAAP Measures

The Company has included certain Non-GAAP performance measures, namely cash costs per gold ounce sold and working capital, 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. Tables included in the Q1 2009 MD&A provide a reconciliation of cash costs per gold ounce sold for the three months ended March 31, 2009 and 2008, and a reconciliation of working capital to the financial statements for the three months ended March 31, 2009 and December 31, 2008.

Quality Control

The technical and scientific content of this press release has been reviewed by Keith Boyle, P.Eng., Chief Operating Officer, Alexis Minerals and Qualified Person 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"). 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 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.