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Alexis Announces Close of $10 Million Private Placement Financing

^{Published on 2009-12-23 16:50:10 - Market Wire}
 

MONTREAL, QUEBEC--(Marketwire - Dec. 23, 2009) - Alexis Minerals Corporation (TSX:AMC) ("Alexis") is pleased to announce that it has closed its previously announced brokered private placement in an amount of $10,000,000 (the "Offering") (See Press Release Dated December 9, 2009). In connection with the Offering, the Company issued 20,000,000 flow-through shares ("Flow-Through Shares") at a price of $0.50 per Flow-Through Share.

Alexis retained Industrial Alliance Securities, Sandfire Securities Inc. and Cormark Securities Inc. to act as the agents with respect to the Offering.

The proceeds of the financing will be used to incur eligible Canadian Exploration Expenses, as defined under the Income Tax Act (Canada), that will be renounced in favour of the purchasers with an effective date of no later than December 31, 2009. The funds are intended to be used to explore resource targets across the Company's extensive properties in Val D'Or and Rouyn-Noranda, Quebec and to improve the quality of gold resources on several known gold targets on the New Britannia mine property, located in Snow Lake, Manitoba, to be indirectly acquired through Alexis' bid to acquire all of the issued and outstanding common shares of Garson Gold Corp.

Alexis is embarking on a major program of growth in gold production. From a production base of the Lac Herbin Mine in Val d'Or, Alexis expects to increase gold production with the introduction of commercial production from its Lac Pelletier Mine in the second quarter of 2010. Lac Pelletier is in advanced exploration and a bulk sample program at the Lac Pelletier Gold project is in progress. The Company anticipates the completion of a feasibility study on the New Britannia Mine by the end of the second quarter, 2010 with regard to the reopening of the New Britannia Mine during 2011. The operation of the Lac Herbin and Lac Pelletier mines, combined with the operations at the New Britannia mine is expected to provide Alexis with the growth required to achieve mid-tier gold production status in 2011.

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). Recently Alexis entered a binding agreement to acquire all shares of Garson Gold Corp. 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, proposed use of proceeds, timing for closing of the financing, ability to attract financing, renunciation of flow-through expenses, regulatory approvals, ability to complete the Offer, and future exploration expenses and 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 negotiations between the Company and prospective investors, extensive technical and scientific analysis conducted by the management of the Company, 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.

The TSX has not approved the contents of this news release.