Alexis Minerals Signs Engagement Letter for $60 Million Snow Lake Project Financing

TORONTO, ONTARIO--(Marketwire - Sept. 30, 2010) - ALEXIS MINERALS CORPORATION (TSX: AMC.TO)(OTCQX: AXSMF) ("Alexis" or the "Company") is pleased to announce that it has entered into a Letter of Engagement with Legend Securities Inc(1), a New York based broker-dealer, in respect of project financing for the Company's Snow Lake Gold Mine. The Company selected this financial institution after assessing the approach and conditions of over 20 proposals received from around the globe after publishing the Snow Lake Preliminary Assessment (see news release, March 8, 2010).

It is proposed that the project financing will be in the form of a facility of up to $60,000,000 to provide project financing in two tranches:

-- $45 Million for anticipated Capital Costs to develop and refurbish the
   Snow Lake Mine during the twelve month period following a positive
   production decision; and 
-- an additional $15 Million working capital draw down facility. 

It is proposed that the facility will have a five year term. Alexis would make quarterly payments under the facility from revenues derived from the sale of gold from production at Snow Lake. The first tranche of the facility is expected to be available during the fourth quarter of 2010 and is timed to facilitate mine construction and development to commence in January 2011. The facility does not require any gold-hedging, and there are no associated warrants, options or other equity involvement. The completion of the facility is subject to, among other things, satisfactory completion of due diligence, completion of the Snow Lake Feasibility Study, and execution of the definitive facility documents. The Company expects to complete the Snow Lake Feasibility Study in early October 2010.

Snow Lake Mine Assets

Alexis acquired a 100% interest in the Snow Lake Mine in April 2010 and completed an independent Preliminary Assessment ("PA") of the Snow Lake deposits in March 2010. In the PA, Golder Associates Ltd. ("Golder") estimated that the Snow Lake Mine could produce a total of approximately 423,000 ounces of gold over an estimated six year project life, at an estimated life of mine total cash cost of approximately US$544 per ounce. The Snow Lake Mine has the potential to produce over 90,000 ounces of gold per year. The initial capital cost was estimated to be approximately CDN$33.8 million. Golder projected the Snow Lake Mine to generate a 191% internal rate of return and approximately CDN$163.8 million of accumulated cash flow on a before tax basis, based on March 2010 Bloomberg Consensus gold price estimates(2). The payback period is estimated to be less than two years.

The PA was based on measured and indicated mineral resources in the Main Mine and the No. 3 Zone. Please refer to the Company's March 8, 2010 press release for a description of Resources and the assumptions and parameters relating to the mineral resource estimate.

Alexis believes that there is significant potential to expand the estimated mineral resources at the Snow Lake Mine. For example, the Company identified significant gold mineralization in a potential on-strike extension to the Main Mine (see news release, February 17, 2010) and is presently drilling this area to test the east and down-plunge of the discovery area to determine if a third ore lens occurs on strike of the Main Mine. Alexis has also identified two new high-grade gold zones, which contain mineralization that Alexis believes is similar in character to that of the Main Mine and the No.3 Zone (see news release, June 15, 2010). Alexis is completing a new mineral resource estimate in conjunction with its feasibility study, which will include the results of drilling completed during the period from March to June 2010.

Alexis has completed over 18,000 metres of surface diamond drilling at the Snow Lake project during 2010 in a proposed program of 35,000 metres. Two drills are currently active. Remaining drilling has been designed to focus primarily on the potential for new discovery and expanding estimated mineral resources.

The PA is preliminary in nature, and includes inferred mineral resources that are considered too speculative geologically to have economic consideration applied to them that would enable them to be categorized as mineral reserves. Mineral resources that are not mineral reserves do not have demonstrated economic viability.

Qualified Person

The technical and scientific content of this press release has been reviewed by David Rigg, P.Geo. President and Chief Executive Officer of Alexis Minerals and a Qualified Person as defined under NI 43-101.

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 the Lac Herbin 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 where a Feasibility Study is nearing completion. With these assets Alexis has the potential to increase gold production and is targeting mid-tier gold production levels in 2011-2012. 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). Alexis Minerals has two drills active in Val-d'Or and two drills active in Snow Lake on surface exploration programs. 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, estimates regarding the timing and completion of the feasibility study, 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.

(1) Legend securities is not an underwriter or a bank and is not acting as a principal in the transaction or buying for its account. Legend Securities is a placement agent and is engaged with Alexis minerals for the purpose of structuring and placement of the facility to investors. Legend Securities is not presenting a firm commitment to finance the offering nor has a firm commitment from investors to purchase the investment; all Legend placement capacity are subject to successful structure and marketing of such investment and is on a best effort basis.

(2) Bloomberg US$ Price Deck is 2010 -$1127, 2011 - $1158; 2012 - $1128; 2013 - $1125; 2014 to 2017 - $850

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