Alexis' Snow Lake Feasibility Study Projects 80,000 Ounces Annual Gold Production on New Reserves of 450,000 Ounces Gold

TORONTO, ONTARIO--(Marketwire - Nov. 3, 2010) - ALEXIS MINERALS CORPORATION (TSX: AMC.TO)(OTCQX: AXSMF) ("Alexis" or the "Company") announces favourable results from a feasibility study on its Snow Lake Mine in Snow Lake, Manitoba (the "Feasibility Study"). The Feasibility Study confirms mining an estimated 80,000 ounces gold (oz Au) per year over five years at average cash cost of US$ 640 oz Au, after an initial capital cost of C$39.7 million over a 12 month period.

Other highlights from the Feasibility Study, as set out in Table 1 below, include:

--  Measured and Indicated Resources total 5,471,000 tonnes grading 4.14 g/t
    Au for 728,000 oz Au (see Table 2 below). Additional Inferred Resources
    total 2,367,000 tonnes grading 4.43 g/t Au for 336,700 oz Au. 
--  Newly estimated Proven and Probable Reserves within the Resources are
    calculated to be 3,477,000 tonnes grading 4.04 g/t Au for 451,900 oz Au
    (see Table 3 below). 
--  Total production of 415,600 ounces gold, with a mill recovery rate of
    93.3% 
--  Estimated total average cash cost of C$672 (US $640) /oz Au; and total
    costs of approximately C$852 (US $811) /oz Au. 
--  Total sustaining capital of C$35.2 million. 
--  Operating cash costs per tonne are estimated to be C$81.41/tonne 
--  Total pre-tax cash flow, discounted cash flow at 7%, and Internal Rate
    of Return from the mine are projected to be C$140.7 million, C$100.8
    million and 80%, respectively. 
--  Payback period is estimated to be 1.7 years (after tax) after
    commencement of commercial production. 

The Feasibility Study has been prepared as an independent National Instrument 43-101 (NI 43-101) compliant technical report which will be available shortly under the Company's profile on www.sedar.com.

David Rigg, President and CEO of Alexis emphasized, "The Snow Lake Mine is a modern facility built in 1995 with previous total capital expenditures of over $200 million. From 1995 to 2004 the mine had annual gold production of up to 100,000 ounces. A low risk restart of the mine is projected to generate over C$200 million of pre-tax cash flow at today's gold prices of US$ 1350/oz."

The Snow Lake property continues to demonstrate strong upside potential to increase mineral reserves from the further conversion of inferred mineral resources and from new discovery. Two surface drills are currently engaged in surface exploration and a third drill will be mobilized shortly.

The feasibility results provide positive support for recommencing mining operations at the Snow Lake Mine as the Company works with Legend Securities to secure project financing (see news release, September 30, 2010). Alexis anticipates project financing to be in place to commence operations in January 2011 leading to gold production by the end of 2011. The Company's wholly owned 2,150 tpd gold mill at the Snow Lake Mine will process the mined ore.

Table 1: 2010 Feasibility Study Highlights, Snow Lake Mine, Manitoba.

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                           2010 Feasibility Study                           
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Tonnes Mined                 3,431,000 Pre-prod Capital Costs (C$M)     39.7
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Grade (g/t Au)                    4.04   Average Cash Cost ($US/oz)      640
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Total Recovery                   93.3%  Pre-tax Net Cash Flow (C$M)    140.7
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Ounces Produced Au             415,600                  Pre-tax IRR      80%
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Wt. Avg. Gold Price $US/oz (1)   1,149      Pre-tax NPV (@7%) (C$M)    100.8
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Wt. Avg. Fx CAD/USD (1)           1.05                 Life of Mine  5 years
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1. Bloomberg price deck as at August 31, 2010 used: 2011 - US$1277/oz.Au, 2012 - US$1303/oz.Au, 2013 - US$1276/ozAu, and from 2014 forward - US$1051/oz.Au. US$ to C$ exchange rates are modelled using 2011 to 2013 - 1.04; and 1.06 onwards from 2014

Snow Lake Reserves and Resources

Alexis has completed an updated calculation of Resources (see news release, October 27, 2010) on the project, see Table 2, and a new independent estimation of Reserves, see Table 3. The parameters and methodology used will be described in the Feasibility Study.

Table 2: Snow Lake Property Resource Estimates, Snow Lake, Manitoba, as at October 27, 2010(1)(2)(3)

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Mineral Resource                          Tonnes   Grade (g/t)     Ounces Au
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Measured                                   7,000          4.76         1,000
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Indicated                              5,464,000          4.14       727,000
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Measured and Indicated Resources       5,471,000          4.14       728,000
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Inferred Resources                     2,367,000          4.43       336,700
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1. Main Mine Lower: NI 43-101 Technical report on the New Britannia Mine    
Property and Review of the Mineral Resource Estimate, Snow Lake, Manitoba   
completed by Wiliam J. Lewis, P. Geo and Richard Gowans, P. Eng., Micon     
International Ltd, October 2006. The Cut-off grade used was 0,077 opt       
2. Main Mine Upper and #3 Zone: Resources incorporate results of estimation 
completed and reported in this study, calculated at a Cut-off grade of 0.057
opt.                                                                        
3. NI 43-101 Technical Report on the Squall Lake Property, The Pas Mining   
Division Snow Lake Manitoba, which was completed for Garson Resources Ltd.  
by D Beilhartz, P. Geo., April 2006.                                        

The Feasibility Study has been prepared as an independent National Instrument 43-101 (NI 43-101) compliant technical report which will be available shortly under the Company's profile on www.sedar.com. The Feasibility Study was compiled by Andre Roy, Eng. Manager Mines & Geology (Abitibi), Genivar, an independent Qualified Person. The following areas of the feasibility study are the responsibility of the listed Qualified Persons:

-   Resources - Jamie Lavigne, P.Geo., Vice-President, Exploration with
    Alexis Minerals 
-   Reserves - Andre Roy, Eng., Manager Mines & Geology (Abitibi), Genivar 
-   Rock Mechanics - Dave West, P.Eng, Dave West Consulting Ltd. 
-   Tailings Management Facility - Matthew Parfitt, P.Eng, Specialist
    Engineer/Project Manager, Knight Piesold Ltd. 
-   Environmental - Mark Bednarz, B.E.S., P.Geo, Sr. Environmental
    Geoscientist, BZ Environmental 
-   Metallurgy - Ian Ward, P.Eng., Independent Consultant 
-   Final Compilation - Andre Roy, Eng., Manager Mines & Geology (Abitibi),
    Genivar 

Table 3: Snow Lake Mine Reserve Estimate, Snow Lake, Manitoba, as at October 29, 2010

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 Reserves                                Tonnes   Grade (g/t)     Ounces Au
 --------------------------------------------------------------------------
 Proven                                   7,000          3.81           900
 --------------------------------------------------------------------------
 Probable                             3,470,000          4.04       451,000
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 Total Proven and Probable            3,477,000          4.04       451,900
 --------------------------------------------------------------------------

1.  Mineral reserves developed in the feasibility study are classified as
    Proven and Probable as defined by the CIM mineral resource definitions
    referenced in NI43-101. Andre Roy, Eng of Genivar is the "Qualified
    Person" as defined by NI 43-101 responsible for the mineral reserve
    estimate. He is independent of the Company. 
2.  Diluted cut off grade of 2.7 g/t assumes a gold price of C$ 900/oz Au,
    Fx= $C 1.05/$US 1.0, $76.71/tonne operating cost and a mill recovery of
    93% for longhole mining and $1100/oz Au and operating cost of $102.65/t
    for room and pillar mining. 
3.  Dilution varying between 25% and 36% was applied to a minimum width
    resource block of 1.8m for longhole stoping and 2.1m for room and
    pillar. The grade of the dilution was calculated in the respective
    mining areas from the block model. 
4.  Estimated mineral reserves are not expected to be materially affected by
    any environmental, permitting, legal, title, taxation, socio-political,
    or marketing issues. 

Qualified Persons

The technical and scientific content of this press release has been reviewed by Andre Roy, Eng., Manager Mines & Geology (Abitibi), Genivar, who is an independent "Qualified Person", as defined under NI 43-101 guidelines, and who prepared the Reserve Estimate and compilation of the Feasibility Study; and Jamie Lavigne, P. Geo., VP Exploration, Alexis Minerals Corporation, a "Qualified Person" as defined under NI 43-101 guidelines, who prepared the Resource Estimate for the Feasibility Study.

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 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. Alexis is targeting mid-tier gold production levels in 2011. 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). For more information about Alexis Minerals visit www.alexisminerals.com.

Forward-looking information

This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the future financial or operating performance of Alexis and its projects, the identification of mineral reserves and resources, costs of and capital for development and mining projects, ability to successfully attract financing, development and exploration expenditures, timing of future development, exploration and production, requirements for additional capital, government regulation of mining operations, environmental risks, reclamation expenses, title disputes or claims, limitations of insurance coverage and the timing and possible outcome of pending litigation and regulatory matters. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to those risks described in the annual information form of the Company. For a description of the factors affecting forward-looking information and the basis of management estimates, please see a copy of the annual information form of the Company and the technical report relating to the feasibility study, both of which are available under the profile of the Company on SEDAR. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

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: 1-877-717-3027
bruce.barch@alexisminerals.ca

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