Turnaround Time

Alexis Hopes Manitoba Gold Will Fund Abitibi Expansion

By Greg Klein

At first glance, a company that loses money on an Abitibi gold mine might not seem the ideal spot for a CEO’s career move. But when François Perron joined Alexis Minerals TSX:AMC a year ago, he had his eyes on the main prize—the company’s Snow Lake Gold Project in Manitoba. That, he maintains, is the key to reviving the Lac Herbin Mine and finding others in Quebec’s Cadillac Break’s largest land holding.

“Snow Lake is the jewel, and that’s why I joined Alexis,” Perron says. “There’s this huge opportunity to unlock a lot of value with that project.” In operation from 1995 to 2005, it comes with a mill and other surface infrastructure intact. Below the surface, lie proven and probable reserves averaging 4.04 grams per tonne for 451,900 gold ounces, which are included in measured and indicated resources of 728,000 gold ounces averaging 4.14 g/t. The inferred resource estimate is 336,700 gold ounces grading 4.43 g/t. The estimates date to December 2010.

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