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Alexis Minerals Corporation

Wednesday, October 3rd, 2007

Alexis Minerals Corporation is pleased to announce that results from a drilling program on the company’s Lac Pelletier gold project, continue to return thick gold intercepts that have the potential to be recovered by low-cost bulk mining methods. Drilling to delineate an area for potential long-hole mining is proving successful in an area adjacent to the historic ramp and within the known deposit (see Press Releases : August 31, 2006 ; April 19, 2007 ; August 13, 2007). Assay results have been received from 24 recently completed drillholes for 3136.0 m of drilling (see Figure 1). The program has been successful in outlining several large-volume ore shoots that can potentially be mined using low-cost, longhole bulk mining methods during the early production stages of a Lac Pelletier operation. Engineering studies on the feasibility of mining these areas is currently underway. In addition, exploration drilling outside of the known resource area continues to define significant gold mineralization.
Significant results from recent definition drilling (20 holes for 2104 m) are:
– 10.81 (9.01 cut*) g Au/t over 6.6 m (Hole 17475-47)
– 7.61 g Au/t over 14.9 m (Hole 17475-45)
– 8.15 (7.89 cut*) g Au/t over 11.5 m (Hole 17475-30)
– 6.34 g Au/t over 9.7 m (Hole 17475-24)
The best results to date from barge-based exploration drilling (4 holes for 1032 m) are:
– 9.14 g Au/t over 9.4 m (Hole 17475-59)
“Drilling to test potential for low-cost, bulk-mineable resources at Lac Pelletier has been very encouraging and enhances the potential of the project area,” stated David M. Rigg, President and CEO of Alexis Minerals. “Drilling has confirmed continuity to mineralization in this area and supports the potential of locating additional low-cost, bulk-mineable resources elsewhere on the property. Exploration drilling outside of the area of known resources also continues to encourage us and supports our strong belief that excellent potential for resource expansion exists on the property. Lac Pelletier offers Alexis potential for production with a short lead-in time from start up and low capital costs. Alexis will focus on dewatering the underground infrastructure at Lac Pelletier in 2007 and underground exploration to upgrade and expand the resource, test mining to confirm grade, and further metallurgical work in 2008.”
The current program has confirmed the presence of a large and extensive area of well developed mineralization at the point of intersection of the two principal gold structures, the B Shear and Zone 4. The zone has been confirmed over a minimum plunge length of 80 metres, a true vertical thickness of up to 25.5 m and a width of up to 30 m. The trend remains open down plunge through the area of known Resources over a strike distance of 400 metres.
For further information visit: www.alexisminerals.com

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