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Alexis Targets 150,000 oz. Annual Gold Production as Resources More Than Double with Garson Gold Acquisition

Monday, January 25th, 2010

Alexis Minerals Corporation (AMC: TSX) announces that its successful acquisition of Garson Gold Corp. creates a significantly enhanced gold resource base for Alexis, more than doubling the amount prior to the acquisition. Measured and Indicated Resources now exceed 865,000 ounces of gold (108% increase) and Inferred Resources are 479,000 ounces of gold (195% increase). Alexis will focus on the potential to develop production into 2011 with the expectation of reaching mid-tier gold production levels exceeding 150,000 ounces of gold per year, which forecasts are subject to completion of positive feasibility studies.
Resources are now in three world renowned Canadian Mining Districts: Val d’Or and Rouyn-Noranda, Quebec, and Snow Lake, Manitoba. The resources are located close to wholly-owned mine and mill infrastructures. The gold processing facilities, the 1400 ton per day (tpd) Aurbel Mill in Val d’Or and the 2150 tpd mill in Snow Lake, provide a platform for the regional consolidation of other gold resources, additional business opportunities through custom milling, and impetus for continued aggressive exploration across Alexis’ extensive land holdings.
David Rigg, President and CEO stated: “I am extremely excited with this acquisition as it provides an enhanced Resource base from which we can focus on growing gold production. We expect to deliver enhanced value to all shareholders. The Snow Lake Resources, infrastructure and exploration potential offer great leverage, along with those in Val d’Or and Rouyn-Noranda, towards reaching the critical mass for mid-tier recognition”.
Alexis intends to complete an independent Preliminary Economic Evaluation and Resource Evaluation of the New Britannia mine in Snow Lake, Manitoba in February 2010. The Company will continue the ongoing economic studies with the intent of completing a feasibility study in mid-2010. Alexis believes that mine development programs on the newly acquired Snow Lake property will provide the Company with the opportunity to grow gold production to achieve mid-tier gold production status in 2011.
Alexis currently owns 95% of Garson and has started the statutory procedures required to acquire the remaining untendered Garson shares. Successful completion of such statutory procedures will result in Alexis owning 100% of the Garson common shares.

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