CORRECTION FROM SOURCE: Alexis-90.77 Grams Gold Per Ton Over 1.7 Metres in New Delineation Drilling as Alexis Advances Lac Herbin Towards Production: Financial News

CORRECTION FROM SOURCE: Alexis-90.77 Grams Gold Per Ton Over 1.7 Metres in New Delineation Drilling as Alexis Advances Lac Herbin Towards Production
Monday April 7, 3:13 pm ET

TORONTO, ONTARIO--(MARKET WIRE)--Apr 7, 2008 -- A correction from source is issued with respect to the release disseminated April 7th at 8:30 AM EST. An error occurred in the headline as well as in Table 1 at line "Hole No. LH04-010" The complete and corrected release follows.

Alexis Minerals Corporation (Toronto:AMC.TO - News) is pleased to announce additional high grade assay results from continued delineation diamond drilling of the Lac Herbin deposit as the Company advances mine development to bring the gold deposit into production. Recent underground delineation drilling continues to confirm the high grade nature of the S3 zone and report mineralization in the S2 zone for the first time, Table 1. Alexis has also achieved several important new development milestones including the ongoing development of ore in four of the principal zones in the deposit on the 250-m and 170-m levels. The principal mine ventilation raise has also successfully been broken through to surface as planned in Q1-2008. Access on the 250-level towards the S3 zone and extension of the main Ramp to the 290-m level are also advancing. Highlights from recent drilling include ((i)cut to 1.0 oz. Au/t - See footnote in Table 1):

S3 Zone

- 90.77 (26.45 cut(i)) g Au/t over 1.7m (LH02-229)

- 18.19 (6.86 cut(i)) g Au/t over 5.1 m (LH02-231)

- 57.00 (24.3 cut(i)) g Au/t over 2.9 m (LH02-232)

- 24.81 (14.41 cut(i)) g Au/t over 1.7 m (LH04-006)

- 10.87 (9.09 cut(i)) g Au/t over 5.7 m (LH04-008) - the expression of a flat vein swarm associated with the S3 Zone

S2 Zone

- 19.46 (16.2(i)) g Au/t over 1.5 m (LH04-010)

"Our principal project is advancing and we are moving steadily towards our production objectives," stated David Rigg, President and CEO, Alexis Minerals. "We are currently developing ore in four of the principal ore zones and access on the 250-m level is less than 100 metres from the S3 Zone. I am very excited by the prospects of finally being in position to see, and develop within, this high grade zone. We should see a lot of high grade material, and gold ounces, added to our current stockpiles for milling commencing in May"

A fifth underground diamond drill is due to arrive on site in April and exploration drilling to further expand resources will resume. Additional drilling has also been reported from a program of surface drilling conducted over year-end, Table 2. The drilling successfully intersected both the up-dip extension of the HW and WE zones. Highlights from this drilling include:

WE Zone

- 25.99 (23.20 cut(i)) g Au/t over 1.5 m (AMAR - 75)

- 17.43 (17.43 cut(i)) g Au/t over 2.5 m (AMAR - 81)

- 7.60 (5.98 cut(i)) g Au/t over 11.0 m (AMAR - 77) - the expression of a flat vein swarm associated with the WE Zone

HW Zone

- 16.24 (13.43 cut(i)) g Au/t over 1.5 m (AMAR - 77)

Mine Development

The company took over the main development of the mine in January from the mining contractor with the total Alexis workforce growing to a total of 80 employees at the end of February. The majority of staff and hourly positions have been filled. Several important new project milestones have been achieved. These include:

- Ongoing development of ore in four of the principal zones in the deposit: on the 250-m level in the HW, HW2 and S1 zones and on the 170-m level in the LH and HW ore zones. Broken ore ("development muck") is being stockpiled on surface.

- Breakthrough of the principal mine ventilation raise from the 200-m level to surface in Q1-2008. Work on a second access man-way and ventilation equipment, required for production, is advancing well.

- Development of access on the 250-level towards the S3 zone is progressing and is less than 100 metres from the S3 zone.

- The main Ramp is also advancing to access S3 and S1 zones on the 290-m level.

- The construction of underground infrastructure is progressing well and includes powder magazines, electrical substations, refuge stations and the main (permanent) dewatering facilities.

On surface, a second settling pond has been completed to meet water-discharge requirements. A permanent warehouse has been built and is being stocked. A shop facility, on site for the contractor, has been taken over and additional construction completed for garage and maintenance needs. The power line and mine access road have been upgraded.

Production blast-hole drilling is expected to start in April in the HW zone and in May in the Lac Herbin zone. A custom milling contract has been signed to meet requirements for processing of ores from Lac Herbin and bulk sample material from the Lac Pelletier project for 2008 at a nearby custom milling facility. Shipping and milling of stockpiled ore from Lac Herbin will begin in May and is expected to be transported freely using the upgraded access road and new bridge over the Bourlamaque river.

Quality Control

The Lac Herbin underground program is supervised by Mr. Olivier Grondin, P.Geo. and Patrick Sevigny, Eng., Qualified Persons as defined under NI 43-101 guidelines. Assay samples are taken from underground drill core sawed in half with one half sent to a commercial laboratory and other half retained for future reference. Whole core sampling procedures are followed on infill drilling and delineation drilling. A strict QA/QC program is followed which includes mineralized standards, blank and field duplicate for each batch of samples. A strict QA/QC program is followed on samples taken from drill core. Analyses are performed by ALS Chemex of Val d'Or, Quebec.

The content of this press release has been reviewed by the respective Qualified Persons.

About Alexis Minerals

Alexis Minerals Corporation is a Canadian exploration and development company listed on the Toronto Stock Exchange. Alexis owns the 1400 tonne per day Aurbel gold mill and is currently advancing the adjacent, wholly-owned Lac Herbin Gold deposit into production in 2008. Alexis also has the right to earn in into a 100% interest in the Lac Pelletier gold property in Rouyn-Noranda and is focused of advancing this project to a commercial production decision in 2008. Alexis holds an outstanding portfolio of properties covering1,005 sq. km. of the prospective Val d'Or and Rouyn-Noranda Mining Camps in Quebec and explores these properties for both gold and base metals. Approximately 786 sq. km. of the Rouyn-Noranda Mining Camp is explored in a 50-50 joint venture with Xstrata Copper. There are currently four underground drills active at Lac Herbin, one surface drill active in Val d'Or and one surface drill active in Rouyn-Noranda.

Forward looking information.

This document may contain or refer to forward looking information based on current expectations, including, but not limited to, mineralization projections, estimates regarding the timing and costs of production and exploration, mineral prices, feasibility of projects, 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. These forward looking statements are made as of the date hereof and we assume no responsibility to update or revise them to reflect new events or circumstances.

 

      Table 1 : Recent results from Underground Delineation Drilling,
                   Lac Herbin Project, Val d'Or, Quebec

----------------------------------------------------------------------------
                                                                       True
Hole No.     From      To    Length      Zone     Uncut        Cut    Width
               (m)     (m)       (m)            (g Au/t)   (g Au/t)      (m)
----------------------------------------------------------------------------
LH04-008    204.6  212.75      8.15  Flats-S3     10.87       9.09      5.7
----------------------------------------------------------------------------
LH02-219      337   338.8       1.8        S1      1.85       1.85      1.7
----------------------------------------------------------------------------
LH02-220    342.5   345.9       3.4        S1      1.23       1.23      3.2
----------------------------------------------------------------------------
LH01-231    386.7   388.9      2.24        S1      0.12       0.12      2.1
----------------------------------------------------------------------------
LH04-006     23.7    25.5       1.8        S1      0.14       0.14      1.5
----------------------------------------------------------------------------
LH04-007     19.5    23.5         4        S1      0.08       0.08      3.4
----------------------------------------------------------------------------
LH04-008     24.9    26.8       1.9        S1      0.66       0.66      1.5
----------------------------------------------------------------------------
LH04-009    21.77   24.74      2.97        S1      0.97       0.97      2.6
----------------------------------------------------------------------------
LH02-233    366.4   369.7       3.3        S1        LV         LV      3.0
----------------------------------------------------------------------------
LH04-010    24.25    25.9      1.65        S1      0.54       0.54      1.5
----------------------------------------------------------------------------
LH02-220      248   250.9       2.9        S2      4.35       4.35      2.2
----------------------------------------------------------------------------
LH02-229    237.7  239.85      2.15        S2      8.80       8.80      1.7
----------------------------------------------------------------------------
LH04-009      183   185.2       2.2        S2      4.46       4.46      1.7
----------------------------------------------------------------------------
LH04-010    190.4   192.2       1.8        S2     19.46      16.20      1.5
----------------------------------------------------------------------------
LH02-219    221.6   223.1       1.5        S3      0.37       0.37      1.5
----------------------------------------------------------------------------
LH02-220    211.4   224.5       3.1        S3        LV         LV      3.0
----------------------------------------------------------------------------
LH02-229    231.7   233.4       1.8        S3     90.77      26.45      1.7
----------------------------------------------------------------------------
LH02-230   231.35   232.9      1.55        S3      2.66       2.66      1.5
----------------------------------------------------------------------------
LH02-231    234.9     240       5.5        S3     18.19       6.86      5.1
----------------------------------------------------------------------------
LH02-232    176.9   181.4       4.6        S3      0.20       0.20      4.1
----------------------------------------------------------------------------
LH02-232    224.9   227.8       2.9        S3     57.00      24.30      2.9
----------------------------------------------------------------------------
LH04-006    206.4   208.4         2        S3     24.81      14.41      1.7
----------------------------------------------------------------------------
LH04-007    185.8   187.5       1.7        S3      1.16       1.16      1.5
----------------------------------------------------------------------------
LH04-008    214.3   220.5       6.2        S3      9.23       9.23      5.0
----------------------------------------------------------------------------
LH02-233    231.5   237.5         6        S3      7.00       7.00      5.4
----------------------------------------------------------------------------
LH04-009    203.8     206       2.2        S3      5.50       5.50      2.0
----------------------------------------------------------------------------
LH02-231    173.1   175.9       2.8        S4        LV         LV      2.7
----------------------------------------------------------------------------

Notes: (i)Cut Grade: all assays in excess of 34.28 gAu/t are cut
conservatively to 34.28 gAu/t (or 1.0 troy ounce/tonne). Cutting factors at
Lac Herbin may need to be increased to 68.57 gAu/T (2.0 oz.Au/t) to more
closely represent gold content of veining based on results of bulk sampling
and test milling programs in Q4-2007 (see Press Release: January 29, 2008).

LV equals Low Values QT equals Quartz Tourmaline VG equals Visible
native Gold


Table 2: Recent assay results from Surface drilling, Lac Herbin Project, Val
                                d'Or, Quebec.

----------------------------------------------------------------------------
                                                                       True
Hole No.     From      To    Length      Zone     Uncut        Cut    Width
               (m)     (m)       (m)            (g Au/t)   (g Au/t)      (m)
----------------------------------------------------------------------------
AMAR-77       143     154        11  Flats-WE       7.6       5.98     11.0
----------------------------------------------------------------------------
AMAR-73     100.9   102.4       1.5        HW      3.51       3.51      1.5
----------------------------------------------------------------------------
AMAR-74        76    78.4       2.4        HW      5.81       5.81      2.4
----------------------------------------------------------------------------
AMAR-75     102.7   104.2       1.5        HW      0.55       0.55      1.5
----------------------------------------------------------------------------
AMAR-76        85    86.5       1.5        HW      1.00       1.00      1.5
----------------------------------------------------------------------------
AMAR-77     100.4   103.2       2.8        HW     16.24      13.43      1.5
----------------------------------------------------------------------------
AMAR-78      88.8    92.6       3.8        HW      1.05       1.05      3.8
----------------------------------------------------------------------------
AMAR-79        82    83.8       1.8        HW        LV         LV      1.5
----------------------------------------------------------------------------
AMAR-80      60.6    62.1       1.5        HW      0.22       0.22      1.5
----------------------------------------------------------------------------
AMAR-81      87.2    88.7       1.5        HW      1.95       1.95      1.5
----------------------------------------------------------------------------
AMAR-82      62.2    63.7       1.5        HW      0.45       0.45      1.5
----------------------------------------------------------------------------
AMAR-83      89.4    92.1       2.7        HW      0.09       0.09      2.2
----------------------------------------------------------------------------
AMAR-84      69.1    72.9       3.8        HW      0.10       0.10      3.2
----------------------------------------------------------------------------
AMAR-86      94.5     100       5.5        HW        LV         LV      4.8
----------------------------------------------------------------------------
AMAR-75     182.6   185.5       2.9        LH      4.91       4.91      2.2
----------------------------------------------------------------------------
AMAR-77     157.4   159.6       2.2        LH        LV         LV      1.6
----------------------------------------------------------------------------
AMAR-78     122.6   125.2       2.6        LH        LV         LV      1.9
----------------------------------------------------------------------------
AMAR-80        86      88         2        LH      1.85       1.85      1.5
----------------------------------------------------------------------------
AMAR-81        93    95.2       2.2        LH      0.13       0.13      1.6
----------------------------------------------------------------------------
AMAR-83     116.4   119.7       3.3        LH        LV         LV      1.5
----------------------------------------------------------------------------
AMAR-75     170.2   173.2         3        WE     25.99      23.20      1.5
----------------------------------------------------------------------------
AMAR-77     132.3   135.3         3        WE        LV         LV      1.5
----------------------------------------------------------------------------
AMAR-78      32.6    36.6         4        WE      0.08       0.08      2.4
----------------------------------------------------------------------------
AMAR-78     110.6   113.7       3.1        WE      2.59       2.59      1.9
----------------------------------------------------------------------------
AMAR-79      57.9    67.2       9.3        WE      0.05       0.05      4.7
----------------------------------------------------------------------------
AMAR-81      58.3    62.5       4.2        WE     17.43      17.43      2.5
----------------------------------------------------------------------------
AMAR-82      25.7    33.9       8.2        WE        LV         LV      4.5
----------------------------------------------------------------------------
AMAR-83      37.9    41.5       3.6        WE      0.23       0.23      1.5
----------------------------------------------------------------------------
AMAR-84      21.3    24.8       3.5        WE      0.69       0.69      1.5
----------------------------------------------------------------------------
AMAR-86      27.1    30.4       3.3        WE      1.31       1.31      1.5
----------------------------------------------------------------------------

Notes: (i)Cut Grade: all assays in excess of 34.28 gAu/t are cut
conservatively to 34.28 gAu/t (or 1.0 troy ounce/tonne). Cutting factors at
Lac Herbin may need to be increased to 68.57 gAu/T (2.0 oz.Au/t) to more
closely represent gold content of veining based on results of bulk sampling
and test milling programs in Q4-2007 (see Press Release: January 29, 2008).

LV equals Low Values QT equals Quartz Tourmaline VG equals Visible native
Gold