Alexis Advances Successful Base Metal Exploration Strategy Into 2006.

TORONTO -- Alexis Minerals Corporation (TSX VENTURE:AMC) is pleased to announce that it is continuing aggressive exploration to expand on its 2005 base metal discovery successes in the Rouyn-Noranda and Val d'Or mining camps, Quebec. The primary focus of base metal exploration continues to be:

- delineation drilling of, and exploration around, the new West Ansil copper-zinc (Cu-Zn) deposit in Rouyn-Noranda,

- drill evaluation of Louvex-P6 target 1 km. west of the Louvicourt Mine in Val d'Or, and,

- continued development of high quality exploration targets across an extensive land package in Rouyn-Noranda and Val d'Or in support of continued exploration drilling during 2006.

Details of the company's base metal exploration activities and results are available in the Alexis Q1 2006 MD&A report at www.sedar.com and will be discussed at the Alexis Annual Meeting in Toronto on January 6, 2006.

The aggressive base metal exploration program has resulted in completion of 101 drillholes for a total of over 65,000 metres in fiscal year 2005 (ending July 31, 2005). This total included 12 delineation drillholes on the West Ansil base metal discovery (see Press Release: March 4, 2005). For the period of August 1 to October 31 (Q1 2006) an additional 27 holes for 17,691 metres were completed on Rouyn-Noranda and Val d'Or base metal targets.

"Over the last 14 months we have had significant base metal exploration successes in particular at the Montbray and West Ansil project areas in Rouyn-Noranda, and, at the Louvex project in Val d'Or," said David M. Rigg, President and CEO of Alexis Minerals. "Our activities confirm that the region continues to host significant potential for new discovery. We anticipate that continued exploration efforts in 2006 and our continued application of new exploration technologies will add to our discovery success record."

The company's base metal strategy includes a detailed re-evaluation and data from compilation of the Rouyn-Noranda and Val d'Or camps using a GoCad database management platform prior to initiating a further 60,000 metres of drilling in 2006. The use of the GoCad system has led to the identification of over 100 exploration targets in the Rouyn-Noranda camp to date, of which 41 have been tested during the current program. Results from this work have returned 10 new copper-zinc occurrences which include the Montbray Cu-Zn occurrence (see Press Release: November 12, 2004), and the new West Ansil base metal deposit (see Press Release: March 4, 2005). Recent drilling, geochemistry and compilation have also developed new and exciting exploration models that will be incorporated into the GoCad platform, including the existence of a higher frequency of Horne-type rhyolites throughout the Rouyn Camp. Ongoing results from the Louvex program and a new model for the Val d'Or camp are also driving exploration in 2006 in the Val d'Or area.

ADVANCED EXPLORATION TARGETS

West Ansil Cu-Zn Deposit, Rouyn-Noranda

The exploration of the new base metal discovery has continued throughout the year with recognition that the style of mineralization and geological setting of the deposit appears typical of other Volcanogenic Massive Sulphide (VMS) deposits in the Camp. Modeling of up to 18 known massive sulphide lenses in the Rouyn-Noranda Camp provides significant insight towards potential in the West Ansil area.

Falconbridge and Alexis continue to evaluate the economic parameters of the West Ansil deposit and drilling continues to delineate the geometry and extent of mineralization. To date, copper grades and sulphide textures demonstrate that the zone consists of a stacked system of massive sulphide lenses that were progressively formed at an evolving seafloor interface with deeper (buried) parts of the system being progressively replaced with chalcopyrite. Zinc and gold grades are zoned and support this interpretation. The upper lens, at 200 metres depth, also has a demonstrable component of magnetite associated with the massive sulphides and contains lower grade copper values, lacking chalcopyrite replacement and upgrading.

Exploration of the deposit is continuing. Falconbridge has undertaken an initial evaluation of the deposit. Five additional holes are recommended during Q2-2006 and prior finalization of the resource calculation. These holes are currently being completed on the deeper areas of the deposit from 300 to 500 metres below surface.

Exploration also continued in the area of the West Ansil discovery through Q1-2006 to test GoCad targets in proximity to the deposit; on intersecting structural trends (synvolcanic faults); or, in proximity to off-hole geophysical anomalies and geochemical alteration trends related to the West Ansil Zone. During Q1-2006, 8 holes (5,764.0 metres) have been completed. No new zones with massive sulphides have been encountered but stringer mineralization has been locally intersected (Table 1). Compilation and review of results is ongoing and further exploration will be recommended upon completion of this work.

Please click on the following link to view Table 1; http://www.ccnmatthews.com/docs/tamc1.pdf

Louvex Cu-Zn Property, Val d'Or

Exploration to evaluate base metal potential around the P6 target on the Louvex property continued through the first quarter. Hole 17315-03A/C was completed during September 2005 at a depth of 2,344 metres for 1,475 metres of drilling during the quarter (see Press Release: November 17, 2005. quarter. Hole 17315-03C intersected an interval of 235.9 metres of highly anomalous Zn (1,470 ppm) and copper (460 ppm) stringer mineralization from 1,601.1 to 1,837.0 metres in the hole. Mineralization is associated with moderate to strong chlorite and sericite alteration.

Reinterpretation of the geology in the three deep holes completed to date supports continued application of the Louvicourt Mine model to the area. The continued discovery of alteration, mineralization and favourable geology, indicative of the footwall area to a massive sulphide deposit unrelated to the Louvicourt mine and within an environment that would support the potential for a deep base metal massive sulphide deposit, is very encouraging. A new target has been identified 250 to 300 metres deeper than tested by previous holes. The target is located approximately 1.0 km west of the Louvicourt Mine and shaft at a depth of 1600 to 2000 metres below surface. Hole 10314-13A, an historical drill hole terminated at 1200 metres, is currently being deepened to test the new target area using navigational drilling (NAVIDrill) techniques. The hole is expected to be completed in January 2006.

GRASSROOTS EXPLORATION TARGETS

Rouyn-Noranda GoCad, MegaTEM, Titan24 and "Trends" Exploration Programs During Q1-2006 a total of 4,600.0 metres in 8 holes were completed on GoCad, MegaTEM, Titan-24 and ''Trends'' targets. Results from this work are presented in Table 2.

Please click on the following link to view Table 2; http://www.ccnmatthews.com/docs/tamc2.pdf

Of particular interest, drilling in holes F-05-03 and two holes currently in progress in Q2-2006 (F-05-4, F-05-05) on Metco properties 1-2 km northeast of the Horne-Quemont Mines, have intersected Horne Rhyolite, cherts and exhalite-sulphide-bearing rocks typical of the Horne Mine stratigraphy. Surface lithogeochemical sampling programs and the recompilation of regional geochemical trends and associations have lead to new insight to the distribution of this sequence. Implications to the regional interpretation of the Rouyn Camp may be quite dramatic. A major recompilation and reinterpretation of the region is underway with significant implications to the current exploration program.

A major review of the geology of the area has commenced and will incorporate all new information from Alexis-Falconbridge exploration programs, new structural and stratigraphic concepts, and, a metallogenic deposit-driven review of targets during January-February 2006. Surface drilling will commence in March 2006.

Dunraine VMS Property, Val d'Or

A total of three holes (1,782.0 m) were drilled on the Dunraine Property to test geochemical targets for both VMS and shear-vein hosted gold mineralization during the quarter. Significant copper mineralization was obtained in Hole 17517-03, Table 3, where 0.89% Cu across 9.0 m (including 1.57% Cu across 3.7 m) was returned. An intersection was also returned in Hole 17317-04 of 1.51 g/t gold across 5.1 m in a gold-bearing sulphide zone further to the south. The latter zone occurs in a silicified shear zone that crosses a pyrtic sediment. Further evaluation of the geochemistry, and a structural interpretation of the area is in progress in order to develop additional gold targets. Target generation is also in progress over the northern part of the Dunraine property along the trend striking between the past-producing Louvicourt and Manitou - Barvue Mines where, in light of developments on the Louvex property, additional potential for VMS mineralization occurs.

Please click on the following link to view Table 3; http://www.ccnmatthews.com/docs/tamc3.pdf

Val-d'Or Area Data Compilation

A new GoCad model has been developed in Q1-2006 based from the original model constructed by Aur Resources in 2003. The GoCad database includes all historical information interpreted using 3D-GoCad software. The generation of targets using this approach and the success of a similar application in the discovery of the West Ansil Deposit in the Rouyn-Noranda camp, clearly demonstrates the applicability of this methodology to the Val-d'Or area. Research is ongoing to identify new targets through the Val d'Or stratigraphy in support of further exploration during 2006.

Quality Control

Exploration on the Alexis properties is supervised by Vice-President, Exploration, Philippe Cloutier, P.Geo. and Qualified Person under National Instrument 43-101 guidelines. Assay samples are taken from drill core sawed in half with one half sent to a commercial laboratory and other half retained for future reference. A strict QA/QC program is followed which includes mineralized standards, blank and field duplicate for each batch of samples. Significant assay results are duplicated at the original laboratory and a second independent laboratory. Assays were performed by Techni-Lab of Ste.Germaine de Boule (Quebec) and by ALS Chemex - Chimitec of Val-d'Or (Quebec).

In a separate announcement, Alexis was recently informed that Mr. John Pritchard, Vice President, Corporate Development, has decided to leave the company in order to pursue other challenges. Alexis Minerals' Officers and Directors wish John well.

Alexis Minerals Corporation is a Canadian exploration and development company listed on the TSX Venture Exchange. Alexis holds a portfolio of properties covering approximately 212 square kilometers in the Val d'Or area and considered highly prospective for both gold and base metals. Alexis has a clear route to 100% ownership in the properties and maintains an option to purchase the 1400 tonne per day Aurbel gold mill. The Company has also entered into option agreement with Falconbridge Limited (formerly Noranda Inc.) wherein Alexis will earn a 50% interest in all of Falconbridge's properties in the prospective Rouyn-Noranda base metal and gold camp, Quebec. The Falconbridge properties cover approximately 825 square kilometres in the Rouyn-Noranda area.

Statements in this release that are not historical facts are "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Readers are cautioned that any such statements are not guarantees of future performance and that actual developments or results may vary materially from those in these "forward looking statements".

The TSX Venture Exchange does not accept responsibility for the ad equacy or accuracy of this release.

Alexis Minerals Corporation (TSX VENTURE:AMC)