Alexis Minerals Corporation: Update On Rouyn-Noranda MegaTEM Exploration Program And Follow-Up Exploration On Montbray.

TORONTO -- Alexis Minerals Corporation (TSX VENTURE:AMC) wishes to report an update on results from the exploration of MegaTEM anomalies in the Rouyn-Noranda region, Quebec and exploration on the Montbray base metal discovery where a 2,836.0 meter - eight-hole follow-up program was recently completed. Six holes were successfully completed and two holes abandoned due to broken ground.

In November 2004 the joint venture reported a new base metal discovery. The initial hole aimed at testing airborne MegaTEM anomalies which had been ground proofed with a deepEM survey. The first hole returned stratigraphy indicative of a favorable massive sulphide system with a coincident strong off-hole anomaly which was tested in the second hole. The discovery hole returned 5.61% Cu, 1.70% Zn, 0.34 g/t Au and 17.6 g/t Ag over a core length of 5.16 meters.

Subsequently six follow-up holes were drilled in the immediate vicinity of the discovery. The holes did not return any significant mineralization. All holes, Table 1, cored through the favorable contact and were instrumental at defining the local stratigraphic assemblage through an area of complex faulting.

Modeling of down-hole pulse electromagnetic (PEM) responses from holes MON-04-08, -09, -10 and -12 has indicated that the mineralized conductor is a tabular sheet approximately 75 m by 50 m and centered on hole 9. A thickness of 4 metres was employed in the modeling. The sheet has an azimuth of N330 and dips at -60 degrees to the NE. This is at a moderate angle with respect to the initial expectation of stratigraphic orientation. Geology is now known to strike between N330 to N360 and dip at -45 degrees to the east. The zone is not of immediate economic interest.

David Rigg, President & CEO of Alexis Minerals offered that "Although the follow-up efforts on the Montbray discovery did not yield extensions to the initial intercept, it has demonstrated the ability of the MegaTEM technology to lead to new discoveries." The Montbray property is located in an area host to several VHMS mineralized-altered systems with generally limited and shallow previous work.

Noranda-Alexis are proceeding with additional deepEM and magnetic surveys designed to explore the extensions of the favorable stratigraphic sequence. Further drilling may be recommended pending these results.

Drilling during 2004 also tested ten additional MegaTEM targets in thirteen holes for 3,562.5 meters of drilling. No significant metal values were reported from these targets. An additional fifty-four MegaTEM targets remain untested across the extensive joint venture property portfolio which covers over 800 sq.km. of the Rouyn-Noranda region. Twenty of these targets have been prioritized for drilling in 2005.

For a table outlining the Results from Montbray Target, Rouyn-Noranda Area, Quebec, please click on the link below:

http://www2.ccnmatthews.com/database/fax/2000/amc307.pdf

Quality Control

Drilling on the Lac Montbray property is supervised by Senior Geologist Mario Masson, P.Geo. and Qualified Person under National Instrument 43-101 guidelines. Assay samples are taken from drill core (BQ size) 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 ALS Chemex - Chimitec of Val-d'Or (Quebec).

Alexis Minerals Corporation is a Canadian exploration and development company listed on the TSX Venture Exchange. Alexis holds a portfolio of properties covering approximately 270 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 Aurbel gold mill. The Company has also entered into option agreement with Noranda Inc. wherein Alexis will earn a 50% interest in all of Noranda's properties in the prospective Rouyn-Noranda base metal and gold camp, Quebec. The Noranda properties cover approximately 800 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 adequacy or accuracy of this release.

Alexis Minerals Corporation (TSX VENTURE:AMC)