Alexis Minerals Increases Lac Herbin Resource To 250,000 Ounces Gold And Commences Scoping Study For Potential Underground Program.

TORONTO -- Alexis Minerals Corporation (TSX VENTURE:AMC) is pleased to report a new resource estimate on the Lac Herbin and Zone II area of the Aurbel property in Val-d'Or, Quebec. Inferred resources have increased to: 1,072,681 tonnes grading 7.26 grams gold per tonne (g Au/T) or an estimated 250,000 ounces of gold. Details are presented below in Table 1. The resource estimate was calculated by Richard Roy, P.Geo., of NordQuest Inc. and Qualified Person as defined under NI 43-101 guidelines. Alexis Minerals has retained Ross-Finlay of Val-d'Or to evaluate several possible mine-development approaches towards the Resource which would support a program of underground exploration, definition drilling and bulk sampling.

The Lac Herbin Zone lies centrally within the Aurbel property which covers approximately 100 sq. km. of the Bourlamaque Batholith. The Lac Herbin Zone was discovered in 1994 two km west of the Ferdeber Mine and 1.2 km northeast of the Dumont Mine. The zones lie 1.8 km west of the 1400 tonnes per day Aurbel Gold Mill which remains fully permitted and on care and maintenance. Alexis maintains an option to earn a 50% interest in the property with the right to purchase the remaining 50% interest and the fully permitted Aurbel gold mill from Aur Resources. Acquisition cost would be $4.0 M in cash or shares by August 2006.

David Rigg, President and CEO, stated: "The new Resource represents a 60% increase in tonnage and an 80% increase in total estimated gold content as a result of exploration over the last four months." (see press release: August 12, 2004). It includes mineralization in the new high grade Zone II where several high grade intersections were recently reported, including: 63.6 grams per tonne of gold (gAu/T) over 3.6 meters (m), 20.8 gAu/T over 2.8 m and 18.85 gAu/T over 1.7 m (see press release: October 28, 2004). Zone II remains open to depth.

Resource Estimate

Mineral Resources were estimated under the supervision of Mr. Roy, Qualified Person for Alexis' exploration programs, under NI 43-101 guidelines. Mr. Roy was mine geologist at the Ferdeber and Dumont Mines during the last four years of production, supervised the exploration program in 1994 that lead to the discovery of the Lac Herbin Zone and has been Alexis' Qualified Person on the project since 2003.

An Inferred Resource of 1,072,681 tons grading 7.26 grams gold per tonne (1,182,409 short tons grading 0.212 opt Au) has been estimated and is presented in Table 1. A conventional polygonal  method was used to calculate the volume of mineralized blocks within geologically defined limits on longitudinal section. Limits were defined on the basis of structure, apparent continuity of environment between drill holes, and using the approach employed at the Ferdeber and Dumont Mines for annual Reserve/Resource estimations during the 15-year operating/production history of the mines. High grade assays are cut to 1.0 oz.Au/T for all mineralized intervals.

Table 1: Lac Herbin - Inferred Resources - Dec. 2004

                             Mineralized
                               Zones (a)
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Zone             Tonne (m)        g.Au/T        Ounces      Tonne (m)

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LH                 219,087          6.59        46,394         25,602

HW                 132,633          8.98        38,293         57,162

WE                  20,529          4.13         2,725         68,882

S1                 263,651          8.66        73,412         63,236

S2                       0             0             0         58,093

S3                  83,402          4.95        13,273         11,970

S3 Br.              68,434          3.69         8,118              0

TOTAL              787,735          7.20       182,214        284,945
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          Mineralized
            Blocks(b)                              Total
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Zone           g.Au/T      Ounces     Tonne (m)    g.Au/T      Ounces
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LH               6.01       4,947       244,688      6.53      51,341

HW               4.78       8,783       189,795      7.72      47,076

WE               8.96      19,835        89,411      7.85      22,560

S1               5.44      11,060       326,888      8.04      84,472

S2              10.67      19,929        58,093     10.67      19,929

S3               9.38       3,610        95,372      5.51      16,883

S3 Br.              0           0        68,434      3.69       8,118

TOTAL            7.44      68,163     1,072,681      7.26     250,377
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Note 1: Discrepancies in the totals are due to rounding effects

(a) 'Mineralized Zones' are indicated by two of more drill intercepts and represent structural zones interpreted to be of similar shape and dimension to zones in historically mined areas on the Aurbel property.

(b) 'Mineralized blocks' represent significant quartz vein intersections within extensive and continuous structures. They occur largely in poorly explored areas of the known shears and require further exploration to determine their continuity.

Evaluation of underground exploration and scoping study

Alexis Minerals has retained Ross-Finlay, a Quebec-based engineering and consulting firm in Val d'Or to evaluate several possible mine-development approaches which would support a program of underground exploration, definition drilling and bulk sampling. Their evaluation is expected to be completed in February 2005.

Geological Interpretation

Recent structural recompilation has identified two groups of steeply-dipping or moderately dipping shear structures ('conjugate shears'); which are represented by the sub-parallel Lac Herbin, S1, S2, S3, S3Br, Ferdeber and Dumont shears, and the HW and West E shears, respectively. The intersections between the two groups of shears represent favourable loci for quartz veining and gold mineralization. The structural recompilation has resulted in changes to the location of several previous intercepts on the Lac Herbin Shear. The Lac Herbin Zone represents the intersection of the Lac Herbin Shear with the HW and West E shears. The high grade Zone II represents the intersection of the S1 Shear with the West E shear. The area of intersection of the HW shear on the S1 shear beneath Zone II is a high-priority target which is untested. (Sections, plans and longitudinal views are available at www.alexisminerals.com).

Projected intersections of the HW and West E shears with the S2, S3 and S3Br shears to the southwest and towards depth, and ultimately with the westward extension of the main Ferdeber shear, midway towards the Dumont Mine, are recognised as offering numerous untested target environments to the southwest of known mineralization. These targets provide excellent opportunities to further expand current resources and an additional program of exploration drilling is currently under review. Any additional drilling will be undertaken from winter ice pads on Lac Herbin in early 2005 in coordination with engineering work and hydrological studies.

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".

NOTE: There is a Map available on CCNMatthews website at: http://www2.cdn-news.com/database/fax/2000/amc1207.pdf

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

Alexis Minerals Corporation (TSX VENTURE:AMC)