Alexis Vests Into Aurbel Gold Property, Val d'Or, Quebec.

TORONTO -- Alexis Minerals Corporation (TSX VENTURE:AMC) is pleased to announce that it has vested into a 50% interest on the Aurbel property in Val d'Or, Quebec. Alexis retains the right to purchase the outstanding 50% interest in the Aurbel property and the Aurbel Gold Mill from Aur Resources Inc. (TSX:AUR).

The Aurbel Property covers approximately 100 sq. km. of the Bourlamaque Batholith and hosts the Lac Herbin gold deposit (inferred resource of 1,070,000 tonnes (t) grading 7.3 grams per tonne gold (g/t Au). The Lac Herbin project is currently the focus of an ongoing underground exploration program which commenced in September 2005. Work to date includes 1004 metres of ramp development and the recent initiation of underground drilling to delineate the Resource (Figure 1). The property is also host to the past-producing Ferderber (1.6Mt grading 6.99g/t Au) and Dumont (1.2 Mt grading 6.51g/t Au) Gold Mines.

"I am very excited about the gold potential of this property. The potential acquisition of the balance of Aur's interests will position Alexis to become a mid-tier gold producer by 2007-2008," said David M. Rigg, President and CEO of Alexis Minerals. "The Aurbel mill can provide us with an important business opportunity, a central gold processing facility for Lac Herbin and other operations throughout the Val d'Or to Rouyn-Noranda "Golden Corridor", as well as, a new custom milling facility for the region. Engineering studies on the mill and tailings are in progress in order to provide independent confirmation of cost and scheduling estimates for placing the mill back into operation."

Under the terms of the Alexis-Aur agreement, dated May 5, 2003, Alexis Minerals has acquired a 50 per cent interest in the Aurbel property by making cash option payments and incurring exploration expenditures of at least $5,000,000 by or before June 31, 2006. Alexis retains a 90-day option, "the second option", to acquire the remaining 50 per cent interest in the property and the gold mill (fully permitted and on care and maintenance) for $4,000,000 (cash or shares at Alexis's option). The mill purchase price of $1.0M included in the overall $4.0M second option purchase compares very favourably with the replacement cost of the Aurbel Gold Mill, currently estimated to be between C$35M and $40M. Upon purchase, Alexis will repay to Aur a bonded deposit with the Ministry of Natural Resources and Fauna, Quebec to fulfill current closure plans. Should Alexis elect to exercise its' second option, Aur will retain a 2.5% NSR on the property and a $2.0 per ton custom milling royalty for ores not sourced from the property.

Alexis is undertaking an underground exploration program to evaluate the Lac Herbin resource located approximately 1.8 km northwest of the Aurbel Mill (see Press Release: February 7, 2006). The current program will include the excavation of 1250 metres of ramp, initial development on the 165 Level and the completion of 6,000 m of delineation drilling. The program will focus on proving up gold resources identified by surface drilling in the S1 East, Lac Herbin and HW gold zones. The program will also include an anticipated 300 to 400 metres of lateral development within the zones and result in a bulk sample from development of between 2,000 to 4,000 tonnes. Delineation drilling will be completed on the S1 East Zone (4.53 g/t Au) in February and advance across the Hanging Wall and Lac Herbin zones (10.31 g/t Au and 7.81 g/t Au, respectively) during March and April. The Lac Herbin underground exploration program is supervised by Mr. Richard Roy, P.Geo., of NordQuest Inc. and Mr. Daniel St.Arnaud, P.Eng. as Qualified Persons as defined under NI 43-101 guidelines.

Louvex P6 Target - Drilling Update

In separate news, Alexis wishes to announce that drilling of the P6 target with joint venture partner Novicourt Inc. (TSX:NOV) on the Louvex property is progressing well. Hole 314-13D is currently at 1668 metres (core length) within the hangingwall to the anticipated volcanogenic massive sulphide target at 1,900-2,000 metres in the hole. Drilling will test the potential for massive sulphides related to extensive alteration, stringer base metal mineralization and geology similar to that of the Louvicourt Mine (17Mt grading 3.4% Cu, 1.6% Zn) area (see Press Release: November 17, 2005).

Quality Control

Exploration on the Louvex property is supervised by Vice-President, Exploration, Philippe Cloutier, P.Geo. and Qualified Person under National Instrument 43-101 guidelines.

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".

Please note: To view the figure titled: "Figure 1: Aurbel Gold Property Location Map", please click on the following link: http://www.ccnmatthews.com/docs/amce0214.doc

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

Alexis Minerals Corporation (TSX VENTURE:AMC)