QMX Gold Corporation V.QMX

News _ Q4

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Alexis Minerals Reports Q4 and 2008 Financial Results

08:30 EST Wednesday, February 25, 2009

TORONTO, ONTARIO--(Marketwire - Feb. 25, 2009) - ALEXIS MINERALSCOPORATION (TSX:AMC) is pleased to announce its 2008 Fourth Quarter andYear End Financial Results. Alexis has delivered on its prime milestonefor 2008, becoming one of the world's new gold producers. Alexisbrought its first gold mine into full production, and continued toexpand its resource base in support of extending the life of mine plan.The Company is successfully continuing with its other key strategicpriorities, growth in production and exploring for significant gold andbase metal deposits. All figures are reported in Canadian dollars,unless otherwise noted.

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Alexis issued its 2008 Annual Financial Statements and MD&A
February 24 2009.
Copies will be available at www.sedar.com and www.alexisminerals.com

Management will host a web cast presentation with a Q&A session starting at
2 pm (ET), Wednesday, February 25th 2009.
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Call in numbers are:
416-695-9712 or 1-800-565-0813 (Toll Free)
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Q4 2008 Highlights:

During the three months ended December 31, 2008 ("Q4 2008"), the following occurred at Alexis Minerals:

- The Company reported revenue of CAD $10.1 million.

- Lac Herbin, in Val d'Or, Quebec, became the Company's first gold mine.

- The Company sold 10,600 ounces of gold at a realized average price of CAD $995/oz. during Q4 2008. The gold sales included:

-- 6,392 ounces from the preproduction period, and,

-- 4,208 ounces from the commercial production period at a cash cost of CAD $581/oz (see Non GAAP Measures)

- The first 6,392 ounces sold during the 4th quarter were producedin the preproduction phase. Consequently, the cost per ounce of theseinitial ounces sold was high relative to the cost of the ouncesproduced during the fourth quarter. Management expects the cash costper ounce of the gold produced in December 2008 which will be sold inMarch 2009 to be on track with our estimated CAD $536/oz.

- The Lac Herbin mine generated through its pre-production and production stages a total of 18,115 oz. of gold in the year.

- A year end tabulation of Resources was completed at Lac Herbin.

- Resources have been discovered to replace ore mined in 2008 and ensure a life of mine of at least five years.

- The Quality of the resources has improved significantly:

-- Measured Resources have increased 180% over December 2007 to 124,800 tonnes grading 9.2 gAu/ T for 37,100 ounces of gold.

-- The grade of Measured Resource increased to 9.2 g Au/t from 6.8 gAu/t with the grade increase supported by milling results. (see pressrelease: February 24, 2009)

- Exploration discoveries in 2008, provide significant potential for further Resource growth in 2009:

-- Discoveries in Lac Herbin's HW2 Zone and S3 Zone.

-- Gold mineralized shears of the Lac Herbin mine appear to extend for at least a further 500 metres beyond current development.

-- An additional gold bearing shear directly north of the Lac Herbin mine.

-- A new zone ("FL Zone") is potentially a linking structure between the Herbin and Ferdeber mines.

- A new discovery was made on the Central VMS properties in drillingof the Deep West target area. A copper-rich zone of Volcanic MassiveSulphides (VMS) was intersected and was underlain by an extensivecopper-rich stringer zone. Mineralization is interpreted to be at thesame stratigraphic location approximately 1.5 km. from the nearbypast-producing Louvicourt Mine in Val d'Or.

Financial Results:

For the quarter and year ended December 31, 2008

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Three     Twelve
months     months
Alexis Minerals Corporation                                ended      ended
31-Dec-08  31-Dec-08

Tonnes of ore mined                                       31,823     80,284

Grade per tonne                                          6.67g/t    6.90g/t
Total gold ounces mined                                    6,822     18,115
Average recovery rate                                       97.5%      97.6%
Gold ounces sold                                          10,600     15,265
Average realized gold price (per oz CAD)                    $995       $964

Revenue from mining operations (net of
Royalties and refining charges CAD 000's)               $10,079    $10,079

Mine operating expenses (excludes depletion
and amortization - CAD 000's)                            $8,334     $8,334
Amortization and depletion (CAD 000's)                    $1,364     $1,364
Gross profit (CAD 000's)                                    $381       $381
Net earnings (loss) (CAD 000's)                             $185    $(1,995)
Basic and diluted earnings (loss) per share (CAD)          $0.00     $(0.02)
Cash flow from operating activates (CAD 000's)            $4,558     $3,314
(i)Cost of sales per ounces sold (CAD)                      $786       $786

(i)see Non GAAP Measures

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The Company sold 10,600 ounces of gold and generated $10.08 millionin revenue from mining operations during its first quarter ofcommercial production. Mine operating expenses were $8.33 million andthe Company recorded amortization and depletion of operating costs of$1.36 million. The Company is amortizing the deferred costs related tothe Lac Herbin mine over the current net reserves at Lac Herbin ofapproximately 189,000 ounces. The gross profit was $0.38 million.Revenue from mining operations includes $10.54 million from gold salesreduced by $0.46 million in refining charges and royalty charges. TheCompany is subject to an NSR of 4.5% on Lac Herbin gold sales. The costof sales per ounces sold excluding amortization and depletion was $786per ounce (see Non GAAP Measures). This reflects the higher cost ofpreproduction ounces included in the sales of the first quarter ofcommercial production. In the fourth quarter, 6,392 ounces of gold weresold which were produced in the preproduction phase.

The net loss for the twelve months ended December 31, 2008 was $1.99million compared to a loss of $1.76 million for the twelve months endedDecember 31, 2007.

Operating Performance

The Company made a production decision in February, 2008. Lac Herbinachieved Commercial Production in October 2008 and Full Production inDecember 2008, as scheduled. The mine averaged 408 tonnes per day inthe fourth quarter. Gold production in the fourth quarter was 6,822ounces and production was positively impacted by a 58% higher gradethan anticipated from mine estimates during processing at the regionalcustom mill.

Underground development and exploration continued during the fourthquarter of 2008. Development work focused on production areas whichwill be exploited in 2009. Commercial production commenced in October2008 with 31,823 tonnes and 6,822 ounces produced. Total ore minedduring Q4-2008 and during the pre-production period through 2008 was80,284 Tonnes grading 6.90 gAu/t.

At the end of December 74 employees were working in the Company'smining operations. The Company managed operations effectively,preventing any environmental non-conformities during Q4-2008.

Development

Lac Herbin

During Q4-2008 diamond drilling at Lac Herbin has continued to focuson delineation and infill drilling of areas of the S3, HW2 and S1 zonesthat required more information prior to development. A total of 2028 mwere drilled for delineation purposes. Underground exploration drillingalso started in earnest during Q4-2008 and a total of 13,245 m werecompleted. Total drilling at Lac Herbin during 2008 was 55,056 m.

A new resource estimate for the Lac Herbin Mine was completed basedon the extensive lateral development in ore and detailed drillingcompleted during 2008 (see News Release, February 23, 2009).

As well, management is encouraged by the discovery of several newareas where there is significant potential to increase Resources on anannual ongoing basis.

Lac Pelletier

The 2007 scoping study on Lac Pelletier prepared by Golder (seePress Release: April 19, 2007), shows clear economic potential for thedeposit, The Lac Pelletier project was affected by dramaticallychanging market conditions during 2008, principally general costincreases in the mining industry, availability of personnel, and thenthe negative reversal of the worldwide economic climate. The risksassociated with the project during 2008, while also moving Lac Herbinthrough pre-production and into production, became of paramountconcern. A further review of the technical aspects of the project wasinitiated prior to underground work. A new resource calculationincorporating all Alexis surface drilling and using an alternativelongitudinal method was completed in 2008. The study has confirmed theindependent resource calculation completed in 2006 for the study willbe reported shortly. A prefeasibility study was also started during2008 and will be completed in April 2009.

Exploration

Val d'Or

17,496 metres of drilling was completed in Q4-2008, bringing total drilling during the year to 78,487 metres.

i) Aurbel

With the completion of construction of the Lac Herbin Mine, Alexis'strategy has been to renew exploration focus on the near-by andwholly-owned, past-producing Dumont and Ferdeber mines in Val d'Or.

The Dumont Mine produced 248,000 oz of gold from shear-vein zonesfrom surface to a vertical depth of 400 metres between 1980-1994.Dumont is located on the Alexis Aurbel property, approximately 1 kmsouthwest of the Lac Herbin Mine. The Dumont deposit is considered"open to depth" and will be further explored in 2009.

The Ferdeber mine, which produced 362,000 oz of gold between1979-1994, is located 1.5 km to the east of the Lac Herbin mine. Duringthe fourth quarter information was reviewed and compiled, identifyingtargets to the east, west and at depth of the mine.

Further exploration will be focused on extensions to these twodeposits and in identifying the potential between these mines and theLac Herbin mine. The recent inclusion of the FL Zone in InferredResources at Lac Herbin bodes well for future discovery in 2009, aswell as potential for ramping up production from multiple locations inthis key area around the Aurbel Gold Mill.

ii) Central VMS

In April, 2008 Alexis announced that it had vested into ownership ofseventeen properties in the Val d'Or Mining District, Quebec. Theseventeen properties cover 109 sq.km of the favourable Val d'OrFormation. The properties cover an area of exploration potential forboth base metals and gold contiguous to the south of the wholly ownedAlexis Aurbel gold property.

Fourth quarter exploration on this large property in the Val d'Or Central VMS Camp resulted in:

- The discovery of a zone of Volcanogenic Massive Sulphides (VMS) inthe Deep West Target area. The massive sulphides are copper-rich andunderlain by a wide copper-rich stringer zone. The VMS mineralizationis interpreted to be at the same stratigraphic location as, and 1.5 kmfrom, the nearby Louvicourt Mine in Val d'Or, Quebec. Assay resultsincluded:

      - 0.5 % Cu over 81.6m in Stringer type mineralization from
1927.0 to 2008.6 metres; including,

- 1.0 % Cu over 16.3 m, at 1965.7 to 1982.0, and,

- 3.6 % Cu over 9.4 m in a combined stringer and Massive Sulphide
zone between 2008.6 and 2018.0 m; including,

- 6.8 % Cu over 3.45 m, in Massive to Semi-Massive
Sulphides between 2014.55 and 2018.0m

The area is in detailed compilation. Compilation and 3D modeling should be completed during Q2-2009.

- Dunraine target - Surface drilling is currently advancing towardsa different off-hole target identified during Q4-2008 at a depth of1200 metres; and located approximately 4 km to the SW of the Deep Westtarget. Results from the 1500-metre hole are expected by the end ofFebruary, 2009. This area is recognized as almost a perfect mirrorimage of the setting around the Louvicourt mine.

Rouyn-Noranda

Alexis - Xstrata Joint Venture

There was no additional drilling on the joint venture properties during Q4-2008.

Non GAAP Measures

The Company has included certain non-GAAP performance measures,namely cash costs per gold ounce sold, throughout this document. In thegold mining industry, these are common performance measures but do nothave any standardized meaning, and are non-GAAP measures. The Companybelieves that, in addition to conventional measures prepared inaccordance with GAAP, we and certain investors use this information toevaluate the Company's performance and ability to generate cash,profits and meet financial commitments. These non GAAP measures areintended to provide additional information and should not be consideredin isolation or as a substitute for measures of performance prepared inaccordance with GAAP. The following table provides a reconciliation ofcash costs per gold ounce sold to the Audited Consolidated FinancialStatements for the years ended December 31, 2008 and 2007. Full reportscan be found at www.sedar.com and www.alexisminerals.com.

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Cash cost per ounces sold


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Oct     Nov       Dec        Total
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Revenue

From preproduction ounces
(CAD 000)                            $4,530       -  $1,350      -  $5,880

From commercial production
ounces (CAD 000)                          -       -       - $4,199  $4,199
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$4,530       -  $1,350 $4,199 $10,079

Ounces sold

Pre-production ounces sold             5,000           1,392          6,392

Commercial production ounce
sold                                                         4,208   4,208
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Total ounces sold                      5,000           1,392  4,208  10,600


Mine operating expenses (CAD 000)     $4,739          $1,149 $2,446  $8,334


Cash cost per ounce sold (CAD
000's)                                 $948            $825   $581    $786
(mining operating expenses divided
by ounces sold)

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About Alexis Minerals

Alexis Minerals Corporation is a Canadian mining company listed onthe Toronto Stock Exchange (symbol "AMC"). The Company owns oneproducing gold mine in Val d'Or and the right to earn a 100% interestin the Lac Pelletier gold property in Rouyn-Noranda. Alexis undertakesexploration in the mineral rich Val d'Or (100% ownership of 212 sq.km.) and Rouyn-Noranda Mining Camps (50% ownership of 785 sq.km and injoint venture with Xstrata Copper). There are currently two drillsactive underground at Lac Herbin and two surface drills active insurface exploration in Val d'Or. Further information about AlexisMinerals can be found at its website: www.alexisminerals.com.

Forward looking information.

This document may contain or refer to forward looking informationbased on current expectations, including, but not limited to,mineralization projections, future exploration plans and techniques,theories regarding the characteristics regarding the deep zone,estimates regarding the timing and costs of exploration, mineralprices, and future mining plans. Forward looking statements are subjectto significant risks and uncertainties, including those risksidentified in the annual information form of the Company, which isavailable under the profile of the Company on SEDAR, and other factorsthat could cause actual results to differ materially from expectedresults. Estimates and assumptions underlying the future-lookinginformation are based upon extensive technical and scientific analysisconducted by the management of the Company, the analysis of externalconsultants and information obtained by the Company from third parties.Readers should not place undue reliance on forward-looking information.Forward looking information is provided as of the date hereof and weassume no responsibility to update or revise them to reflect new eventsor circumstances.

FOR FURTHER INFORMATION PLEASE CONTACT:

Alexis Minerals Coporation
David Rigg
President and CEO
[phone]
[phone] (FAX)
Email: [e-mail]

or

Alexis Minerals Coporation
Bruce Barch
VP Investor & Corporate Affairs
[phone]

Email: [e-mail]

or

Alexis Minerals Coporation
Deborah Battiston
Chief Financial Officer
[phone]

or

Alexis Minerals Coporation
Louis Baribeau
Relationniste
[phone]

Email: [e-mail]
Website: www.alexisminerals.com