Alexis to Advance Underground Exploration Towards a Production Decision at Lac Pelletier Gold Project, Rouyn-Noranda, Quebec

Market Wire, November, 2007

Alexis Minerals Corporation (TSX: AMC) is pleased to announce that the Certificate of Authorization has been received for an underground exploration and bulk sampling program at the Lac Pelletier Gold Project, Rouyn-Noranda, Quebec from the Ministere du Developpement durable, de l'Environment et des Parcs, Quebec. Current gold prices support improved project economics with potential returns increasing to pre-tax cash flows of C$20.2M and increasing IRR to 154%. Lower mine cut-off grades also offer potential to significantly increase mine life for additional further improvements.

Upon the receipt of the permit, site clearance can now commence in preparation for construction of surface facilities and settling ponds to allow dewatering of a ramp and underground workings previously excavated in 1992. Repairs to the Hydro-Quebec electrical supply line to the site are almost completed and construction of office trailers, dry and other facilities will commence shortly. Dewatering of the ramp is now scheduled to start in January 2008 and will be followed by the development of a ventilation raise to surface. An underground program of exploration will then be conducted, including lateral drifting, additional ramp extension and underground drilling. The program will conclude with a 40,000 tonne bulk sample which will lead the project to a production decision in 2008.

"The Certificate of Authorization allows Alexis to proceed with its' strategic objective of bringing a second gold project to a production decision," stated David M. Rigg, President and CEO of Alexis Minerals. "Alexis is aggressively pursuing a short- to medium-term strategy which will see Alexis develop as a medium-sized gold producing company in 2008 through the development of Lac Herbin and Lac Pelletier gold projects. Leverage to gold price is very attractive and has substantial upside impact on the economics of both deposits. Alexis Minerals is currently well funded to advance both gold projects through to production."

Lac Pelletier Gold Project

The Lac Pelletier Gold Project is located 4 km from Rouyn-Noranda, Quebec. Alexis currently has an option to earn 100% of the project from Thundermin Resources with the sole remaining obligation to vesting being to make a production commitment prior to September 2008. The production commitment can be delayed one year upon cash payment to Thundermin of $75,000. Upon production, the project is subject to an historical 1% NSR royalty to Falconbridge (Xstrata) and a 2.5% NSR to Thundermin.

Falconbridge and Thundermin previously completed an underground exploration program in 1992. Historical work on the deposit area of the property includes 42,656 m of surface and underground diamond drilling; 1050 m of ramp development and 292 m of lateral drifting with two levels developed in ore. A bulk sample of 11,634 tonnes was previously treated in 1992 at a custom milling facility, the Camflo Mill, in Malartic, Quebec. The historic producing Stadacona mine (Production of 2,742,000 tonnes grading 5.49 g/t Au from 1928 to 1958) is located on, and at the eastern limit of, the Lac Pelletier property. Alexis acquired the 722.6 Ha Lac Pelletier property in 2005.

Lac Pelletier Resources

Alexis Minerals completed an independent calculation of Resources on the project, in August 2006 with results of this work summarized in Table 1.

                  Table 1. Lac Pelletier Resources
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                                Resource Category
Cut-  ---------------------------------------------------------------------
off     Measured (M)     Indicated (I)                  Inferred     Total
Grade ---------------------------------  Total    -------------------------
(g/t  tonnes  Grade     tonnes  Grade    M   I    tonnes    Grade Inferred
Au)  --------------------------------- (Ounces)   -------------------------
          (t)  (g/t         (t)  (g/t                 (t) (g/t Au) (Ounces)
                 Au)               Au)
---------------------------------------------------------------------------

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 2.00 61,000   6.19  1,546,188   5.21   271,134  801,539     4.12  106,173
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 3.00 61,000   6.19  1,179,834   6.05   241,632  491,140     5.17   81,637
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 4.00 61,000   6.19    827,942   7.14   202,199  317,182     6.12   62,410
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 5.00 61,000   6.19    557,514   8.43   163,243  175,242     7.45   41,974
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Mineral Resources were prepared by Mr. Carl Pelletier, P.Geo., Independent QP., Innovexplo Inc..(See Press Release: August 31st, 2006; 43-101 Report dated: October 2006 is available through www.sedar.com ).

Lac Pelletier Scoping Study and upside potential