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Alexis Minerals extends gold mineralization at Mine East zone on Snow Lake

Published: 15:58 27 May 2011 BST

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Alexis Minerals (TSE:AMC) (OTCQX:AXSMF) announced Friday the results of its continued drilling program on the new Mine East zone at its Snow Lake property in Manitoba, extending gold mineralization.

The Toronto, Ontario-based explorer found 16.1 grams per tonne (g/t) of gold over 0.60 metres in hole ME11-01; and 12.4 g/t of gold over 4.38 metres in hole ME11-02.

The Mine East zone was discovered in January 2010, approximately 500 metres east of historically mined areas in the Snow Lake Mine, and also 50 metres from undergound infrastructure.

The zone strikes east to west, and has a strike length of between 150 to 220 metres, the company said. Recent drilling has been focused on the delineation of the zone, and exploration of its potential extension down dip and down plunge.

"The current part of the program was targeting extending the initial areas indentified last fall, and has succeeded in doing so thus far," said president and CEO, Francois Perron.

"Structural complexity in the area imposes a disciplined approach in the way we step out and gain further understanding of the structural controls."

Alexis currently has two active surface drills on the Snow Lake property to increase resources in the area, which is expected to add to future production as outlined in a feasibility study last fall. The company has a budget of over 40,000 metres of drilling in 2011.

Perron continued: "The next targets will include other nearby zones with the goal of continuing to enhance the mine life and overall economics of the project.

"Regional compilation and interpretation continues and should continue to provide additional targets."

The company said the Mine East zone remains open down dip and down plunge, and given the proximity to the existing infrastructure, remains a "preferred" exploration target.

Good news from the company, which also has properties in Quebec, prompted its stock to rise 5.56% on the Toronto Stock Exchange, trading at $0.095 per share on Friday morning.

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