Alexis Announces Private Placement Financing of Up to $10,000,000 and Provides Update on Garson Gold Acquisition

Alexis Minerals Corporation announce a brokered private placement in an amount of up to $10,000,000 (the “Offering”). The private placement will consist of up to 20,000,000 flow-through shares (“Flow-Through Shares”) at a price of $0.50 per Flow-Through Share.

Alexis has retained Industrial Alliance Securities, Sandfire Securities Inc. and Cormark Securities Inc. to act as the agents for the Offering.

The closing of the Offering is expected to occur on or about December 23, 2009 and is subject to the completion of formal documentation and receipt of regulatory approval, including the approval of the TSX.

The proceeds of the financing will be used to incur eligible Canadian Exploration Expenses, as defined under the Income Tax Act (Canada), that will be renounced in favour of the purchasers with an effective date of no later than December 31, 2009. The funds are intended to be used to explore and advance several strong resource targets across Alexis’ extensive properties in Val d’Or and Rouyn-Noranda.

Alexis is embarking on a major program of growth in gold production. From a production base of the Lac Herbin Mine in Val d’Or, Alexis expects to increase gold production with the introduction of commercial production from its Lac Pelletier Mine in the second quarter of 2010. Lac Pelletier is in advanced exploration and a bulk sample program at the Lac Pelletier Gold project is in progress.

Garson Gold Acquisition

Alexis has been encouraged by the overwhelming support that it has received for its take-over offer (the “Offer”) to acquire all of the outstanding common shares of Garson Gold Corp. (“Garson Gold”). Alexis reminds shareholders of Garson Gold, who have not yet tendered, to tender their common shares to the Offer. The Offer is set to expire at 5:00 p.m. (Toronto time) on December 18, 2009.

Alexis anticipates completion of a feasibility study on the New Britannia mine by the end of the Second Quarter of 2010 with regard to the reopening of the mine during 2011. The operation of the Lac Herbin and Lac Pelletier mines, combined with operations at the New Britannia mine, is expected to provide Alexis with the growth required to reach mid-tier gold production status in 2011. Exploration funding will be focused on improving the quality of certain areas that host currently identified mineral resources, as well as directed at new discovery in several known gold targets on the Snow Lake property.