Alexis Minerals Corporation

Alexis Minerals Corporation is a Canadian exploration and development company that holds a portfolio of properties covering approximately 212 square km in the Val d’Or area in Quebec and considered highly prospective for both gold and base metals. Alexis could potentially obtain 100% ownership in the properties and maintains an option to purchase the Aurbel gold mill. The Val d’Or properties cover more than 212 km2 and host 8 historical producing gold and base metal mines. The Val d’Or camp has historically produced over 15 million ounces of gold from a number of deposits. The company also has an option agreement with Falconbridge Limited (FAL.LV:TSX) wherein Alexis will earn a 50% interest in all of Falconbridge’s properties in the prospective Rouyn- Noranda base metal and gold camp in Quebec. In April 2005, Alexis successfully closed a financing of $15 million to fund aggressive exploration on these two substantial and prospective areas.

Aurbel Option

During the first quarter of fiscal 2004, Alexis assumed the rights to an option agreement with Aur Resources Inc. (AUR:TSX) on the Aurbel option which covers 431 claims, four mining leases and one surface lease in the Bourlamaque, Senneville, and Louvicourt Townships. The option includes the Aurbel and Standard Gold properties and the right to purchase the 1,400 tonne per day Aurbel gold mill. Under the terms of the agreement, Alexis may earn a 50% interest in the properties by making further payments to Aur of $250,000 in March 2004 and $250,000 in March 2005 and by spending $5 million in work expenditures on the property by March 31, 2006. Alexis may elect to acquire the remaining 50% interest during a 90 day period subsequent to March 31, 2006. The 97 km2 property encompasses the majority of the Bourlamaque Batholith which hosts the Ferdeber and Dumont Mines. Past production from these mines totals approximately 600,000 ounces of gold. An exploration program in 1995 led to the discovery of the Lac Herbin zone, located 1,800 m north of the Dumont Mine. Resource estimates for the Lac Herbin Zone concluded with an inferred resource of 1,070,000 tonnes grading 7.3 grams gold per tonne for approximately 250,000 ounces gold. A scoping study on the resource conducted in March 2005 demonstrated potential to produce approximately 35,000 ounces per year at a cash cost of US$224 per ounce with potential production within one year. Phase one of a three-phase underground exploration program designed to upgrade the current resource and advance the project towards feasibility study is currently underway which will include ramp development and underground delineation drilling.

Central Val d’Or Formation

Alexis entered into an option agreement in March 2004 to acquire all of Aur’s interest in 17 base metal and gold properties in the Val d’Or mining camp. The land holdings cover 109 km2 of the prospective Val d’Or formation which hosts the Sigma-Lamaque and Bevcon gold deposits andthe East Sullivan, Manitou-Barvue and Louvicourt Base Metal mines. The Alexis properties cover a 25 km strike extension of the favourable Val d’Or formation.

Under the terms of the agreement, Alexis is required to spend $4 million on exploration and make a $1 million cash payment to Aur on or before March 31, 2008. Aur will subsequently retain a 2.5% net smelter return royalty on the properties. Current exploration is testing targets along the Louvicourt-Louvem Mine trend which led to the discovery of a significant alteration and stringer base metal mineralization over 250 and 800 m core lengths in recent diamond drill holes on the Louvex property. The property, one km southwest of Louvicourt Mine, forms part of the Louvaur Joint Venture and is considered highly prospective for further base metal discoveries. The Louvex property is held under an existing joint venture agreement with Novicourt Inc. (NOV:TSX) in which Alexis is earning a 55% interest.

Rouyn-Noranda Properties

Alexis signed a letter of intent in May 2004 to enter into an option and joint venture agreement with Falconbridge Ltd. on substantially all of the Falconbridge properties and mineral rights in the prospective Rouyn-Noranda base metals and gold camp. Alexis is earning a 50% interest in the properties, and has also acquired the right to undertake independent gold exploration across the properties. Alexis will spend $16.5 million in exploration over a three year period after which the parties will form a 50/50 joint venture to pursue further exploration and development of the properties. Alexis will have no current or future liabilities from previous work or mining activities. The company issued Falconbridge a $1 million payment in June 2004 towards the expenditures. Historical mine production from the camp is 2.4 million tonnes of copper, 1.9 million tonnes of zinc, 19.5 million ounces of gold and 94.4 million ounces of silver from over 20 gold and base metal deposits.

The land holdings cover approximately 825 km2 of highly prospective geology, alteration and mine trends. The properties include the past producing Horne and Quemont deposits, the Amulet, Gallen, Ansil, Newbec, East Waite and Old Waite Mines and numerous base metal occurrences and showings. Falconbridge operates base metal exploration programs while Alexis conducts gold programs. The joint venture completed 22,354 m of drilling on 46 targets in 2004. In 2005 an estimated 50,000 m of drilling will be completed to evaluate at least 100 targets. During September 2005, the company released significant results from the most recent drilling at the West Ansil zone which lies approximately 1.8 km southwest of the pastproducing Ansil Mine and 10 km from the Horne smelter included massive sulphide and copper rich stringer mineralization with 14.34% copper, 0.16% zinc over 6.30 m which incorporated 18.55% copper and 0.17% zinc over 4.40 m.