Alexis Increases Reserve Estimate for Quebec Gold Mine

9 August 2009 (Last Updated August 9th, 2009 18:30)

Canadian miner Alexis Minerals has announced a 156% increase in proven and probable reserves at its Lac Herbin gold mine in Val d’Or, Quebec, following an independent technical report. The mine’s total proven and probable reserves have increased to 617,374t at 7.36 g/t of gold for 146,0

Canadian miner Alexis Minerals has announced a 156% increase in proven and probable reserves at its Lac Herbin gold mine in Val d’Or, Quebec, following an independent technical report.

The mine’s total proven and probable reserves have increased to 617,374t at 7.36 g/t of gold for 146,007oz from 2007 estimates of 239,237t at 7.40 g/t for 57,128oz.

Resources are contained within six zones located from 30m to 650m below surface and additional diamond drilling intersected numerous ore zone extensions and gold-rich zones at the mine, the company said.

The mine’s life is a minimum of five years and is expected to increase to at least ten years as the company is adding to its resources through regular drilling programmes, Alexis said.

The net present value of the Lac Herbin mine, at a 7% discount rate, is estimated to be C$48m.

About 80,284t grading 6.9 g/t for 18,115oz of gold was mined in 2008, Alexis said.