NORTHERN QUEBEC – Toronto-based ALEXIS MINERALS CORP. has bought out its 50% partner in the Aurbel property, AUR RESOURCES. Alexis vested its 50% interest in the property in February 2006. Under terms of a revised agreement, Alexis bought the remaining interest in the mine and 1,400-tonne/day mill for $3.0 million in cash, and Aur retains a 2.5% net smelter royalty. Alexis will also purchase Aur’s exploration office in Val d’Or for $550,000 payable over a four-year period.
The Aurbel property lies within the Bourlamaque batholith and hosts the Lac Herbin gold deposit located approximately 1,800 metres from the Aurbel mill. A Phase 1 underground exploration program began in September 2005. The program includes 1,250 metres of ramp excavation, development of the 165 level, and the completion of 9,715 metres of underground delineation drilling. This drilling recently encountered 10.31 g/t Au in the hanging wall and 7.81 g/t Au in the Lac Herbin zones. A proposed Phase 2 program will further explore the gold potential of the area including delineation of the high-grade S1 Deep and the S3 zones. Phase 3 exploration will include underground development, bulk sampling and a feasibility study this year.
Interesting aerial photos of the Lac Herbin property are posted at www.AlexisMinerals.com.
The Aurbel property also hosts the past-producing Ferderber and Dumont gold mines plus several prospective gold showings.