QUEBEC - ALEXIS MINERALS of Toronto has completed an underwritten private placement for $25.0 million with which to continue work on its Lac Herbin gold project near Val d'Or and other properties in the province.
Alexis embarked on a three-phase underground exploration program at Lac Herbin in 2005-06. The deposit is typical of the quartz vein occurrences in the area. Alexis hopes to get the deposit into production later this year at a rate of 35,000 oz/y of gold using its nearby Aurbel mill. If mining of the Lac Pelletier deposit beings in 2008, it will add 20,000 oz/y to the company's total production. Alexis estimates cash operating costs at US$250/oz.
In January 2006, Alexis estimated the measured and indicated resource at Lac Herbin to be 448,100 t grading 8.63 g/t Au plus an inferred resource of 615,000 t grading 8.48 g/t Au. The deposit contains perhaps 292,000 oz of gold. Later last month, the company reported additional intersections of 35.42 g/t Au over 9.2 m from 80 m below any previous drilling. And on Feb. 14, Alexis reported that a second hole drilled 60 m to the east returned 12.8 g/t Au over 12.6 m, including a 9.2-m intersection grading 15.46 g/t Au.
Go to www.AlexisMinerals.com for information on Lac Herbin and the company's other projects in the Val d'Or and Rouyn-Noranda mining camps.