Alexis Minerals Corporation announced the signing of a landmark agreement with JV partner Xstrata Canada Corporation by which Alexis will assume a 100% interest in JV properties covering approximately 750 square kilometers of the Rouyn Noranda Mining Camp, Quebec.

Alexis will become the registered 100% owner except for a designated area of 28.51 square kilometers where it will register a 100% beneficial interest in all mineral rights below a depth of 200 meters. Surface rights and liabilities down to this depth and covering all mine, mill and smelter infrastructure will remain solely with Xstrata Copper.

Terms of the 100% acquisition agreement
The basic terms of the agreement include:

1. Payment to Xstrata Copper of USD 200,000 upon closing.

2. Xstrata Copper will retain the right to back in to 65% interest on any base metal deposit containing more than 350,000 tonnes copper metal equivalent after presentation of a NI 43-101 compliant resource under the following conditions:
(I). Pay Alexis three times the project specific exploration and development expenditures and
(II). Pay Alexis three times the Rouyn regional base metal exploration expenditures up to a maximum of USD 20 million;
(III). Xstrata Copper must complete a NI 43-101 compliant Feasibility Study within a specified period and at no cost to Alexis;
(IV). Alexis will retain 35% interest; receive 6 month financing period subsequent to a production decision and will participate in JV management committee where unanimous agreement is required on critical mining decisions.

The back in right does not apply to any Gold Deposit; defined as a deposit where the value of Gold and Silver are three times greater than the value of base metals; using 6 month average metal prices at Closing. As such, Gold deposits are solely to the Alexis account.

3. Xstrata Copper retains a 1-2% NSR on all metals on mineral claims transferred to Alexis. Where historic royalties exist, the combined royalty is capped at 3 to 4%. In areas with no prior royalties the NSR is capped at 2%.

4. Xstrata Copper have the right to explore for and exploit Smelter materials in all areas. Should Smelter materials be mined from the Alexis properties, Alexis will receive a royalty of USD 0.50 per tonne plus 50% of any gold which may be recovered.

5. Subsequent to closure, Alexis and Xstrata Copper will work cooperatively together for a period of up to 12 months to review the underlying agreements made over the last 40 years to develop this unique property package in order to resolve any third party rights or obligations.

6. The 10 claim, West Ansil Property will be excluded from the agreement and will continue as a 50/50 JV.

7. Xstrata retain their Rights of First refusal for custom milling and smelting of base metal production.

8. All regional areas of interest applicable under the historical JV are cancelled.