QMX Gold Corp. (fka QMXGF)

[NYBob]

Alexis Obtains Approval for $45 Million Debt Financing for Snow Lake and Announces Proposed Restructuring With Share Consolidation and Name Change


TORONTO, ONTARIO--(Marketwire - May 29, 2012) -

ALEXIS MINERALS CORPORATION
(TSX:AMC)(OTCQX:AXSMF) ("Alexis" or the "Company") is pleased to
announce that it has received formal credit approval from
Credit Suisse for a US $45 million, 4 1/2-year term loan to
further the development of the Snow Lake Mine.

The terms of the agreement include a US $45 million term loan
bearing interest of LIBOR + 5% and a hedging program to be
agreed to between the parties.
The loan will be subject to covenants standard to this type of arrangement and other conditions precedent, including an equity contribution prior to draw down on the loan, the details of which will be released upon finalization of definitive agreements in respect of the debt financing. The use of proceeds of the combined debt and equity financing will include the restart of the Snow Lake mine, repayment of the current bridge loan and for general corporate expenses.

The Snow Lake mine was most recently operated as the New Britannia Mine until it was closed in 2005.
Alexis took ownership of the New Britannia Mine when it
acquired Garson Gold in 2009 (see release dated October 20,
2009).

Since the acquisition, Alexis has increased the resource, and
completed a feasibility study (see release dated November 3rd,
2010) and consolidated the land position around the mine.

Initial capital expenditure for the restart of the
Snow Lake mine is estimated at approximately $45 million.

Alexis expects that once the pre-production stage is complete,
the mine should produce 80,000 per year*.

Exploration is also planned to continue on the 88 square kilometre property.

Alexis is being advised on the financing by
Auramet Trading, LLC ("Auramet") of Fort Lee, New Jersey, USA.
Auramet is a full service merchant, trader, financier and
advisor in the mining sector.

In conjunction with the financing announcement, the Company is
also proposing a 20:1 share consolidation (the "Consolidation")
at its upcoming annual and special meeting of shareholders to
be held on June 13, 2012 (the "Meeting")

Pursuant to the Consolidation, one post consolidated common
share of the Company will be issued for every 20 pre-
consolidated common shares of the Company. There are currently
597,026,077 common shares of Alexis issued and outstanding.

Upon completion of the Consolidation there would be
approximately 29,851,304 common shares of the Company issued
and outstanding. The change in the number of issued and outstanding common shares that would result from the Consolidation would not materially affect any shareholder's percentage ownership in Alexis although such ownership would be represented by a smaller number of common shares. The proposed Consolidation is subject to the approval, by special resolution, of the shareholders of Alexis and the approval of the TSX.

At the Meeting, Alexis will also propose a name change to "QMX Gold Corporation" (the "Name Change") to reflect the transition to larger scale production. The proposed name change is subject to the approval, by special resolution, of the shareholders of Alexis, and the approval of the TSX.

Commenting on the financing and proposed changes for
Alexis, Francois Perron adds:
"This is the moment that shareholders have been waiting for.
I am extremely happy that we were able to come to an agreement
with Credit Suisse on a financing arrangement that management
and the board feel benefits the Company and our shareholders.

The project team at Snow Lake has continued to advance the
project and our ability to attract a financing partner such as
Credit Suisse demonstrates the robustness of the project.

We will soon be ready to move forward on our project at
Snow Lake, which is expected to transform the company.

As part of this transformation, I am pleased to announce that
we are proposing a share consolidation to establish a capital
structure appropriate for a Company that should reach a
combined 100,000 ounces of annual production once the
Snow Lake reaches commercial production.

Finally, I am pleased to announce that we will be changing the
name of the company to QMX Gold Corporation to reflect the
evolution of the company as it moves forward with its existing
mine in "Q"uebec, its project in "M"anitoba as well as the
continued e"X"ploration of these properties."

*Snow Lake Mine Re-activation Project
Technical Report NI 43-101, December 10. 2010
prepared by Mr. Andre Roy Eng.

Qualified Person

Technical programs and information included in this release have been supervised, compiled, reviewed and approved by David Rigg, P.Geo., the Co-Chairman of the Company and a Qualified Person as defined under NI 43-101.

About Alexis Minerals

Alexis Minerals Corporation is a Canadian publicly traded mining
company concentrating on exploration and mine development.

The Company is listed on the Toronto Stock Exchange ("TSX")
under the symbol "AMC", and trades in the United States on
the Over the Counter QX International ("OTCQX") platform under
the symbol "AXSMF".

Alexis Minerals is a dynamic and aggressive mining company
operating in Canada's richest mining regions:
Val-d'Or & Rouyn-Noranda, Quebec, and Snow Lake, Manitoba.

Alexis continues production and exploration in the mineral rich
Val-d'Or area with property covering over 1,000 km2.

The Company also continues work on its newest property at the
Snow Lake Mining Camp. Alexis is now in its third full year as
a junior gold-producing company and gold production is a
priority as the company targets mid-tier gold production
levels.

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The Aurbel Gold Mill

Website http://www.alexisminerals.com