That is what I did at first while taking a women's strenght lifting class.. Three days a week for a hour to 90 minutes as session. Was 245lbs then and lost about 28lbs the first semester by just cutting the sugar but not much else.
I agree with Surrealmeal. You need to burn more calories than you consume, so if you are an overeater, dieting may be something you will need to add to your weightloss plan. If you eat normally than yes, exercise should be enough.
Re: can you lose weight by exersizing alone? 
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