December 24, 2007 14:22 ET

AXMIN Appoints Mario Caron as CEO; Jonathan Forster Remains Head of Exploration

TORONTO, ONTARIO--(Marketwire - Dec. 24, 2007) - In further steps to advance the Company towards the next stage as a successful African mineral developer and producer the Board of AXMIN Inc. (TSX VENTURE:AXM) is pleased to announce, effective January 01, 2008:

- the appointment of Mario Caron as President and Chief Executive Officer ('CEO') of the Company; and

- the appointment Dr. Jonathan Forster as Head of Exploration, where he will focus on continuing exploration of AXMIN's highly prospective properties across central and west Africa. Dr. Forster will resign as CEO of the Company effective December 31, 2007 but will remain a director of AXMIN.

Chairman, Jean Claude Gandur comments "On behalf of AXMIN's board of directors we are delighted that Mario Caron has agreed to join us. We are confident that his skills and leadership will facilitate the Company's transition from explorer to developer and eventual producer. Since AXMIN's foundation Dr. Foster has been a key executive in the building of our Company and its current mineral portfolio, and we are very pleased that he will continue to focus his geological expertise as Head of Exploration. As a representative of AXMIN's principal shareholder, AOG Holdings BV ('AOG'), these appointments underpin AOG's commitment to build AXMIN into a significant mineral producer.

The appointment of Mr. Caron continues the process of establishing development and production expertise within the Company in preparation for the anticipated development of the Passendro Gold project in the Central African Republic. At Passendro, the bankable feasibility study which is targeting a production level of about 200,000 oz per year is nearing completion. Mr. Caron's experience in operations and production provides excellent balance to the established team at AXMIN."

Mario Caron is a senior mining executive with board and management level experience in operations, exploration and financing. Most recently he was President and CEO of Tiberon Minerals Ltd., a formerly Toronto listed company developing a large tungsten fluorite deposit in Vietnam. Mr. Caron's African experience includes being Vice President of Defiance Mining Corporation, which held the Tasiast gold project in Mauritania, and President and CEO of Eden Roc Mineral Corp., a gold producer in Cote d'Ivoire. He holds a Bachelor of Engineering, Mining from McGill University in Montreal and is fluent in English and French.

Further to the above: effective January 01, 2008 Dr. Michael Martineau will step down as Executive Deputy Chairman and President of the Company and will assume the role of Non-Executive Deputy Chairman; and effective immediately Mr. Caron is appointed a director of the Company.

On December 24, 2007 stock options for 2,000,000 common shares of the Company exercisable at Cdn$0.82 each expiring on December 23, 2012 were granted. All of these stock options have been awarded to Mr. Caron in respect of his appointment as a director and future President and CEO of the Company. These stock options have been granted in accordance with the Company's Stock Option Plan 2005. Immediately following this award of stock options the Company had on issue and outstanding stock options for 11,422,500 common shares of the Company and there were a further 10,025,823 common shares of the Company reserved for issuance under the Stock Option Plan 2005.

AXMIN is a mineral exploration company with a strong focus on gold in highly prospective properties across central and west Africa. For more information regarding AXMIN visit our website at

Safe Harbour Statement

Certain statements contained herein, as well as oral statements that may be made by the company or by officers, directors or employees of the company acting on the company's behalf, that are not statements of historical fact, may constitute "forward-looking statements" and are made pursuant to applicable and relevant national legislation (including the Safe-Harbour provisions of the United States Private Securities Litigation Reform Act of 1995) in countries where AXMIN is conducting business and/or investor relations. Forward-looking statements include, but are not limited to, those with respect to the price of gold, the estimation of mineral reserves and resources, the realization of mineral reserves estimates, the timing and amount of estimated future success of exploration activities, AXMIN's hedging practices, currency fluctuations, requirements for additional capital, government regulation of mining operations, environmental risk, title disputes or claims limitations on insurance coverage and the timing and possible outcome of pending litigation. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "does not expect", "is expected", "budget", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or equivalents or variation, including negative variation, of such words and phrases, or state that certain actions, events or results, "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause the actual results of the company to be materially different from the historical results or from any future results expressed or implied by such forward-looking statements. Such risks and uncertainties include, among others, the actual results of current exploration activities, conclusions of economic evaluations, changes in project parameters as plans continue to be refined, possible variations in grade and ore densities or recovery rates, failure of plant, equipment or processes to operate as anticipated, accidents, labour disputes and other risks of the mining industry, delays in obtaining government approvals or financing or in completion of development or construction activities.
Although AXMIN has attempted to identify important factors that could cause actual actions, events or cause actions events or results not to be anticipated, estimated or intended, there can be no assurance that forward looking statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Except as may be required by applicable law or stock exchange regulation, the company undertakes no obligation to update publicly or release any revisions to these forward-looking statements to reflect events or circumstances after the date of this document or to reflect the occurrence of unanticipated events. Accordingly, readers should not place undue reliance on forward-looking statements.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this press release.

Contact Information

  • AXMIN Inc.
    Jon Forster
    Chief Executive Officer
    +44 (0)1233 665600 (UK)
    +44 (0)1233 643728 (UK) (FAX)
    AXMIN Inc.
    Judith Webster
    Manager - Investor Relations
    (416) 368-0993 (Canada)