AXMIN Inc.
TSX VENTURE : AXM

AXMIN Inc.

October 22, 2007 09:35 ET

AXMIN Builds Mine Mangement Team for Its Passendro Gold Project, Central African Republic

TORONTO, ONTARIO--(Marketwire - Oct. 22, 2007) - AXMIN Inc. (TSX VENTURE:AXM) is pleased to announce that the recruitment of key members of the mine development team to build its Passendro Gold mine in the Central African Republic. In addition to Charles Carron Brown, a mining engineer, who joined AXMIN last year as General Manager of AXMIN's wholly owned subsidiary, Aurafrique SARL, who is responsible for the feasibility study (press release dated January 16, 2006), the Company has made the following key appointments:

- Richard Quarmby as Technical & Business Development Manager. Mr. Quarmby is a chemical engineer and was formerly Technical Manager at Randgold Resources Limited with responsibility for all metallurgical aspects of the business, and as such was a key member of the development team at Randgold's Morila and Loulo gold mines in Mali. Mr. Quarmby's primary responsibility will be to manage the development of the Passendro Gold Project.

- Christopher Moleski as Site Project Manager. Mr. Moleski is a mining engineer with extensive experience in west Africa, India and Canada including management of operating mines and management of road construction projects. Mr Moleski's primary responsibility will be project construction, and subsequently mine management.

- Real Fugere as Chief Accountant, responsible for accounts and administration. Mr. Fugere, a Certified Management Consultant, was formerly Financial Accounting Analyst at the Samira Hill gold mine in Niger.

- Jeremy Hawksworth as Passendro Exploration Manager and Chief Geologist Designate. Mr. Hawksworth has 18 years of experience in mining and exploration geology in southern and central Africa. Mr. Hawksworth's primary responsibility will be to manage geological development, mine geology and brownfield exploration at the Passendro Gold Project.

AXMIN is actively recruiting for senior roles supplementing the above team in the fields of mine engineering, logistics / procurement, and security.

Chief Executive Officer, Dr. Jonathan Forster comments "The Passendro Gold Project's feasibility study based on a 200,000 oz pa production level is substantially complete and, project manager, SENET (PTY) Ltd. of South Africa is currently pulling together and optimizing the various strands of the project's technical details. We are sufficiently confident of the outcome based on results received to date to proceed with the recruitment of the development team. Announcement of the technical and financial aspects of the study is expected before the end of the year. The completed bankable feasibility study which must include the results of public hearings related to the environmental and social impact assessment, are expected early in the new year.

We are delighted to welcome the new team members to AXMIN, they bring with them many years of experience of mine development and operation throughout Africa, and they will play a crucial role in bringing the Passendro Gold Project successfully into production."

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 www.axmininc.com.

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)
    or
    AXMIN Inc.
    Judith Webster
    Manager - Investor Relations
    (416) 368-0993 (Canada)
    Email: ir@axmininc.com
    Website: www.axmininc.com