January 18, 2007 08:30 ET

AXMIN Drilling Identifies New Gold Zones at Kofi, Mali

TORONTO, ONTARIO--(CCNMatthews - Jan. 18, 2007) - AXMIN Inc. (TSX VENTURE:AXM) is pleased to announce the results of drill testing of two new gold targets at the Kofi Project in western Mali. Drill results from the 250 metre long Blanaid prospect located 1,000 metres northeast of the Kofi SW-C mineral resource include 3.1 g/t Au over 35 metres, 3.0 g/t Au over 15 metres and 3.7 g/t Au over 10 metres. In addition, drill results from the 1,000 metre long Dabara prospect located approximately 10 km to the south of the Kofi South mineral resource using the Company's rotary air blast ("RAB") drill rig include 2.0 g/t Au over 50 metres, 1.0 g/t Au over 39 metres and 1.0 g/t Au over 35 metres.

These results are further to the 82% increase in the mineral resource estimate at the Kofi Project that was announced on December 6, 2006 which now stands at 1.56 Mt grading 2.8 g/t Au for 140,000 oz indicated mineral resource plus 4.06 Mt grading 3.0 g/t Au for 389,000 oz inferred mineral resource.

Chief Executive Officer, Dr Jonathan Forster comments "We are starting to fully understand the true gold potential of the Kofi Project. The strong correlation between soil geochemistry, our new structural interpretation, geophysics and favourable rock types has led to the discovery of these new gold zones and this provides great encouragement that we can add new resources from the existing and substantial targets currently identified.

"In particular the length, remarkable intensity of the surface geochemical anomaly and initial RAB drilling results from the Dabara anomaly suggests good size and grade potential both for this anomaly and for the several others within the immediate vicinity. With a 15,000 metre RAB drilling program underway and a 20,000 metre reverse circulation ("RC") drilling program scheduled for later in the first quarter, I am optimistic that we will continue to progressively increase our global resources on the Kofi Project well beyond the current levels through the course of the year."

Technical Details

Blanaid Prospect

The prospect is orientated north-south beneath a covering of cuirasse (which masks the soil geochemical signature) and as currently defined is approximately 250 metres long but remains open in both directions and to depth. The prospect was recognised through a combination of ground geophysics, spot soil anomaly and follow up termite mound sampling. The prospect has been drilled on a reconnaissance basis using both RAB and RC on fences between 40 to 80 metres apart and to vertical depths that range from 20 to 45 metres. The structure appears to be sub-vertical with a true width near surface currently estimated at up to 25 metres. Drilling to vertical depths of about 80-100 metres is scheduled for the forthcoming RC program.

Dabara Prospect

The Dabara prospect covers an area of some 25 sq km where multiple soil anomalies (greater than 100 ppb) have been recognised. Current drilling has focused on the most southerly 1,000 metres of this structure where a very strong soil (typically 100ppb threshold) anomaly with a high central point along its entire length in the range 0.5 -2.8 g/t Au). This high grade soil anomaly has been interpreted to extend for more than 3,000 metres with a north-northeast orientation with part of the northern end obscured by cuirasse. Considering the success so far, three other areas are now scheduled for initial systematic reconnaissance RAB drilling.

Four new RAB fences complementing two earlier RC exploration fences have been drilled to date with an approximate fence spacing ranging from 80 to 160 metres and to a maximum vertical depth of 35 metres. Drilling indicates that mineralisation is associated with a quartz stockwork in phyllite, with a continuity of mineralisation over the entire length. Initial observations suggest that the mineralised zone could be up to 30 metres wide over much of the tested area.

Results from recent drilling are tabulated below:

Hole No. Total North East Azimuth Declin. From To Interval Grade
Depth (m) Co-ord Co-ord (deg) (deg) (m) (m) (m) (g/t Au)
Blanaid Prospect

KWCB 448 40 1458270 242744 270 50 30 40 10 1.5
KWCC 534 84 1458200 242752 270 50 10 45 35 3.1
KWCC 536 52 1458120 242750 270 65 DNRT

KWCB 444 33 1458090 242730 270 50 5 33 28(i) 4.7
KWCC 537 48 1458080 242703 270 60 5 15 10 3.7
KWCC 540 60 1458040 242750 270 50 40 55 15 3.0
KWCC 539 50 1458040 242714 270 50 30 35 5 2.2
KWCC 538 44 1458040 242678 270 50 0 10 10 5.9
Dabara Prospect

KSSB 148 50 1442580 252214 090 50 30 40 10 0.9
KSSB 140 50 1442740 252150 090 50 25 30 5 1.7
KSSB 141 50 1442740 252181 090 50 10 45 35 1.0
KSSB 142 50 1442740 252216 090 50 35 40 5 2.3
KSSC 56 80 1443040 252251 090 50 16 55 39 1.0
KSSB 133 50 1443120 252284 090 50 0 25 25 0.7
KSSB 135 50 1443120 252351 090 50 40 50 10(i) 1.8
KSSB 127 50 1443280 252374 090 50 0 50 50(i) 2.0
incl 40 50 10(i) 6.8

DNRT equals "did not reach target due to high water table"

(i)hole ended in mineralisation

Grade calculations are based on a 0.5 g/t Au lower cut off to define the mineralised structure, with no upper cut. Assays are in the main from 5 metre composite samples. Analytical work is being carried out at the independent Abilab Laboratories Ltd. in Bamako, Mali. The drill samples are subject to a full sample preparation followed by a 50 gram fire assay with an AA finish. Blanks, standards and duplicates are being used to monitor laboratory performance during the analysis. Assay of individual one metre samples in mineralised zones is in progress. This press release has been reviewed by in-house qualified person Dr. Jonathan Forster, Fellow of the Institute of Materials, Minerals and Mining in the United Kingdom.

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.

Please note: A map is available on CCNMatthews' website at the following link:

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)