May 01, 2008 09:09 ET

AXMIN Inc.: High Grade Intersections at Kofi Gold Project, Mali

TORONTO, ONTARIO--(Marketwire - May 1, 2008) - AXMIN Inc. (TSX VENTURE:AXM) is pleased to announce that current drilling continues to intersect high grades over excellent widths in the main section of the Kofi SW Zone C, Kofi Gold Project, Mali. New intercepts from infill drilling include 6.0 g/t Au over 27.7 metres, 4.0 g/t Au over 20 metres, 3.4 g/t Au over 19.5 metres and 3.0 g/t Au over 12.9 metres. In addition, reconnaissance drilling has discovered a parallel new structure to the west of Zone C and at a vertical depth of between 130-250 metres results include 1.5 g/t Au over 13.0 metres and 1.1 g/t Au over 10 metres. This new structure could represent the first indications of a separate lens of similar style to that of the Zone C and further drilling is planned to better understand the geometry.

President and Chief Executive Officer, Mario Caron comments "This drilling has succeeded in demonstrating that gold mineralisation in the Kofi SW Zone C continues to identify high grades over impressive widths in addition to discovering additional parallel blind zones at depth. This is very similar to the neighbouring Loulo-Yalea mine of Randgold Resources where over 9 million ounces of measured and indicated gold have been discovered beneath open pits. This round of drilling reinforces our belief that substantial exploration potential remains both near surface and at depth across the Kofi, and that our ongoing drill programs will continue to expand the project."

Infill Drilling

Exploratory drilling for blind structures was combined with infill testing of the known Zone C mineralisation. The upper part of the core holes have provided further confirmation of the geological modeling, with multiple mineralised lenses carrying strong grades and, in places, true widths of some 30 metres (To view the map of the Kofi SW Zone C please view the following link: See table below for infill drilling results.

Depth North East Dip From To Interval Grade
Hole Co-ord Co-ord (deg) (m) (m) (m) (g/t Au)
Infill Drilling
KWCD160 379.0 1457240 242346 -65 21.0 24.0 3.0 1.9
and 50.6 78.3 27.7 6.0
and 169.0 178.0 9.0 2.0
and 213.6 225.0 11.4 2.1
KWCD161 251.0 1457210 242331 -55 10.0 33.0 23.0 1.8
incl 10.0 16.5 6.5 4.1
and 58.5 78.0 19.5 3.4
and 85.0 105.0 20.0 4.0
and 150.0 154.8 4.8 1.2
and 163.0 165.0 2.0 5.5
KWCD164 172.0 1457145 242304 -50 22.0 28.0 6.0 9.1
and 48.0 50.0 2.0 6.7
KWCD165 227.0 1457180 242283 -60 26.0 36.0 10.0 4.4
and 98.0 100.0 2.0 2.8
and 117.0 120.0 3.0 1.9
KWCD166 200.0 1457065 242273 -65 38.1 51.0 12.9 3.0
and 96.0 102.0 6.0 1.4
Intercept lengths are core lengths.
All holes were drilled on an azimuth of 270 degrees with grades calculated
using a 0.5 g/t Au lower cut-off, and no upper cut.

New Structure

The 5 hole (1,250 metres) reconnaissance drill program was designed to follow up on a single intercept of 2.6 g/t Au over 30 metres at a vertical depth of 180 metres, drilled in 2005 (Hole KWCD 107). The holes tested a 180 metre long mineralised structure that is currently believed not to come to surface, sitting about 50 metres to the west of and parallel to the previously known Kofi SW Zone C deposit. The structure is apparently strengthening towards the north. Assays from this western structure are tabulated below.

Depth North East Dip From To Interval Grade
Hole Co-ord Co-ord (deg) (m) (m) (m) (g/t Au)
New Structure
KWCD160 379.0 1457240 242346 -65 264.0 277.0 13.0 1.5
and 302.0 308.4 6.4 1.2
KWCD161 251.0 1457210 242331 -55 194.0 204.0 10.0 1.1
and 210.0 226.0 16.0 0.9
KWCD164 172.0 1457145 242304 -50 168.0 170.0 2.0 2.0
KWCD165 227.0 1457180 242283 -60 152.0 167.0 15.0 0.8
incl 152.0 155.0 3.0 2.5
KWCD166 200.0 1457065 242273 -65 190.0 196.0 6.0 0.5
Intercept lengths are core lengths.
All holes were drilled on an azimuth of 270 degrees.

Drill 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 1 metre samples. Analytical work is being carried out at the independent Abilab Laboratories Ltd. in Bamako, Mali. 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. 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 Canadian gold and iron ore exploration and development company with a strong focus on central and west Africa. AXMIN's goal is to begin production its Passendro Gold Project, Central African Republic in the third quarter of 2010. AXMIN is well positioned to grow in value as it develops its exceptional project pipeline of gold and iron ore projects in parallel pursuing new opportunities to increase its asset base. For more information regarding AXMIN visit our website at

This press release includes certain "Forward-Looking Statements." All statements, other than statements of historical fact, included herein, including without limitation, statements regarding potential mineralization and reserves, exploration results and future plans and objectives of AXMIN, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from AXMIN's expectations are disclosed under the heading "Risk Factors" and elsewhere in AXMIN documents filed from time-to-time with the TSX Venture and other regulatory authorities.

Contact Information

  • AXMIN Inc.
    Mario Caron
    President & CEO
    Direct: (416) 304-6608
    AXMIN Inc.
    Judy Webster
    Manager Investor Relations
    (416) 368-0993