AXMIN Inc.
TSX VENTURE : AXM

AXMIN Inc.

August 06, 2008 09:23 ET

AXMIN Inc.: Holes 160 & 161 Return 7.2 g/t Au Over 10.5 m and 3.9 g/t Au Over 46.7 m High Grade Mineralisation Continues at Depth at Komahun Project, Nimini Hills, Sierra Leone

TORONTO, ONTARIO--(Marketwire - Aug. 6, 2008) - AXMIN Inc. (TSX VENTURE:AXM) is pleased to report that the last drill results from the 2008 program continue to deliver very good grades over excellent widths at the Komahun Gold Project, Nimini Hills, Sierra Leone. The assays include 3.9 g/t Au over 46.7 metres, 7.2 g/t Au over 10.5 metres and 6.4 g/t Au over 7.2 metres from holes intersecting the mineralisation at vertical depths of approximately 300-350 metres beneath the surface. Mineralisation remains open to depth.

President and Chief Executive Officer, Mario Caron comments "These results continue to demonstrate the strong continuity of grade and width to depth at the Komahun Project. With all relevant data now in hand, we can anticipate a resource update to be completed shortly. Moreover, with mineralisation open to depth, justification is emerging for commissioning a scoping study to determine the parameters for development through underground mining."

The program focused primarily on the main zone of about 400 metres strike length with five holes directed at two zones of possible southerly extension. The main zone has now been drilled on fences of variably 40-80 metre spacing, to a vertical depth over much of its length of 300-350 metres (To view the Komahun Project maps, please visit the following link: http://media3.marketwire.com/docs/komahun.pdf). Outcrop of the mineralisation sits on the upper slopes of a steep ridge line, lying about 140 metres above the surrounding broad valley floors which would facilitate access through adits.

Gold mineralisation occurs associated with quartz-sulphide veins and disseminated sulphides within a northeast-southwest trending shear zone located predominantly in amphibolites, banded ironstones and talc schists of Archaean age. Correlation of the sub vertical lithologies and mineralisation is facilitated by the thin banded ironstone units that form well defined marker units. Hole NKWD159 was drilled at the southern extension of the main zone and did not intersect the mineralised envelope, and hole NWKD 163 was lost before it hit the mineralsed zone.



North East Declin. From To Interval Grade
Hole Fence No Co-ord Co-ord (deg) (m) (m) (m) (g/t)
NKWD 160 1260 949722 262229 -65 116.5 119.5 3.0 2.4
and 125.5 130.5 5.0 1.5
and 135.8 140.5 4.7 1.0
and 151.0 152.5 1.5 33.9
and 158.5 170.5 12.0 4.1
and 196.0 206.5 10.5 7.2
NWKD 161 1340 949743 262316 -70 229.0 275.7 46.7 3.9
incl 241.0 265.0 24.0 5.6
and 286.0 289.0 3.0 1.3
NWKD 162 1300 949717 262285 -75 250.7 256.0 5.3 3.2
and 307.0 310.0 3.0 1.0
and 323.5 330.7 7.2 6.4

Intercept lengths are core lengths; All holes are drilled at Azimuth 320
degrees


The 2008 program undertaken between February and May of this year consisted of 4,300 metre core drilling in 15 holes. Previous results from this campaign were reported in press releases dated February 29, April 16 and June 24, 2008. SRK Consulting (UK) Ltd. has been commissioned to prepare the National Instrument 43-101 compliant resource update.

The Komahun Gold Project lies within the Nimini Hills licences which are held under a joint venture agreement with AFCAN Barbados Limited, a subsidiary of Eldorado Gold Corporation (TSX:ELD)(ASX:EGO). Under the terms of the joint venture, Eldorado has elected not to participate in ongoing exploration expenditures. As a consequence AXMIN may increase its level of ownership in the project from 60% to 80% by completing a bankable feasibility study.

Grade calculations are based on a 0.5 g/t Au lower cut off to define the mineralised structure, with no upper cut. Analytical work is being carried out at the independent OMAC Laboratories Ltd. in the Republic of Ireland. 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. 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.

About AXMIN

AXMIN, a gold exploration company, offers dynamic growth with a track record of finding and developing mines in Africa. AXMIN is one of only a few companies of comparable or even larger size that has such a potential to develop multiple gold mines in west and central Africa. For more information regarding AXMIN visit our website at www.axmininc.com.

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
    (416) 304-6608
    or
    AXMIN Inc.
    Judy Webster
    Manager Investor Relations
    (416) 368-0993
    Email: ir@axmininc.com
    Website: www.axmininc.com