December 11, 2007 10:19 ET

AXMIN Inc.: Mineral Resources at Kofi Gold Project, Mali Increase by 25%

TORONTO, ONTARIO--(Marketwire - Dec. 11, 2007) - AXMIN Inc. (TSX VENTURE:AXM) is pleased to report on a resource update for its near surface gold mineralisation at the Kofi Gold Project in western Mali, where exploration drilling during the period of January-July 2007 has resulted in a 25% increase to the Mineral Resource estimate, when combining both indicated and inferred ounces. Indicated ounces have more than doubled to 293,000 ounces (3.60Mt at a grade of 2.5 g/t Au) and Inferred ounces remain essentially unchanged at 368,000 ounces (5.26Mtat a grade of 2.2 g/t Au). The Mineral Resources occur within a 10 km radius in six separate prospects within the Kofi Project Area, with most typically within 140 metres from surface, making them potentially amenable to open pit extraction.

Chief Executive Officer, Jonathan Forster comments "I am pleased to be able to report a 25% increase in total resources which represents an important step in realizing our exploration target to add sufficient resources to warrant scoping engineering studies for a stand-alone development project. With a large drilling program recommencing in the new year, both to test depth and strike extensions to these new resources and also to continue our near surface expansion along the known structural domains, the coming exploration season could prove to be very significant for the project. The results from this year re-enforce our belief that these structures, which extend from the 11 million ounce resource of Randgold's Loulo Mine, continue to represent highly prospective targets."

The 2008 program has budgeted for some 30,000 metres of reverse circulation drilling supported by 14,000 metres of reconnaissance rotary air blast drilling and 5,000 metres of core drilling. It is anticipated that at least four new target areas will be explored as well as follow up at depth on high grade shoots interpreted to exist within the existing resource blocks.

The in-situ Mineral Resource estimate at a 1 g/t Au cut off was undertaken by independent consultant, SRK Consulting (UK) Ltd, using robust three dimensional interpretations with grade interpolation carried out using Ordinary Kriging. The estimates have been prepared under the guidelines of National Instrument 43-101 and accompanying documents 43-101.F1 and 43-101.CP.

Type Tonnage Grade Ounces
(tonnes) (g/t Au) ('000)

Indicated Mineral Oxide 921,000 2.4 71
Transition 344,000 2.4 27
Sulphide 2,337,000 2.6 195

Total 3,602,000 2.5 293

Inferred Mineral Oxide 1,515,000 2.2 108
Transition 702,000 1.9 43
Sulphide 3,042,000 2.2 218

Total 5,259,000 2.2 368

The Indicated Mineral Resources were derived almost equally from the three prospects, Kofi SW Zones B and C, and Kofi South (Betea), whilst the three new prospects (Kofi SW Zone A, Blanaid, Dabara) and the southern extension to Betea account for nearly 50% of the Inferred Mineral Resources.

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.

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)