AXMIN Inc.
TSX VENTURE : AXM

AXMIN Inc.

October 02, 2009 10:31 ET

AXMIN Inc.: Recent Trenching Results in Senegal Include 10 Metres at 4.41 g/t Au Within an Interval of 78 Metres at 0.89 g/t Au

TORONTO, ONTARIO--(Marketwire - Oct. 2, 2009) - AXMIN Inc. (TSX VENTURE:AXM) is pleased to announce exploration results carried out in Senegal by its joint venture partner and operator, Minerals Deposits Limited (TSX:MDM) ("MDL"), completed as part of its earn-in program on AXMIN's wholly owned gold exploration permits, Soukounkou, Heramakono and Sabodala NW.

In early 2009, MDL carried out a compilation, interpretation and field reconnaissance program encompassing the most promising areas delineated during AXMIN's original exploration campaign. Following this work, MDL completed a program of sixteen trenches for a total of 4,296 metres on the Soukounkou licence. All trenches targeted surface geochemical gold anomalies and extensions of known mineralised zones.

All trenches were dug well into the saprolitic-bedrock and were on average 2-3 metres deep with some of the early trenches being dug to depths of up to 4 metres. All trenches were mapped and channel sampled towards the bottom of each trench. Overburden gravels and laterite materials were selectively sampled to investigate the geochemical dispersion in the regolith profile. A total of 3,921 (inclusive of quality control samples) samples were submitted to SGS laboratories in Kayes, Mali for fire assay gold determination. Approximately 50% of the results have been received and plotted at this stage.

Significant results to date include a 78 metre interval grading 0.89 g/t Au inclusive of a smaller interval of 10 metres grading 4.41 g/t Au. These values were calculated from results where high gold values were cut to 17.47 g/t Au (Mean plus 2 standard Deviations).



Saprolite Samples in Trench DAT003
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From (m) To (m) Uncut Interval Cut Interval
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456 534 78 m @ 1.71 g/t Au 78 m @ 0.89 g/t Au
502 512 10 m @ 10.84 g/t 10 m @ 4.41 g/t Au
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Mean (uncut) 1.71 g/t Au
Standard Dev 7.88 g/t Au
Top Cut-off 17.47 g/t Au Mean+2 Standard Deviations


This interval relates to zone of quartz-feldspar porphyry ("QFP") dikes and associated minor quartz veinlets in a package of Birimian aged sediments which extend for almost 10 kms in a NNE direction. These QFP seem to be related to a series of gold in soil anomalies stretching in the same direction. The structure is located underneath an extensive surface gold anomaly developed in lateritic soils. These results are significant as they indicate a wide zone of primary gold mineralisation underneath complex and transported overburden materials. Follow up work is being planned to fully explore this promising area.

Senegal Permits Joint Venture

AXMIN's wholly owned Senegal Permits (Sounkounko, Heremokono and Sabodala NW ) are held under a joint venture with Sabodala Mining Company SARL ("SMC"), a wholly owned subsidiary of Mineral Deposits Limited whereby MDL may earn a 51% interest by spending US$2.5 million over three years. Thereafter, AXMIN may elect to participate in further expenditure on a pro rata basis, or dilute its interest to 20% in return for MDL expending a further US$3.5 million over the subsequent three year period. All exploration is managed by MDL.



Full details of 2009 trenching program.

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Trench ID X-utm Y-utm Az Length Elevation Prospect Permit
(deg) (m) (GPS)
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TDIA 014 186450 1488804 104 198 91 Diabougou Soukounkou
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TDIA 015 186427 1487467 124 590 92 Diabougou Soukounkou
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TDIA 016 187202 1486394 118 174 89 Diabougou Soukounkou
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TDIA 017 186336 1488379 128 92 90 Diabougou Soukounkou
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TDGO 014 186531 1477974 123 290 92 Diegoun North Soukounkou
---------------------------------------------------------------------------
TDGO 015 188122 1477520 47 338 87 Diegoun North Soukounkou
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KAT 003 185414 1483691 98 554 96 KA Soukounkou
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KAT 004 186020 1483635 95 254 98 KA Soukounkou
---------------------------------------------------------------------------
TA 006 183629 1475417 153 316 123 Zone A Soukounkou
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TA 007 183687 1475788 109 320 120 Zone A Soukounkou
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TA 008 183916 1475539 156 414 119 Zone A Soukounkou
---------------------------------------------------------------------------
TB 001 185036 1474986 138 198 108 Zone B Soukounkou
---------------------------------------------------------------------------
TB 002 185243 1475340 144 166 113 Zone B Soukounkou
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TB 003 185346 1475191 141 70 98 Zone B Soukounkou
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TD 006 182165 1471258 127 212 153 Zone D Soukounkou
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TD 006
ext 182348 1471138 128 110 143 Zone D Soukounkou
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Total 4,296
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Analytical work is being carried out at the independent SGS Laboratories Ltd. in Kayes, Mali. Trench 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 Francois Auclair, M.Sc., PGeo, AXMIN VP Exploration, Member of Ordre des Geologues du Quebec, Fellow of Geological Association of Canada; and by Martin Pawlitschek, Exploration Manager, Senegal, MDL Independent both Qualified Person under the National Instrument 43-101.

About AXMIN

AXMIN is a Canadian exploration and development company with a strong focus on central and West Africa. AXMIN's goal is to move its Passendro Gold Project, Central African Republic towards production. AXMIN is positioned to grow in value as it develops its project pipeline in parallel pursuing new opportunities to increase its asset base. 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. AXMIN disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law.

To view a map of "Gold Deposit Occurrences", please visit the following link:

http://media3.marketwire.com/docs/gold_deposits.pdf

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • AXMIN Inc.
    Mario Caron
    President & CEO
    Direct T: 416 368 0993 ext 223
    or
    AXMIN Inc.
    Judy Webster
    Manager Investor Relations
    416 368 0993 ext 221
    ir@axmininc.com