AXMIN Inc.
TSX VENTURE : AXM

AXMIN Inc.

April 30, 2010 09:38 ET

AXMIN Reports Drill Results in Senegal Including 3 Metres at 23.6 g/t Au and 2 Metres at 25.3 g/t Au

TORONTO, ONTARIO--(Marketwire - April 30, 2010) - AXMIN Inc. (TSX VENTURE:AXM) is pleased to announce initial drilling results carried out 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 Senegal gold permits, Sonkounkou, Heremakono and Sabodala NW.

In 2009, MDL carried out a compilation, interpretation, and reconnaissance geological mapping and trenching program encompassing the most promising areas delineated during AXMIN's original exploration work. Subsequently, MDL completed a program of fourteen trenches for a total of 4,296 meters on the Sonkounkou licence. Best results included 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 (see release of October 2, 2009).

These results prompted MDL to initiate a 30 hole, 3,500 metre reverse circulation ("RC") drilling program which is targeting both depth and strike potential of the Sonkounkou Zone D prospect. The Zone D prospect, which was first delineated by AXMIN as a potential high grade quartz lode mineralised system extending over 700 metres was further confirmed by MDL. Results of the drilling program indicated that Zone D consists of multiple quartz veins with significant mineralised gold intervals with grade of up to 25.3 g/t over 2.0 metres, (SRKC001), 147.2 g/t over 1.0 metre (SRKC006), 23.6 g/t over 3.0 metre (SRKC008) (True widths are unknown at this time). As of April 20, 2010, some 1,670 metres in 14 holes have been drilled. Partial results include:

HOLEID DEPTH Azimuth Dip EAST NORTH Intercepts
SKRC001 120 310 -60 182304 1471592 2m @ 25.3 g/t Au from 23m
2m @ 1.8 g/t Au from 28m
3m @ 1.0 g/t Au from 92m
2m @ 1.7 g/t Au from 106m
4m @ 1.3 g/t au from 110m
SKRC002 123 310 -60 182406 1471778 4m @ 1.7 g/t Au from 35m
SKRC003 121 310 -60 182275 1471553 None
SKRC004 124 310 -60 182323 1471566 1m @ 5g/t Au from 48m
SKRC005 124 310 -60 182311 1471623 None
SKRC006 123 310 -60 182450 1471750 1m @ 147.2 g/t Au from 17m
2m @ 10.0 g/t Au from 69m
SKRC007 123 310 -60 182483 1471992 1m @ 3.3 g/t Au from 30m
SKRC008 120 310 -50 182545 1472117 4m @ 1.8 g/t Au from 8m
3m @ 23.6 g/t Au from 15m
1m @ 1.1 g/t Au from 100m
SKRC009 120 310 -50 182604 1472079 1m @ 5.4 g/t Au from 60m
Note: intersections calculated at 0.5 g/t Au cut-off

Sonkounkou KC Prospect: Trenching in the northwest of the Sonkounkou permit continues to define bedrock gold mineralisation at multiple prospects such as in Trench KC002 which returned a best result of 10 metres grading 11.3 g/t Au from sheared sediments, stock-worked porphyry and a large quartz vein. 

Senegal Permits Joint Venture

AXMIN's wholly owned Senegal Permits (Sonkounkou, Heremokono and Sabodala NW ) are held under a joint venture with Sabodala Mining Company SARL ("SMC"), a wholly owned subsidiary of Mineral Deposits Limited (TSX:MDM) ("MDL") 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.

Analytical work is being carried out at MDL's Sabodala laboratory for rock chip samples and RAB drill samples with the independent SGS Laboratories Ltd. supervising assays of RC samples. Samples are subject to a full sample preparation with assaying carried out using an aqua regia digest with AAS finish. Blanks, standards and duplicates are being used to monitor laboratory performance during the analysis. RC drilling and trench samples are in the main 1 metre samples. These samples are assayed by fire at the SGS Laboratory at Kayes in Mali. This press release has been reviewed by François Auclair, M.Sc., PGeo, AXMIN VP Exploration, Member of Ordre des Géologues du Québec, Fellow of Geological Association of Canada; and by Martin Pawlitschek, Exploration manager, Sénégal, MDL, 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 has projects in Central African Republic, Mali, Sierra Leone and Senegal. 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 the completion of the Transaction and the Financing, the anticipated and actual terms and conditions of the Transaction and any definitive agreements entered into in connection with the Transaction 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 Exchange 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.

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
    416 368 0993 ext 223
    or
    AXMIN Inc.
    Judy Webster
    Manager Investor Relations
    416 368 0993 ext 221
    ir@axmininc.com