AXMIN Inc.
TSX VENTURE : AXM

AXMIN Inc.

January 30, 2007 12:52 ET

Axmin Trenching Extends Komahun Prospect 2.5 Km to South and Re-Initiates Drilling

TORONTO, ONTARIO--(CCNMatthews - Jan. 30, 2007) - AXMIN Inc. (TSX VENTURE:AXM) is pleased to report that results received from soil sampling and confirmed by trenching have extended the Komahun prospect at least 2.5 km to the south. The Komahun prospect is located on the Nimini Hills licence in west-central Sierra Leone. Results include 2.2 g/t Au over 25 metres, 6.9 g/t Au over 2 metres (open upslope) and 1.4 g/t Au over 16 metres. In addition a new zone parallel to the southeast of Komahun has yielded a trench result of 2.2 g/t Au over 22 metres. Finally two drill holes designed to infill a previously barren interval in the Main Komahun prospect has intersected 7.0 g/t Au over 15 metres and 3.5 g/t Au over 23.3 metres.

Chief Executive Officer, Dr Jonathan Forster states "This is a most encouraging start to our 2007 campaign in Sierra Leone. The trench results indicate strong potential for the discovery of sizeable new gold mineralised zones in the immediate vicinity of the existing Komahun resource. These results: (i) are directly comparable to the discovery trench results obtained over the 800 metre long Komahun resource where our initial drilling located 382,000 ounces (4.9 Mt grading 2.5 g/t Au, announced October 5, 2006) to a depth of 200 metres; and (ii) effectively triple the previously known target length, even excluding parallel zones. We have initiated a 6,000 metre drill program testing below these trenches using our man portable diamond rig and we are optimistic that the program will contribute to a significant increase in resources at Komahun in 2007."

Technical Details

Exploration at the Komahun prospect during the last quarter of 2006 comprised infill soil geochemistry over a 2,500 metre long southern extension to the mineralised main Komahun structure. 1,500 metres of this southern extension has been sampled on a grid of 100 x 50 metres and a further 1,000 metres has been sampled on a grid of 200 x 50 metres. Within this 2,500 metre strike length three strong anomalies (threshold 40 ppb Au) have been identified with respective strike lengths of 300, 800 and 800 metres from north to south. Sampling to be followed by trenching continues further to the south.

Two trenches, 50 metres apart, at the centre of the most northerly (300 metres) anomaly have been excavated. Trench AX 040 gave an intercept of 2.2 g/t Au over 25 metres, and trench AX 054_EXT gave an intercept of 1.4 g/t Au over 16 metres. Exploration drilling beneath these trenches is currently ongoing.

Two trenches, AX 039 and AX 060 (225 metres south-southwest), has been completed on the middle anomaly (800 metres) with gold mineralisation intercepted in the end sample of AX 039 (6.9 g/t Au over 2 metres) and an intercept of 1.8 g/t Au over 2 metres in AX 060. Trench AX 039 is being extended upslope.

In addition to investigating mineralisation to the south of Komahun a 200 metre long northeast trending soil anomaly lying approximately 300 metres to the east-northeast of the Eastern Extension, just down slope of the Komahun main structure, has been trenched (trench AX 042) and yielded an intercept of 2.2 g/t Au over 22 metres at the centre of the anomaly. Two exploratory core holes have been completed with results awaited.

Three core holes have tested gaps in the resource model at the periphery of the mineralised structure at Komahun itself. Results have been received from the first two holes which intercepted 15 metres grading 7.0 g/t Au and 3.5 g/t Au over 23.3 metres, true widths have not yet been established-see table below for full results;



Hole No. Total North East Azimuth Declin. From To Interval Grade
Depth (m) Co-ord Co-ord (deg) (deg) (m) (m) (m)(g/t Au)
---------------------------------------------------------------------------

NWKD 031 92.0 949838 262343 320 60 63.0 78.0 15.0 7.0

Inclu-
ding 63.3 64.8 1.5 40.8

NWKD 033 85.6 949791 262274 320 60 61.6 84.9 23.3 3.5(i)
Inclu-
ding 76.6 78.1 1.5 18.9

(i) Hole ended in mineralisation


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 5 metre composite samples. Analytical work is being carried out at the independent Abilab Laboratories Ltd. in Bamako, Mali. 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. Assay of individual one metre samples in mineralised zones is in progress. 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 www.axmininc.com.

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