AXMIN Inc.
TSX VENTURE : AXM

AXMIN Inc.

June 23, 2010 13:55 ET

Drilling Continues to Intersect High Grades at Gora Prospect, Senegal Including 7 Metres Grading 32 g/t Gold

TORONTO, ONTARIO--(Marketwire - June 23, 2010) - AXMIN Inc. (TSX VENTURE:AXM) is pleased to announce that the last ten holes in the Phase I, 51-hole reverse circulation (RC) drilling program at the Gora deposit has continued to yield high-grade intercepts, including the best intercept to date of 7 meters grading 32.0 g/t Au from 110 metres depth (including 1 metre at 181.0 g/t Au from 114 metres) in hole SKRC044. The Gora deposit is located on AXMIN's wholly owned Senegal gold permits (Sounkounkou, Heremakono and Sabodala NW) where its joint venture partner and operator, Minerals Deposits Limited (MDM-TSX) ("MDL"), is currently drilling as part of it's earn in program. The Gora prospect is located within the Sounkounkou permit approximately 25 km northeast of MDL's Sabodala processing plant.

The results from hole SKRC044 indicate a significant widening of the vein system at depth (please refer to the cross section and plan map). With the depth of the drill holes in the Phase I program averaging only 123 metres down hole (approximately 90 metres vertically), deeper drilling will be required to test the down dip extensions of the deposit, all of which remain open. These results augment those announced in press releases dated April 30, May, 10 and May 31, 2010.

Following the conclusion of the highly encouraging Phase I drill program, geological modelling and preliminary engineering analysis is being undertaken by MDL to better define the next phase of drilling, the purpose of which will be to both extend the deposit and determine the potential for a near-term open pit mineable mill feed for MDL's Sabodala Mine.

Please refer to the table below for full results on the remaining ten holes of the Phase I drilling program (true widths have not been calculated).

  Hole Number Depth (m) Dip (deg) To (m) From (m) Length (m) Grade g/t Au
  SKRC 042 123 -51 77.0 79.0 2.0 9.0
  SKRC 043 123 -51 96.0 97.0 1.0 9.8
  SKRC 044 123 -50 110.0 117.0 7.0 32.0
    including 114.0 115.0 1.0 181.0
  SKRC 045 123 -50       nsa
  SKRC 046 120 -50 39.0 43.0 4.0 0.5
    and 82.0 85.0 3.0 1.9
  SKRC 047 123 -50 46.0 47.0 1.0 0.9
  SKRC 048 123 -50       nsa
  SKRC 049 123 -51 53.0 54.0 1.0 3.7
  SKRC 050 123 -51 82.0 83.0 1.0 4.2
  SRKC 051 123 -51       nsa
Note: Assays are undertaken at the Sabodala SGS laboratory by AAS utilising acid digest. Outside laboratory checks are undertaken by fire assay.

Senegal Permits Joint Venture

AXMIN's wholly owned Senegal Permits (Sounkounkou, 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 MDL's Chief Geologist, Chris Young BSc, who is a member of The Australasian Institute of Mining and Metallurgy and the Australian Institute of Geoscientists.

About AXMIN

AXMIN is a Canadian exploration and development company with a strong focus on Sub-Saharan Africa. AXMIN has projects in Central African Republic, Mali, Mozambique, Sierra Leone, Senegal and Zambia. 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.

Gora Deposit – Plan Map and Cross Section

To view, "Gora Deposit - Plan map," please visit the following link: http://media3.marketwire.com/docs/goraplan.pdf.

To view, "Gora Deposit - Cross Section," please visit the following link: http://media3.marketwire.com/docs/goracross.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.
    George Roach
    President & CEO
    +44 779 626 3999
    or
    AXMIN Inc.
    Judy Webster
    Manager Investor Relations
    416 368 0993 ext 221
    www.axmininc.com