AXMIN Inc.
TSX VENTURE : AXM

AXMIN Inc.

October 13, 2005 10:59 ET

AXMIN Accelerates Exploration At Kofi Project Area, Mali Following Updated Resource Estimate

TORONTO, ONTARIO--(CCNMatthews - Oct. 13, 2005) - AXMIN Inc. (TSX VENTURE:AXM) is pleased to announce plans for a 14,000 metre combined core and rotary air blast ("RAB") drilling program over the next six months on its four exploration permits, comprising the Kofi Project Area, in Mali. A resource of 290,000 ounces (inferred mineral resource of 245,000 ounces (2.03 Mt grading 3.8 g/t Au) plus an indicated mineral resource of 45,000 ounces (415 Kt grading 3.2 g/t Au)) was recently announced (press release September 27, 2005) from two structures, Kofi SW Zones B and C. Each structure has to date been identified over a strike length of some 250-300 metres.

Chief Executive Officer Dr Jonathan Forster comments "AXMIN's recent resumption of control of the Kofi Project Area has acted as a catalyst to re-establish our own program, with the objective to outline further deposits to build upon the established resource and capable of supporting a stand-alone operation. During the past two years, exploration effort focussed primarily on the two main targets and on understanding the controls of gold mineralisation. The forthcoming program will take this information and expand it across other targets where potentially economic drill intersections have previously been identified. The recently reported discoveries at the adjacent Loulo and Yalea deposits of Randgold demonstrate that large and high grade deposits can be discovered in this district below relatively narrow surface structures."

The forthcoming phase of drilling is targeting near surface mineralisation that is amenable to open pit extraction and will be focusing initially on three priority targets within a 10 kilometre radius at the Kofi Project Area, namely Kofi SW Zone C, Kofi South and Kofi South South. The program will consist of approximately 11,000 metres of angled RAB holes to depths of 40-50 metres followed by 3,000 metres of core holes where further delineation is merited. All drilling is targeting Loulo-Yalea style mineralisation comprising structurally controlled deposits similar to those delineated at Kofi SW Zones B and C.

At Kofi SW Zone C drilling will concentrate on extensions to the deposit, following up on a previous single fence some 400 metres to the south which intersected 9 metres of 14.9 g/t Au and a second intercept 600 metres to the north-northeast ("NNE") of 5.4 metres of 11.0 g/t Au.

Drilling at Kofi South will target three zones along the large (4,500 metre) gold in soil anomaly (greater than 50ppb Au) located on a north-south jog along a major NNE structure, similar to the structural location of Yalea. All three zones were previously sampled with positive results on broadly spaced (variously 200-400 metres) drill fences by reverse circulation ("RC") drilling. The northern most zone will target a mineralised corridor with a potential 400 metre strike length where previous drill intersections included 18 metres at 4.0 g/t Au and 10 metres at 3.6 g/t Au. The second zone lies 1,400 metres to the south and will target an 800 metre long zone where previous drill intersections included 10 metres at 2.2 g/t Au and 5 metres 9.7 g/t Au. The last zone at Kofi South located 600 metres further south across an alluvial plain previously mined by artisans is defined by a 1,000 metre long structure drilled to date on only a single fence - here an intercept of 5 metres at 2.0 g/t Au was recorded.

Finally at Kofi South South drilling will target two zones, each with a potential minimum strike length of 300 metres. The first zone was previously discovered on one drill fence where intersections included 5 metres at 3.5 g/t Au and 8 metres at 6.6 g/t Au. The second zone was previously tested by a single fence which identified two closely spaced mineralised structures with results including 7 metres at 1.8 g/t Au, 4 metres at 11.1 g/t Au and, at a vertical depth of 80 metres on the same structure, 2 metres at 16.6 g/t Au.

This press release has been reviewed by an in-house qualified person, Dr. Jonathan Forster, Fellow of the Institute of Materials, Mining and Metallurgy ("IMMM").

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.

A Map of the Kofi Project Area can be found on CCNMatthews' website at: http://www.ccnmatthews.com/docs/kofi1013.jpg

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)
    or
    AXMIN Inc.
    Judith Webster
    Manager - Investor Relations
    +1 (416) 368 0993 (Canada)
    ir@axmininc.com
    www.axmininc.com