AXMIN Inc.
TSX VENTURE : AXM

AXMIN Inc.

February 17, 2011 09:22 ET

AXMIN Announces Mine Development Advisory Agreement and President Bozize Re-Elected With Majority Vote Ushering in a New Era of Stability for Central Africa Republic

TORONTO, ONTARIO--(Marketwire - Feb. 17, 2011) - AXMIN Inc. (TSX VENTURE:AXM) is pleased to announce that it has entered into an agreement (the "Agreement") with Professor Alex du Plessis, a specialist in the design, development and operation of surface and underground mines globally. Under the Agreement, Alex du Plessis will provide advisory services required during the development of the Passendro Gold Mine and will assist in strengthening AXMIN's operational and mine development expertise. Since the announcement of the positive revalidated feasibility study in late January, AXMIN is intent on maintaining its momentum at Passendro. With the assistance of Endeavour Financial Corporation, the Company continues to advance its debt financing negotiations and hopes to be in a position to update its shareholders on its progress in the near future.

Alex du Plessis has more than 30 years of mining industry experience. This experience includes mine design and operations, as well as the management of mine construction projects. In addition, he has worked in applied research and development for mining. Since 1990, Alex has consulted to a wide range of mining industry clients around the world, and has direct experience in mining projects in Canada, the United States, Asia, Australia, Eastern Europe, and south and central Africa. Alex is also a Visiting Adjunct Professor in the Centre for Mechanised Mining Systems at the University of Witwatersrand, Johannesburg.

President and CEO of AXMIN, Mr. George Roach, comments, "We are extremely pleased to have Alex assist us in the development of this tremendous asset, which will soon become the first modern gold mine in the Central African Republic ("CAR"). AXMIN's appointment of Alex as advisor to the Passendro Gold Project will ensure that the Company has the engineering and project management expertise necessary to coordinate the work being undertaken by SENET and others to bring the Passendro resource into production.

Furthermore, AXMIN is very pleased with the outcome of the January 2011 elections in which the constitutional court in CAR declared President Francois Bozize re-elected on a wide margin of victory with 66% of the vote. The election was generally peaceful and uneventful. In a subsequent meeting with President Bozize, we have been encouraged by the President's assurances of support and commitment to the development of this project. We strongly believe the CAR to be on the threshold of a new era of stability and prosperity."

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, Mozambique, Sierra Leone and Senegal. AXMIN is positioned to grow in value as it progresses its Passendro Gold Project towards development and builds on its project pipeline focusing on transitioning from an explorer to producer. 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 future plans and objectives of AXMIN; and statements regarding the ability to develop and achieve production at Passendro, to revalidate the BFS and to satisfy the terms of the Mining Licence as negotiated, 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 have been disclosed under the heading "Risk Factors" and elsewhere in AXMIN's 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 resulting from 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.
    George Roach
    President & CEO
    Direct T:+44 779 626 3999
    or
    AXMIN Inc.
    Judy Webster
    Manager Investor Relations
    416 368 0993 ext 221
    ir@axmininc.com
    www.axmininc.com