April 12, 2007 09:50 ET

AXMIN Discovers Third Substantial Prospect on Kofi SW Structure, Kofi Gold Project, Mali

TORONTO, ONTARIO--(CCNMatthews - April 12, 2007) - AXMIN Inc. (TSX VENTURE:AXM) is pleased to announce the discovery of a third substantial prospect on the Kofi SW structure (Zone A) which extends northeast from the major deposits across the common border from Randgold's Loulo Mine property in Mali. In addition recent drilling has extended and in-filled the recently announced Blanaid prospect (see press release January 18, 2007); results from recent drilling at the Blanaid include 22.0 g/t Au over 7 metres, 2.5 g/t Au over 35 metres and 2.0 g/t Au over 30 metres extending this prospect another 100 metres to over 350 metres and is still open along strike. The trench results from the newly outlined Zone A prospect located approximately 2.5 km north of Blanaid include 80 metres at 2.3 g/t Au and 60 metres at 2.0 g/t Au. Soil geochemistry and termite sampling from which significant amounts of visible gold have been panned indicate a potential strike length of up to 700 metres. The structure is currently the subject of a first phase reconnaissance reverse circulation ("RC") drill program.

Chief Executive Officer, Dr Jonathan Forster comments "The current 25,000 metre RC drill program now in progress has started very positively. With the Blanaid prospect being extended and traced to depth, it is on track for its first mineral resource evaluation and on completion of the current drilling we expect to add to the gold resources already defined on the Kofi Gold Project. Most exciting is that the Kofi SW Zone structure has also yielded yet another discovery, at Kofi SW Zone A, where an old anomaly is emerging as a new prospect with possible resource potential. In addition, systematic resource drilling is scheduled to shortly commence at the Kofi South and Dabara (formerly "Kofi SS") prospects, either one of which gives every opportunity for AXMIN to make significant increases to the mineral resource inventory at Kofi through the year, with the objective of defining sufficient ounces to support a stand-alone open pit mining operation."

Blanaid Prospect - Drilling

The RC and limited diamond drill program targeting both infill and extension of the prospect, mainly on 40 metre fences to vertical depths up to 80 metres in places, is currently in progress. Drill results have so far extended the north-south mineralised structure to a strike length of 350 metres, with the planar structure having an apparent dip to the west, resulting in most holes being drilled partly oblique to the interpreted dip. The current estimate of true width over much of the structure is 10-15 metres. The structure remains open at depth and along strike to the north, where the last drill hole on the most northerly fence returned 22.0 g/t Au over 7 metres (true thickness estimated at about 4 metres). See table below for current drill results:

Total Grade
Depth North East Azimuth Declin. From To Interval (g/t
Hole No. (m) Co-ord Co-ord (deg) (deg) (m) (m) (m) Au)
KWCD0153 110.6 1458040 242656 90 -50 0 4.0 4.0 5.1
KWCD0151 60.6 1458080 242716 270 -60 4.0 14.0 10.0 1.3
KWCC0611 100.0 1458120 242730 270 -50 11.0 33.0 22.0 1.3
KWCC0609 65.0 1458160 242720 270 -50 12.0 14.0 2.0 1.5
KWCC0610 90.0 1458160 242753 270 -50 15.0 45.0 30.0 2.0
Incl 35.0 40.0 5.0 5.9
KWCC0600 130.0 1458204 242781 270 -60 80.0 85.0 5.0 1.4
KWCC0602 60.0 1458240 242750 270 -50 19.0 55.0 36.0 1.8
Incl 19.0 21.0 2.0 15.5
KWCC0603 50.0 1458240 242713 270 -50 10.0 20.0 10.0 1.1
KWCC0604 70.0 1458277 242733 270 -50 0 35.0 35.0 2.5
Inc 11.0 14.0 3.0 9.3
and 50.0 60.0 10.0 1.2
KWCC0606 65.0 1458356 242719 270 -50 10.0 17.0 7.0 22.0

Zone A Prospect - Trenching

Kofi SW Zone A is located approximately 2.5 km to the north along strike from Blanaid prospect. The mineralised structure is interpreted to strike northeast-southwest and has so far been followed for 220 metres but the termite mound sampling and soil sampling from which significant traces of gold particles have been panned indicate an extent of at least 700 metres. Results from three east-west trenches set approximately 120 metres and 80 metres apart respectively are represented in the table below, drilling is underway and results from early holes are awaited.

Total Grade
Length North East Azimuth From To Interval (g/t
Trench No. (m) Co-ord Co-ord (deg) (m) (m) (m) Au)
KWAT007 65.0 1461000 243861 90 28.0 48.0 20.0 0.6
KWAT005 159.1 1460880 243770 90 36.0 116.0 80.0 2.3(i)
incl 94.0 98.0 4.0 30.0(i)
KWAT003 49.8 1460800 243742 90 16.0 44.0 28.0 0.8
Road Cut 129.5 1460950 234900 0 68.0 128.0 60.0 2.0(i)
incl 74.0 82.0 8.0 10.0(i)

(i) higher grade assay values cut to 30 g/t Au

Drill 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. Trench samples are collected on two metre intervals, with grade calculations based on 0.3 g/t Au cut off and higher grade samples cut to 30 g/t Au. Analytical work is being carried out at the independent Abilab Laboratories Ltd. in Bamako, Mali. Both drill and trench 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 drill 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

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.

Please note: There is a map of the Kofi Project Area available on CCNMatthews' website at the following link:

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)
    AXMIN Inc.
    Judith Webster
    Manager - Investor Relations
    (416) 368-0993 (Canada)