April 15, 2008 18:41 ET

AXMIN Files NI 43-101 Technical Report

Passendro Gold Project Bankable Feasibility Study

TORONTO, ONTARIO--(Marketwire - April 15, 2008) - AXMIN Inc. (TSX VENTURE:AXM) is pleased to announce that today it has filed the Bankable Feasibility Study Summary report with respect to the Passendro Gold Project located in the Central African Republic ("CAR"), the results of which were released on April 2, 2008. A copy of the NI 43-101 compliant report has been filed with securities and regulatory authorities in Canada and can be found on both the SEDAR website at and the AXMIN website at The Feasibility Study was led by SENET (PTY) of South Africa ("SENET") and included a multidisciplinary team of independent consultants. Highlights of the robust plus 200,000 ounce per annum project are detailed below.

Feasibility Study Highlights

Mine Throughput 3 mtpa
Mine Life 5.9 years
Development & Construction 24 months
Strip Ratio 8.4:1
Average Annual Gold Production (life of mine) 203,000 ounces
Base Case Economics (US$750/oz Au)
Total Capital Cost US$196 million
Cash Operating Costs (including royalties) US$379/oz Au
IRR (after tax & royalties) 29.4%
NPV (after tax, 0% discount) US$233 million
NPV (after tax, 5% discount) US$164 million
Payback Period 2.2 years
Metallurgical Recovery Oxide 94%
Transition 94%
Sulphide 96%
Gravity Recovery Average 40%
Note: All financial analysis is based on 100% ownership


AXMIN, a gold and iron ore exploration and development company, offers dynamic growth with a track record of finding and developing mines in Africa. AXMIN is one of only a few companies of comparable or even larger size that has such a potential to develop multiple gold mines in central and west Africa. For more information regarding AXMIN visit our website at

This press release includes certain "Forward-Looking Statements." All statements, other than statements of historical fact, included herein, including without limitation, statements regarding potential mineralization and reserves, exploration results 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 and other regulatory authorities.

Contact Information

  • AXMIN Inc.
    Mario Caron
    President & CEO
    (416) 304-6608
    AXMIN Inc.
    Judy Webster
    Manager Investor Relations
    (416) 368-0993