April 16, 2008 09:28 ET

AXMIN Inc.: Drilling Continues to Intersect High Grades at Komahun Project, Nimini Hills, Sierra Leone

TORONTO, ONTARIO--(Marketwire - April 16, 2008) - AXMIN Inc. (TSX VENTURE:AXM) is pleased to report that the results from its November 2007 campaign continues to show high grade intersections in the Main Zone of the Komahun Prospect in addition to extending mineralisation in two zones 300 and 900 metres south of the Komahun Prospect, Nimini Hills joint venture, Sierra Leone. The results in this press release are from the late 2007 drilling program and are a continuation of the results announced in February 29, 2008. Results include:

- Main Zone - infill drilling intersected 13.3 g/t Au over 15.5 metres, 12.3 g/t over 3 metres and 23.4 g/t over 1.5 metres,

- South Extension Zone I - initial drilling intersected 6.7 g/t Au over 6 metres,

- South Extension Zone II - initial drilling intersected 12.1 g/t Au over 4.5 metres.

President and Chief Executive Officer Mario Caron comments "These latest results highlight that the Main Zone has excellent continuity of gold mineralisation, both along strike and to depth and that within this 350 metre long structure strong grades over broad widths are a common feature. Moreover, initial drilling to the south of Komahun suggests that the gold bearing structures continue. Taken together, we believe that the Komahun Project has excellent potential for fast tracking towards scoping engineering studies."

Main Zone

The latest holes were designed to test the main structure down dip and along strike. Holes NWKD 138 and 140 demonstrate the down dip continuity of strong gold mineralisation, with hole NWKD 140 intersecting mineralisation about 40 metres below that recognised in NWKD 100 which intersected 21 metres at 8.2 g/t Au (press release October 22nd 2007). Holes NWKD 132 and 133 indicate that the structure is weakening to the southwest, but remains open to the northeast and at depth.

Fence North East Declin. From To Interval Grade
Hole Co-ord Co-ord (deg) (m) (m) (m) (g/t)
Main Zone
NWKD 132 1020 949595 261967 -50 118.0 119.5 1.5 1.3
NWKD 133 1060 949611 262057 -65 94.0 101.5 7.5 2.3
and 167.5 169.0 1.5 2.1
NWKD 138 1140 949649 262127 -50 73.0 76.0 3.0 12.3
incl 73.0 74.0 1.0 35.3
and 85.0 86.5 1.5 23.4
and 93.5 95.5 1.5 1.5
NWKD 140 1440 949834 262381 -50 121.0 136.5 15.5 13.3
incl 121.0 129.5 8.5 20.3
Intercept lengths are core lengths
All holes were drilled at Azimuth 320 degree

South Extension Zones I & II

Three exploration drill holes were completed at the end of the 2007 program to further test the strike and depth potential of Zones I & II located 300 and 900 metres respectively from the southwest end of the Main Zone. At Zone I the 2007 drilling results extended this north-south sub vertical structure to about 160 metre strike and to a depth of 70 metres. Results from earlier drilling at Zone I included 3.0 g/t Au over 11.8 metres and 13.9 g/t Au over 4.5 metres (see press release August 27, 2008). The 2008 program will test the zone over 300 metres strike and to vertical depths of about 150 metres.

At Zone II, located further 600 metres south of Zone I and conceivably on the same structure, a single reconnaissance drill fence was completed at the end of 2007. This fence targeted the central part of a 400 metre long soil anomaly (threshold 100 ppb Au). The 2008 program will test this well mineralised structure to some 200 metres vertical depth.

Hole Fence No North East Declin. From To Interval Grade
(deg) (m) (m) (m) (g/t)
Zone I
NWKD 127 9120 949127 261869 -50 87.5 94.0 6.5 1.2
NWKD 128 9040 949046 261848 -55 66.5 73.0 6.5 1.0
NWKD 129 9180 949181 261864 -50 11.5 16.0 4.5 3.2
and 64.0 70.0 6.0 6.7
Zone II
NWKD 78 8240 948240 261740 -55 51.0 55.5 4.5 12.1
Intercept lengths are core lengths
All holes are drilled at Azimuth 270 degrees

2008 Drill Program

In addition to the results reported in this release the 2008 drill campaign which began in February has to date completed 11 core holes (3,100 metres) out of the planned 5,000 metres. Of this, 7 holes (approx 2,200 metres) have tested the Main Zone with maximum vertical depths of up to 350 metres and 4 holes (approx 900 metres) have tested the South Extensions to vertical depths of 150-200 metres. Assay results are pending for the 2008 program.

The Komahun Prospect lies within the Nimini Hills Gold Project which is held under a joint venture agreement with AFCAN Barbados Limited, a subsidiary of Eldorado Gold Corporation (TSX:ELD)(ASX:EGO). Under the terms of the joint venture, Eldorado has elected not to participate in ongoing exploration expenditures. As a consequence AXMIN may increase its level of ownership in the project from 60% to 80% by completing a bankable feasibility study.

Grade calculations are based on a 0.5 g/t Au lower cut off to define the mineralised structure, with no upper cut. Analytical work is being carried out at the independent OMAC Laboratories Ltd. in the Republic of Ireland. The drill 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. 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, a gold exploration 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 west and central 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