AXMIN Inc.
TSX VENTURE : AXM

AXMIN Inc.

January 24, 2006 09:20 ET

AXMIN Inc.: Drilling Extends Kaomahun Prospect, Nimini Hills, Sierra Leone

TORONTO, ONTARIO--(CCNMatthews - Jan. 24, 2006) - AXMIN Inc. (TSX VENTURE:AXM) is pleased to report the results from the remainder of the first drill program at the Kaomahun Prospect, Nimini Hills Project, Sierra Leone. Latest results include 2.4 g/t Au over 28 metres and 2.2 g/t Au over 19.4 metres. These results complement earlier results and indicate a strike length of at least 650 metres with potential for 1,400 metres based on the gold in soil anomaly.

Drilling at Kaomahun Prospect's Main Zone indicates that gold mineralisation occurs within a northeast trending sub-vertical shear zone, with up to four closely spaced individual structures which in places come together to form a single broader zone. Mineralisation is hosted in amphibolite, with associated silica, magnetite and carbonate alteration. To date nine core holes have been drilled on Main Zone over a strike length of 650 metres, with fence spacing of 80 metres at the southwestern end opening out to 160 metre spacing at the northeastern end. Gold mineralisation has been intersected at vertical depths of up to 100 metres. The Main Zone remains open to both the northeast and southwest, with the 100 ppb Au soil anomaly threshold indicating potential for at least a total of 900 metres strike length, with an offset to the northeast offering an additional 500 metres of strike length (see attached plan map).

Single drill fences on an Eastern Structure (350 metres to the southeast) and a Western Structure (150 metres to the northwest) demonstrate the potential to define parallel mineralised shear zones at the Kaomahun Prospect.

NOTE: A table is available on CCNMatthews' website at: http://www.ccnmatthews.com/docs/axm0124a.pdf

A 1,200 metre follow up core drilling program is currently being planned for later in the first quarter 2006 using a rig capable of testing mineralisation to depths of up to 150 metres. Prior to the start of the drill program further trenching will be utilised to better trace the extent of the eastern and western structures, as well as identifying additional drill targets from ongoing soil sampling programs.

Core samples have been prepared at the independent Alex Stewart Laboratory in Sierra Leone, and 50 gram pulps subject to gold analysis by fire assay at the independent OMAC Laboratories Ltd. in Ireland. This press release has been reviewed by an 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 www.axmininc.com.

NOTE: A map is available on CCNMatthews' website at: http://www.ccnmatthews.com/docs/axm0124.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 (North America)
    ir@axmininc.com
    www.axmininc.com