AXMIN Inc.
TSX VENTURE : AXM

AXMIN Inc.

February 29, 2008 09:48 ET

AXMIN Inc.: High Grade Intersections Over Impressive Widths at Komahun Project, Nimini Hills, Sierra Leone

NKWD 125 - 7.2 g/t Au over 31 metres and NKWD 123 - 9.2 g/t Au over 13.5 m

TORONTO, ONTARIO--(Marketwire - Feb. 29, 2008) - AXMIN Inc. (TSX VENTURE:AXM) is pleased to announce results from its November 2007 drilling which has intersected high grades over impressive widths in the central portion of the Komahun prospect, intersections include 7.2 g/t Au over 31 metres, 9.2 g/t Au over 13.5 metres, 6.9 g/t Au over 19.5 metres and 4.6 g/t Au over 13.5 metres. These results expand the mineralisation to a vertical depth of 220-280 metres below surface in the central 300 metre portion of the 800 metre long Komahun structure. This represents a 100 metre vertical extension of the structure over previous drilling and it remains open in all directions.

President and Chief Executive Officer Mario Caron comments "The results from the late 2007 drilling at Komahun were well worth the wait, with these results and those announced in October last year we are starting to build a picture of a strongly mineralised system in the central portion of Komahun which is conducive to underground mining and that has excellent upside for further expansion. We expect to have an update of resources at Komahun at the end of the second quarter of 2008."

The assay results reported here are from a 2,000 metre drill program completed between October and November 2007 which complemented the 2,300 metre core program previously concluded in July 2007 with results which included NWKD 103 - 11.7 g/t Au over 21.5 metres, NWKD 100 - 8.2 g/t Au over 21 metres, NWKD 099 - 5.8 g/t Au over 15 metres and NWKD 094 - 45 g/t Au over 4.9 metres (press release dated October 25, 2007). Samples from the November 2007 round of drilling were held in Sierra Leone until the start of 2008 due to a temporary government moratorium on sample export. Additional results from exploration holes along structures to the south are expected shortly.

Gold mineralisation typically occurs within four sub vertical structures within a 30 metre wide shear zone. Each structure has a distinctive geological style with good correlation both along strike and down dip. The northeast trending shear zone outcrops on the steep flank of a northeast trending topographic ridge, up to 160 metres above the intervening valley. See below for table of results:



North East Declin. From To Interval Grade
Hole Fence No Co-ord Co-ord (deg) (m) (m) (m) (g/t)

NKWD115 1340 949759 262302 -65.00 179.5 188.5 9.0 5.7
and 214 233.5 19.5 6.9
and 238 241.0 3.0 3.5

NKWD117 1420 949775 262397 -64.00 242.5 249.5 7.0 4.3
and 260.5 262.5 2.0 7.5

NKWD 119 1180 949691 262155 -58.00 109 121.0 12.0 1.6
and 128 141.5 13.5 1.2
and 148.5 149.5 1.0 5.3

NWKD 121 1300 949721 262269 -65.00 175.5 188.5 13.0 3.2
and 196.5 203.5 7.0 1.9
and 218.5 220.5 2.0 8.8
and 224.5 226.0 1.5 2.6
and 240.5 242.5 2.0 4.2
and 256.0 262.0 6.0 5.1

NWKD 123 1400 949806 262322 -65.00 118.0 122.5 4.5 4.4
and 128.5 142.0 13.5 4.6
and 188.5 202.0 13.5 9.2
and 216.5 218.0 1.5 2.0

NWKD 125 1420 949813 262365 -59.00 124.5 155.5 31.0 7.2
incl 125.5 134.5 9.0 18.9

Intercept lengths are core lengths
All holes are drilled at Azimuth 320 degrees


Note that drill holes NKWD 116,118,120,122 and 124 were exploratory holes drilled into the footwall of the Main Zone where narrow zones of weak gold mineralisation were identified, suggesting that more extensive exploration of the entire system will eventually be warranted.

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.

About AXMIN

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 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 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
    or
    AXMIN Inc.
    Judy Webster
    Manager Investor Relations
    (416) 368-0993
    Email: ir@axmininc.com
    Website: www.axmininc.com