June 24, 2008 08:08 ET

AXMIN Inc.: Holes 150 & 149 Return 16.8 g/t Au Over 10.5 m and 9.3 g/t Au Over 9.0 m High Grade Mineralisation Continues at Depth at Komahun Project, Nimini Hills, Sierra Leone

TORONTO, ONTARIO--(Marketwire - June 24, 2008) - AXMIN Inc. (TSX VENTURE:AXM) pleased to announce the first results from the 2008 drill campaign, and follow on the excellent results from the 2007 program at the Komahun Project, Nimini Hills' joint venture in Sierra Leone. The results include holes that give depth extensions to the mineralised structure in the Main Zone of the prospect; assays include 16.8 g/t Au over 10.5 metres, 5.6 g/t Au over 11.7 metres and 2.6 g/t Au over 28.5 metres.

President and Chief Executive Officer Mario Caron comments "Initial results from the depth extension drilling continue to provide excellent encouragement for the future development potential of the Komahun prospect. Moreover, results from the southern structure, and in addition, from a new structure at the north-eastern end of the Main Zone, highlight the potential for future expansion. Once assay results from the outstanding four holes are returned, a NI 43-101 compliant mineral resource update will be completed, early in the third quarter."

Komahun Main Zone

A total of nearly 3,500 metres of core drilling in 11 holes (one of which was abandoned before reaching target depth) were completed in May by a contract drilling group. Some 400 metres of strike length of the Main Komahun structure was tested to vertical depths of predominantly between 250-340 metres from surface. The initial results confirm that mineralisation extends to 340 metres below surface and remains open to depth (see map for details). Mineralisation outcrops along a ridge line that stands about 140 metres above surrounding surfaces, which could facilitate access from adits.

To view map 1, please visit the link below:

To view map 2, please visit the link below:

The mineralisation continues to define closely spaced hanging and footwall structures with a sub-vertical attitude and good continuity both vertically and along strike within the zone. See table below for results received to date:

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

NWKD 149 1100 949672 262061 -57 152.5 161.5 9.0 9.3

NWKD 150 1240 949680 262264 -60 240.0 247.2 7.5 2.9

and 270.0 280.5 10.5 16.8

NWKD 151 1380 949730 262378 -62 287.5 316.0 28.5 2.6

incl 288.6 298.0 9.4 4.1

and 322.0 333.7 11.7 5.6

NWKD 152 1460 949778 262443 -65 277.0 280.0 3.0 1.5

And 290.3 292.0 1.7 1.8

NWKD 158 1180 949639 262193 -70 243.5 245.5 2.0 11.9

NWKD 145 1700 949960 262607 -55 115.0 122.0 7.0 4.1

NWKD 146 1790 950036 262655 -60 62.5 68.5 6.0 1.5

and 85.5 87.5 2.0 4.4

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

The holes on fences 1700 and 1790 were completed earlier in 2008 using the AXMIN owned and operated man portable core rig, and represent the discovery of a new zone of mineralisation in the hanging wall of the Main structure and as yet of uncertain orientation. The drill rig is currently active on following up this new structure.

Komahun South Zones

South 1 and South 2 structures lie respectively 300 metres and 900 metres to the south of the Main Zone, and conceivably on the same structure, which is interpreted to swing onto a north- south orientation. In 2008, two drill holes were placed into each of the two zones, representing in total some 880 metres of drilling with the target being mineralisation at a vertical depth of some 100-150 metres below surface.

Results from the South 1 2008 program:

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

NWKD154 L0630 949669 261805 -55 121.0 125.5 4.50 3.2

NWKD155 L0600 949862 262066 -55 134.5 143.5 9.00 2.7

Intercept lengths are core lengths
All holes are drilled at Azimuth 270 degrees

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
    Direct T: (416) 304-6608
    AXMIN Inc.
    Judy Webster
    Manager Investor Relations
    (416) 368-0993