AXMIN Inc.
TSX VENTURE : AXM

AXMIN Inc.

April 21, 2008 09:33 ET

AXMIN Inc.: Initial Drilling Results at Topa Iron Belt, Central African Republic High Grade Iron Assays Averaging 63.1% Fe

TORONTO, ONTARIO--(Marketwire - April 21, 2008) - AXMIN Inc. (TSX VENTURE:AXM) is pleased to report high grade iron assays from initial core drilling that have a weighted average 63.1% Fe over true widths that range from more than 10 metres up to 52 metres to a maximum tested depth of 150 metres. The results are from the first batch of exploration drill holes on the Company's wholly owned Topa Iron Belt, within the Bambari Permits in the Central African Republic ("CAR").

Highlights

- Drilling intersected high grade iron horizons with a weighted average grade of 63.1% Fe

- The series of parallel iron horizons can be delineated by airborne magnetics for at least 28 km, suggesting a cumulative strike of the iron horizon to potentially exceed 75 km

- Previous reconnaissance outcrop and float sampling from along the Belt yielded an average of 64.3% Fe

President and Chief Executive Officer, Mario Caron comments "These initial drill results coupled with the regional sampling and airborne geophysical program demonstrate that the Topa Iron Belt has the potential scale and quality of similar high grade iron ore deposits that are currently being developed in Cameroon and Guinea, and could potentially surpass any challenges presented by its location. The significance of the Topa Iron Belt is wholly unrecognized in our current share price which barely reflects the value of the plus 200,000 ounce per annum Passendro Gold Project, of which we released the positive feasibility study results just this month.

The drill program is now moving to the Topa Hill area (East Limb) where earlier sampling and mapping has indicated potential that matches, or even exceeds that of the area drilled to date. Although of a reconnaissance nature we anticipate that this program will provide sufficient data to undertake a study to review the key economic inputs into development of the Topa Iron Belt."

Overview

The Topa Iron Belt consists of two northwest trending ranges of hills, the "West Limb" and the "East Limb" which can be traced over a strike of at least 28 km and 20 km respectively within a zone up to 6 km in width. The West Limb comprises a series of parallel iron enriched horizons, while as yet the East Limb has not yet been explored beyond one prominent iron horizon and Topa Hill. The horizons or ridges typically stand 50-100 metres above the valleys, except at Topa Hill which is believed to be underlain by folded iron horizons and rises some 240 metres above ground level. Airborne magnetic survey and geological mapping suggest that the cumulative strike length of the entire Topa Iron Belt iron horizons could potentially exceed 75 km. Surface sampling of iron outcrop and float located along all of these ridges averaged 64.3% Fe, as reported in press release November 20, 2006.

West Limb

AXMIN has completed 13 core and 35 reverse circulation ("RC") holes at the West Limb and the results from the first 5 core holes are detailed here, the remaining 8 core holes and all of the RC holes are pending. The current drilling has focused on the 7.5 km strike of the central portion of the West Limb where surface mapping has identified four main ridges, underlain by massive hematitic iron. Airborne geophysics and earlier reconnaissance mapping and sampling indicates that at least two of these ridges continue to the northwest, while all four may continue to the southeast.

The four ridges lie within a 3 km wide corridor that is aligned northwest-southeast, with holes FDC 1 and 2 testing one horizon, and holes FDC 3, FDC 4 and 5 testing the another two horizon. The strike distance between holes FDC 1 and 2, and the other holes is between 5-6 km and planned drilling will focus on gaining further infill information on these zones. The program has been designed to give both broad spaced information on iron content and mineralisation style along one ridge, and also more closely spaced drilling to demonstrate continuity both along strike and at depth within about 2 km of strike.

Results indicate that each of the ridges is underlain by a central zone of hematitic iron that dips to the southwest at about 60 degrees and typically exceeds 62% Fe and which at its deepest (hole FDC 1) is some 150 metres below surface. To date the other holes typically test the iron to between 60-80 metres vertical depth.

Initial observations suggest that the enriched iron horizons were derived from a schistose banded ironstone, with schistocity now seen as specular hematite. It is believed that the style of mineralisation is similar to that seen in Guinee (Simandou-Mt Nimba areas) and Brazil (Minas Gerais). Drilling to date has been collared close to the base of iron outcrop, with holes penetrating into the footwall of the high grade iron where initial results indicate that the enriched iron overlies banded ironstone formation of medium Fe grade (25-50%Fe) intercalated with thin schist horizons.



Hole Depth East North Declin. From To Interval Grade
(m) (deg) (m) (m) (m) (%Fe)
FDC 001 183.0 457842 684928 80.1 126.7 46.6 62.5
and 157.4 176.9 19.5(i) 56.4
FDC 002 145.0 457885 684959 2.4 51.3 48.9 64.3
and 71.8 111.1 39.3 64.6
FDC 003 121.9 458218 681132 -60 0 34.4 34.4 64.6
FDC 004 113.2 459435 680627 -50 14.1 80.6 66.5 52.3
incl 14.1 24.9 10.8 63.8
FDC 005 104.9 459525 680459 -50 0 72.1 72.1 60.2
incl 11.2 63.6 52.4 63.4

Note that hole intervals are intercept lengths and not true widths
(i)Hole ended in mineralisaiton


East Limb

The drill program is now scheduled to move to Topa Hill itself which is located at the northern end of the East Limb. As reported in press release November 20, 2006 analysis of ten grab samples gave an average iron content of 66.7% at Topa Hill.

Iron is analysed by the ICP/AES method at the independent OMAC Laboratory in Ireland, with samples also tested for a suite of trace and major elements. The QA/QC procedures include the use of iron standards and duplicates, both submitted as 5% of the total number of samples.

About AXMIN

AXMIN, a gold and iron ore 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
    Direct: (416) 304-6608
    or
    AXMIN Inc.
    Judy Webster
    Manager Investor Relations
    (416) 368-0993
    Email: ir@axmininc.com
    Website: www.axmininc.com