March 27, 2008 09:02 ET

AXMIN Inc.: Measured and Indicated Resources Increase 17% at Passendro Gold Project, Central African Republic

TORONTO, ONTARIO--(Marketwire - March 27, 2008) - AXMIN Inc. (TSX VENTURE:AXM) is pleased to report that measured and indicated resource estimates at the Passendro Gold Project in the Central African Republic have increased by 17% to 1.8 million ounces grading 2.4 g/t Au (23.2 Mt). Sufficient new resources have been found for the inferred resource to remain unchanged at 1.0 million ounces grading 1.9 g/t Au (16.7 Mt). The planned release of the Feasibility Study at Passendro, which is essentially complete, will be slightly delayed due to a bereavement experienced by one of the independent consultants.

The mineral resources reported here were estimated by independent consultants SRK Consulting (UK) Ltd. ("SRK") and are derived from the Main Zone, Katsia, French Camp, Bacanga Head, Barbacoa, Baceta and Ngetepe prospects which together lie within a 3 km radius. Resources have not been calculated for mineralised structures beyond 3 km which are the subject of ongoing exploration.

Head of Exploration, Dr. Jonathan Forster comments "We are very encouraged by the increase in measured and indicated resources that have emerged following a lengthy phase of infill drilling of the Passendro deposits. This work has confirmed previous interpretations of the mineralised structures at each deposit and has significantly increased confidence levels in the resource estimates. New, more conservative, estimates of rock density have been used in the oxide zones. Although the resource increase has included some depth expansion, the mineralised structures still have only been tested to relatively shallow levels. Only 23% of the resource lies within the sulphide zone indicating that substantial potential remains open across the project area at slightly greater depths particularly in view of the plus 15 g/t Au assays in multi-metre veins previously reported from Katsia (press release September 8, 2005). Our objective now is to continue to add resources both in the immediate vicinity of the Passendro Project, as well as within 20 km where exploration is currently active. Programs are also planned for more distant areas within the 140 km long Bambari greenstone belt."

The in-situ Mineral Resource estimate was based on results from drilling up to June 2007. A block cut off grade of 1.2 g/t Au for French Camp, Katsia and Bacanga Head, 0.8 g/t Au for Main Zone and 1.0 g/t Au for Baceta, Barbacoa and Ngetepe was applied by SRK when reporting in-situ Mineral Resources. High grades were capped at 17 g/t Au at Main Zone, 40 g/t Au at Katsia and 20 g/t Au at Barbacoa. No cutting was required at the French Camp, Bacanga Head, Baceta and Ngetepe deposits. Grade interpolation was carried out using ordinary kriging and classification of the Mineral Resource estimate is based on geological continuity, bore hole spacing and the results of a structural variography analysis. The estimates have been prepared under the guidelines of National Instrument 43-101 and accompanying documents 43-101.F1 and 43-101.CF.

Passendro Gold Project -- Mineral Resource Table - March 2008

Measured & Indicated Inferred Mineral
Mineral Resource Resource
Tonnes Grade Ounces Tonnes Grade Ounces
Mt g/t Au Au Mt g/t Au Au
Katsia Oxide 2.9 3.4 321,000 0.2 2.6 19,000
Transition 0.8 3.4 88,000 0.1 2.8 5,000
Sulphide 0.7 3.2 75,000 0.8 2.9 70,000

Main Zone Oxide 4.6 1.8 272,000 0.2 1.9 14,000
Transition 4.4 2.0 281,000 0.5 1.6 26,000
Sulphide 3.0 1.8 178,000 7.9 1.7 441,000

French Camp Oxide 1.7 3.2 175,000 0.1 2.0 5,000
Sulphide 1.9 2.4 151,000 1.7 2.0 110,000

Bacanga Oxide 1.2 2.4 94,000 0.0 3.1 1,000
Head Transition 0.6 2.5 50,000 0.1 2.2 9,000
Sulphide 0.3 3.9 32,000 0.7 2.1 48,000

Baceta Oxide 0.5 2.2 36,000 2.6 1.9 155,000

Barbacoa Oxide 0.3 2.4 27,000 0.7 2.3 51,000

Negetepe Oxide 0.2 2.4 15,000 1.1 1.5 54,000

Sub total Oxide 11.5 2.5 940,000 4.9 1.9 299,000
Transition 5.8 2.2 419,000 0.7 1.8 40,000
Sulphide 5.9 2.3 436,000 11.1 1.9 670,000

Total 23.2 2.4 1,795,000 16.7 1.9 1,009,000

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; Independent SRK consultant Dr. John Arthur, CEng (MIoM3), CGeol (FGS), Principal Geologist is a Qualified Person under the National Instrument 43-101, and is the SRK person responsible for the Passendro Gold Project Mineral Resource calculation.


AXMIN, a gold and iron ore exploration and development 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 central and west 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