AXMIN Inc.
TSX VENTURE : AXM

AXMIN Inc.

March 17, 2011 09:18 ET

AXMIN Inc.: Passendro Exploration Program Targets Pit Extensions and Further Resource Development of the Bambari Greenstone Belt

TORONTO, ONTARIO--(Marketwire - March 17, 2011) - AXMIN Inc. (TSX VENTURE:AXM) is pleased to announce the key objectives of the 2011 exploration program. These are:

  • The enhancement of AXMIN's resource base at Passendro, targeting untested strike and depth extensions which are situated within or at close proximity of the newly defined reserve, with the goal of connecting existing pits and increasing the in camp mineral resource;
  • Drill five targets that have been selected by AXMIN in the region of Passendro and within the Mining Licence, that demonstrate favourable structural and geochemical signatures; and
  • Explore several high priority targets delineated from previous AXMIN exploration work along the Bambari greenstone belt and within the Bambari I and 2 exploration licences.

The program will include up to 20,000 metres of reverse circulation ("RC") and core diamond drilling, of which 30 RC holes totalling 5,000 metres will focus on targets in and around the Passendro ore bodies.

President and CEO of AXMIN, Mr. George Roach, comments, "We are aiming to expand our resource base with the planned exploration program at Passendro. With focused drilling on data gaps, we hope to close out open-ended mineralization and mineralised targets, potentially simplifying and combining open pits. It is our goal to ensure that the first three year production rate of 205,000 ounces per annum at a cash cost of US$437/oz, (see news release dated January 31, 2011), will be maintained for the life of the mine. Armed with an understanding of the geological controls on gold mineralization, AXMIN's second phase of its 2011 exploration program will focus on the most prospective regional targets along the 90 km long Bambari greenstone belt. We expect that this program will confirm that we are dealing with a very large gold district which has the capability of meeting our objective of extending our mine life at Passendro and also establish the potential of the belt to be as prospective as the neighbouring belts in the DRC and Tanzania."

Venmyn Prospectivity Report

The program was based on recommendations in a prospectivity report completed in late 2010 by Venmyn, a South African Geological and Mining Consultancy Group. Venmyn made a comprehensive study of all of AXMIN's exploration programs to date. The report noted that the presence of large scale lineaments, together with tourmaline quartz veining and wallrock alteration with brecciation add to the prospectivity of the belt to host large economic deposits similar to those hosted in the Lake Victoria goldfields in Tanzania. As such, AXMIN intends to conduct a structural analysis across the permits using satellite imagery, with the objective of locating more precisely the structural elements controlling mineralisation, and identifying new zones of favourable strain regime that may not necessarily be associated with surface geochemisty and thus overlooked.

Exploration Manager

The program and the prospectivity report by Venmyn have been reviewed by AXMIN's newly appointed CAR Exploration Manager Denis Spector. Denis is a French speaking, South African geologist with over 20 years of international mineral exploration experience, predominantly in Sub-Saharan Africa. Denis joined AXMIN in December 2010 as part of AXMIN's ongoing recruitment of its Passendro mine development team. In addition, AXMIN is currently tendering drilling bids for a minimum 2 to 3 year program in CAR and expects to be in a position to announce drill mobilization to site shortly. 

This press release has been reviewed by an in-house qualified person, François Auclair, M.Sc., Member of the Ordre des Géologues du Québec and Fellow of Geological association of Canada.

About AXMIN

AXMIN is a Canadian exploration and development company with a strong focus on central and West Africa. AXMIN has projects in Central African Republic, Mali, Mozambique, Sierra Leone and Senegal. AXMIN is positioned to grow in value as it progresses its Passendro Gold Project towards development and builds on its project pipeline focusing on transitioning from an explorer to producer. 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 future plans and objectives of AXMIN; and statements regarding the ability to develop and achieve production at Passendro, to revalidate the BFS and to satisfy the terms of the Mining Licence as negotiated, 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 have been disclosed under the heading "Risk Factors" and elsewhere in AXMIN's documents filed from time-to-time with the TSX Venture Exchange and other regulatory authorities. AXMIN disclaims any intention or obligation to update or revise any forward-looking statements whether resulting from new information, future events or otherwise, except as required by applicable law.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • AXMIN Inc.
    George Roach
    President & CEO
    +44 779 626 3999
    or
    AXMIN Inc.
    Judy Webster
    Manager Investor Relations
    416 368 0993 ext 221
    ir@axmininc.com