AXMIN Inc.
TSX VENTURE : AXM

AXMIN Inc.

May 12, 2008 15:52 ET

AXMIN Inc.: Passendro Gold Project, Central African Republic Permiting Process Underway

TORONTO, ONTARIO--(Marketwire - May 12, 2008) - AXMIN Inc. (TSX VENTURE:AXM) is pleased to announce that the Draft Environmental and Social Impact Assessment ("Draft ESIA") and the Bankable Feasibility Study reports for the Passendro Gold Project have been formally submitted to the Central African Republic ("CAR") Minister of Mines. The Draft ESIA was prepared by Golder Associates (UK) Limited ("Golder") and a copy of the Summary Report can be found on AXMIN's website www.axmininc.com. The Bankable Feasibility Study was filed with SEDAR on April 15, 2008. Roche Ltd, Consulting Group of Quebec City, Canada ("Roche") are acting as independent advisors to the CAR government during the Draft ESIA review and permitting process.

The public consultation process with respect to the Draft ESIA was officially launched and presented to senior ministers of the CAR government and with some representatives of the affected communities in the vicinity of the Passendro Gold Project on Saturday, May 10, 2008 with more than 100 participants in attendance. The official ceremony included speeches by the Minister of Mines as well as by Mario Caron, AXMIN's President and CEO and Charles Carron Brown, Aurafrique General Manager. The presentation of the documentation marks the launching of a period of public consultation and discussion in workshops over the next two weeks. This complements and finalises the Public Consultation and Disclosure program that has been undertaken by the company over the last two years. Copies of the Draft ESIA were given to local governments and local civic committees and a copy is also available for public review in the town of Bambari and in the village of Ndassima. Once the public consultation process completed and the comments incorporated we will be in a position to finalize the ESIA.

"The support of government and of the local citizens to the Passendro Gold Project is very important to AXMIN", said Mario Caron, President and CEO. "We will continue to work closely with the local communities and all levels of government to ensure the advancement of the project in a timely manner and for the benefit of the local communities and country. AXMIN is committed to keeping the highest level of environmental and social standards for the project at all times and will do its utmost to minimise the negative social impacts and enhance the positive effects of the project."

About AXMIN

AXMIN is a Canadian gold and iron ore exploration and development company with a strong focus on central and west Africa. AXMIN's goal is to begin production at its Passendro Gold Project, Central African Republic in the third quarter of 2010. AXMIN is well positioned to grow in value as it develops its exceptional project pipeline of gold and iron ore projects in parallel pursuing new opportunities to increase its asset base. 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