May 06, 2008 08:50 ET

AXMIN Inc.: Passendro Gold Project, Central African Republic Update

TORONTO, ONTARIO--(Marketwire - May 6, 2008) - AXMIN Inc. (TSX VENTURE:AXM) announces that prior to the submission of the Mining Licence application for its Passendro Gold Project and during its ongoing discussions with the State of the Central African Republic ("CAR"), the government has indicated its desire to review some of the conditions of the Mining Convention that was agreed upon and signed on January 27, 2006. It is understood that this request coincides with the modernisation of the CAR's mining code with the assistance of the World Bank. Amongst other things the State has indicated that it would be willing to consider exchanging its 10% free carried interest in the corporation which holds the Passendro Gold Project for cash consideration and an enhanced royalty. AXMIN is mindful of the need for the government to increase its revenue from the resource industry and is therefore willing to discuss proposals provided they are not detrimental to the economic viability of the Passendro Gold Project as outlined in the feasibility study press release of April 2, 2008.

AXMIN will provide further updates as warranted.


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

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
    AXMIN Inc.
    Judy Webster
    Manager Investor Relations
    (416) 368-0993