July 20, 2005 09:02 ET

AXMIN Inc.: Pre-Feasibility Study Initiated at Passendro, Central African Republic

TORONTO, ONTARIO--(CCNMatthews - July 20, 2005) - AXMIN Inc. (TSX VENTURE:AXM) is pleased to announce that it has initiated a pre-feasibility study on the Passendro gold project located within the 100% owned Bambari Permits, Central African Republic. Following the delivery by independent consultants SRK Consulting ("SRK") of an indicated resource estimate of 1.07 million ounces, supported by a further 1.1 million ounces in the inferred category, AXMIN intends to set the initial project target at a minimum production profile of 150,000 ounces per annum, with a design criteria established that would facilitate subsequent expansion to take into account ongoing exploration across the 2,000 sq km Archaean greenstone belt covered by the Bambari Permits. The pre-feasibility study is scheduled for completion during the fourth quarter of 2005 after which, on the basis of positive results, AXMIN will proceed with a bankable feasibility study.

Independent engineering group GBM Ltd of the United Kingdom will lead the pre-feasibility team, supported by Amec Earth and Environmental (UK) Ltd which will report on tailings and waste management systems, Golder Associates (UK) Ltd. on the environment and SRK on the mining aspects. Moreover, a draft Mining Convention has recently been submitted to the government of the Central African Republic by AXMIN. This Convention will establish the fiscal and legal framework under which the future mining operation and continuing exploration will operate.

Chief Executive Officer, Dr Jonathan Forster comments "The recent resource estimate has acted as a catalyst for us to start a fast-track process leading towards a development decision for what would be the first ever commercial scale gold mine in the Central African Republic. We believe that with our commitment to exploration running in parallel with engineering studies, the resource base will continue to expand and with time the project scale will also increase significantly."

As announced on July 5, 2005 drilling at the Bambari Permits will continue non-stop through to the end of the calendar year. AXMIN's four drill rigs (two core and two reverse circulation) continue to delineate resources at Passendro in parallel with testing further new drill targets on the adjacent Ndassima and Ao grids. AXMIN's fifth drill rig (rotary air blast) is continuing to define anomalies on the separate Pouloubou Permit located about 150 km southeast of Bambari.

AXMIN is a mineral exploration company with a strong focus on gold in highly prospective properties across central and west Africa.

For more information regarding AXMIN visit our website at

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Contact Information

  • AXMIN Inc.
    Jon Forster
    Chief Executive Officer
    +44 (0)1233 665600 (UK)
    AXMIN Inc.
    Judith Webster
    Manager - Investor Relations
    +1 416 368 0993 (Canada)