AXMIN Inc.

AXMIN Inc.

March 02, 2005 10:41 ET

AXMIN Inc.: Strong Gold Mineralisation At The Kofi Project, Mali


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: AXMIN INC.

TSX VENTURE SYMBOL: AXM

MARCH 2, 2005 - 10:41 ET

AXMIN Inc.: Strong Gold Mineralisation At The Kofi
Project, Mali

TORONTO, ONTARIO--(CCNMatthews - March 2, 2005) - AXMIN Inc. (TSX
VENTURE:AXM) is pleased to announce the results of a follow up phase of
drilling at the Kofi Project in Mali, which include 4.5 g/t Au over 52.2
metres, 6.2 g/t Au over 39 metres, 19.8 g/t Au over 4 metres and 2.3 g/t
Au over 25.1 metres. The drilling was designed to follow up on last
season's discovery hole (reported June 1, 2004) of 11.6 g/t Au over 31
metres.

The Kofi Project is a joint venture with a subsidiary of Newmont Mining
Corporation (NEM-NYSE & ASX; NMC-TSX), whereby Newmont may earn 50% of
AXMIN's interest by funding a US$5.5 million exploration program within
a three year period to September 2006. Thereafter Newmont may elect to
earn an additional 25% of AXMIN's interest by carrying all expenditures
through to the completion of a bankable feasibility study. The joint
venture is currently midway through its second year, with a requirement
for Newmont to spend a balance of US$1.5 million before October 1, 2005.

Drilling has tested gold mineralisation to a maximum vertical depth of
125 metres over a strike length of 250 metres. At least two parallel
mineralised structures are identified, located within 50 metres of each
other. Drilling to date has not fully resolved the geometry of this
mineralisation. Interpretation of the results is ongoing and structural
models will be tested by a follow up program planned for the second
quarter of 2005.

AXMIN observes that the strength of the gold mineralisation is not
dissimilar to that announced as currently being explored at deeper
levels beneath the planned open pits at the nearby Loulo development of
Randgold Resources.

This drilling program comprised a total of 776 metres of core drilling
and 156 metres of reverse circulation ("RC") drilling at the Zone C
prospect. The full table of results from the holes that targeted the
mineralisation is shown below.



Hole Total North East Azi- Declin. From To Inter- Grade
No. Depth Co-ord Co-ord muth (deg) (m) (m) val (g/t
(m) (deg) (m) Au)
--------------------------------------------------------------------
KWCD
107 161.1 1457230 242340 270 -50 5.0(b) 57.2 52.2 4.5
and 136.0 161.1(b) 25.1 2.3
--------------------------------------------------------------------
KWCD
108 110.0 1457101 242298 270 -55 50.0 54.0 4.0 19.8
--------------------------------------------------------------------
KWCD
57 200.0 1457180 242395 270 -55 128.0 135.0 7.0 1.3
and 157.0 161.0 4.0 1.5
and 193.0 194.0 1.0 12.2
--------------------------------------------------------------------
KWCD
58 42.0 1457110 242420 270 -55 NSI
--------------------------------------------------------------------
KWCD
59 131.0 1457110 242360 270 -55 NSI
--------------------------------------------------------------------
KWCD
60 168.0 1457240 242380 270 -55 76.0 115.0 39.0 6.2
--------------------------------------------------------------------
KWCC
109 60.0 1457240 242336 270 -50 14.0 26.0 12.0 3.0
and 49.0 60.0 11.0 2.5
--------------------------------------------------------------------
KWCC
114 60.0 1457019 242298 270 -50 0.0 15.0 15.0 2.1
and 40.0 45.0 5.0 5.9

(a) hole ended in mineralization
(b) top 36m drilled by RC, 1 metre samples.
NSI No significant intersection
Holes prefixed CD refer to core holes, those prefixed CC refer to RC
holes


Grade calculations are based on a 1g/t Au lower cut off to define the
mineralised structure, with no upper cut. Analytical work is being
carried out at the independent Abilab Laboratories Ltd. in Bamako, Mali.
The core samples are subject to a full sample preparation followed by a
50 gram fire assay with an AA finish. Core blanks, standards and
duplicates are being used to monitor laboratory performance during the
analysis. This press release has been reviewed by an in-house qualified
person, Dr. Jonathan Forster, Fellow of the Institute of Materials,
Mining and Metallurgy ("IMMM").

The current program is directed towards the identification of new
mineralised zones beneath the masking "cuirasse" (laterite) ground cover
and further drilling both along strike and at depth at the Zone C
prospect, the planned work program also includes ground geophysical
surveys.

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
www.axmininc.com.

NOTE: There is a Map available on CCNMatthews' website at:
http://www2.ccnmatthews.com/database/fax/2000/KOFIPLAN.pdf


-30-

Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    AXMIN Inc.
    Jon Forster
    Chief Executive Officer
    +44 (0)1233 665600 (UK)
    or
    AXMIN Inc.
    Judith Webster
    Manager - Investor Relations
    +1 416 368 0993 (Canada)
    ir@axmininc.com
    www.axmininc.com
    The TSX Venture Exchange has not reviewed and does not accept
    responsibility for the adequacy or accuracy of this press release.