September 12, 2007 10:16 ET

AXMIN Inc.: Three New Discoveries Along the Bambari Gold Belt, Central African Republic

TORONTO, ONTARIO--(Marketwire - Sept. 12, 2007) - AXMIN Inc. (TSX VENTURE:AXM) is pleased to report on three new gold discoveries along the 140 km long Bambari gold belt, Bakala-Bambari Permits, Central African Republic, where drill intercepts which include 24.6 g/t Au over 6.0 metres, 6.4 g/t Au over 4.0 metres, 3.6 g/t Au over 7.5 metres and 1.7 g/t Au over 35 metres have been received. The three discovery areas of Ndassima West, Saraganza and Louba are located approximately 8, 13 and 26 km respectively from the proposed site of the Passendro Gold plant, see attached map.

Chief Executive Officer, Dr Jonathan Forster comments "This recent phase of reconnaissance drilling along the Bambari gold belt has given great encouragement that new resource centres may be established, complementing the other discoveries previously made within a 10 km radius of Passendro and which together, in time, could contribute to the expansion of the Passendro Gold Project. In addition these discoveries continue to show the ability of surface exploration to generate successful targets. Our teams are currently working on a further three such targets in preparation for first drilling with additional prospects waiting in the wings, giving confidence that new discoveries will continue to emerge. Meanwhile the ongoing feasibility study work is nearing completion, with data being compiled and first optimization studies in progress."

These three new drill discoveries raise the number of prospects awaiting follow up drilling to six (see press release dated April 25, 2007), of which four are now located within 10 km of Passendro. With the technical aspects of the Passendro Feasibility Study nearing completion, drill availability for regional exploration is anticipated to improve in time for the next dry season, commencing early November. The objective is to work drill discoveries through to resource status where appropriate, for eventual inclusion into the mine plan for Passendro.

Ndassima West: located about 8 km southeast of the proposed Passendro Gold plant the gold mineralisation occurs within Banded Iron Formation ("BIF") and has been traced for a strike length of about 200 metres with an orientation of NNW-SSE and dip to the SW of about 60o. Initial shallow angled reverse circulation ("RC") drilling was completed on fences 40 metres apart, which define a central zone of mineralisation with indications of additional zones in both the hanging and footwalls. This mineralisation has been traced to a vertical depth of 70 metres (and remains open to depth) by a series of four core holes, with true widths in the centre of the structure of up to 22 metres. Fault structures (interpreted from ground magnetics) bound the mineralisation to the north and south.

Saraganza: located about 14 km to the SSE of the proposed Passendro Gold plant the gold mineralisation occurs within greenschists in the hanging wall of a southwest dipping BIF. The mineralisation has been identified through an initial program of shallow (to about 30 metres vertical depth), angled RC drilling on 40 metre fences over a strike length of 320 metres, within the central part of a 1,200 metre long soil anomaly. This shallow reconnaissance drilling has defined up to six separate mineralised intercepts within 60 metres of the BIF. The intercepts range in thickness from 2-6 metres with grades lying in the range of 0.5-2.5 g/t Au. Six core holes and one deeper RC hole have provided the first information at depth on individual structures, indicating the potential to identify improved widths and grades. Further drilling is needed before a better understanding of the depth and strike potential of the discovery can be considered.

Louba: located about 26 km to the NW of the proposed Passendro Gold plant, shallow RC drill holes have been completed on a reconnaissance basis over the central 200 metres of a 1,000 metre long soil anomaly (50 ppb Au threshold). The anomaly overlies what is currently interpreted to be folded BIF and greenschists. Drilling has assisted in the understanding of the distribution of the BIF and has so far identified at least three separate mineralised structures, of which one (hole TRC018) could be located in the fold hinge of a BIF unit and gave a high grade intercept (shown below). Exploration remains at a very early stage at Louba and follow up drilling will be needed to better understand the geometry and strike extent of the first intercepts, as well as continue to test the remainder of the soil anomaly.

Hole No. Total North East Azimuth Declin. From To Interval Grade
Depth Co-ord Co-ord (deg) (deg) (m) (m) (m) (g/t
(m) Au)
Ndassima West
NRC169 40 -7078 120 57 -50 5 12 7.0 1.4
NRC121 40 -7040 160 57 -50 2 9 7.0 4.0
NRC122 45 -7040 120 57 -50 24 40 16.0 1.9
NDC010 122.4 -7040 113 57 -70 41 52.5 11.5 1.0
and 60 64 4.0 6.4
NRC160 40 -7000 160 57 -50 1 4 3.0 1.4
and 11 22 11.0 1.4
NDC013 90 -7000 120 57 -70 79 85.9 6.9 0.9
NDC012 88.8 -6960 150 57 -65 47 80 33.0 1.1
NRC099 40 -6960 160 57 -50 5 22 17.0 0.8
NRC235 43 -6920 162 57 -50 15 41 26.0 1.0
NRC239 37 -6960 150 57 -50 1 36 35.0 1.7
ADC001 90.5 125 879 87 -60 4.8 21.9 17.1 1.0
ADC002 111.9 165 825 90 -60 57.4 64.9 7.5 3.6
ADC003 126.3 125 845 82 -60 82.5 84.1 1.6 4.3
ADC004 101.6 85 873 90 -60 58.9 64.7 5.8 2.8
ADC005 126.4 85 822 90 -60 102.1 110.0 7.9 0.7
TRC013 50 37800 9180 35 -50 20 22 2.0 8.8
TRC018 60 37804 9165 35 -70 29 35 6.0 24.6
TRC020 50 37800 9090 35 -50 41 45 4.0 1.6
TRC027 50 37800 9000 35 -50 45 47 2.0 2.5

Analytical work is being carried out at the independent OMAC Laboratories Ltd. in Ireland. The samples are subject to a full sample preparation followed by a 50 gram fire assay with an AA finish. Blanks (5%), pulp duplicates (5%) and a suite of Geostats standard reference material are being used to monitor sample preparation and laboratory performance during first pass analysis. Further QA/QC work is carried out on a quarterly basis. This comprises check assaying 20% of all greater than 500 ppb samples using prepped coarse reject samples at OMAC and a second laboratory. Check assay batches are also routinely monitored using 5% blanks, standards and pulp duplicates. This press release has been reviewed by in-house qualified person Dr Jonathan Forster, Fellow of the Institute of Materials, Minerals and Mining in the United Kingdom.

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

Safe Harbour Statement

Certain statements contained herein, as well as oral statements that may be made by the company or by officers, directors or employees of the company acting on the company's behalf, that are not statements of historical fact, may constitute "forward-looking statements" and are made pursuant to applicable and relevant national legislation (including the Safe-Harbour provisions of the United States Private Securities Litigation Reform Act of 1995) in countries where AXMIN is conducting business and/or investor relations.
Forward-looking statements include, but are not limited to, those with respect to the price of gold, the estimation of mineral reserves and resources, the realization of mineral reserves estimates, the timing and amount of estimated future success of exploration activities, AXMIN's hedging practices, currency fluctuations, requirements for additional capital, government regulation of mining operations, environmental risk, title disputes or claims limitations on insurance coverage and the timing and possible outcome of pending litigation. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "does not expect", "is expected", "budget", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or equivalents or variation, including negative variation, of such words and phrases, or state that certain actions, events or results, "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause the actual results of the company to be materially different from the historical results or from any future results expressed or implied by such forward-looking statements. Such risks and uncertainties include, among others, the actual results of current exploration activities, conclusions of economic evaluations, changes in project parameters as plans continue to be refined, possible variations in grade and ore densities or recovery rates, failure of plant, equipment or processes to operate as anticipated, accidents, labour disputes and other risks of the mining industry, delays in obtaining government approvals or financing or in completion of development or construction activities. Although AXMIN has attempted to identify important factors that could cause actual actions, events or cause actions events or results not to be anticipated, estimated or intended, there can be no assurance that forward looking statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Except as may be required by applicable law or stock exchange regulation, the company undertakes no obligation to update publicly or release any revisions to these forward-looking statements to reflect events or circumstances after the date of this document or to reflect the occurrence of unanticipated events. Accordingly, readers should not place undue reliance on forward-looking statements.

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Contact Information

  • AXMIN Inc.
    Jon Forster
    Chief Executive Officer
    +44 (0)1233 665600 (UK)
    +44 (0)1233 643728 (UK) (FAX)
    AXMIN Inc.
    Judith Webster
    Manager - Investor Relations
    (416) 368-0993 (Canada)