AXMIN Inc.

TSX VENTURE : AXM


AXMIN Inc.

December 24, 2012 17:00 ET

AXMIN Notifies the CAR Government of a Force Majeure Due to Ongoing Rebel Activities in Country

TORONTO, ONTARIO--(Marketwire - Dec. 24, 2012) - AXMIN Inc. (TSX VENTURE:AXM) ("AXMIN" or the "Company") announced today that it has officially notified the Minister of Mines and Minister of Defence of the Central African Republic ("CAR"), as per its 2006 Mining Convention, of the existence of Force Majeure factors arising from the widely reported rebel activity in the Country at this time.

AXMIN's operating camp based in close proximity to Ndassima Village was temporarily occupied on Friday, December 21, 2012 by rebels apparently on route to the major town of Bambari. Food, medical supplies and Vehicles were taken. The Ndassima camp was effectively shut down for the Christmas break and only minimal staff and security were on duty. The occupation occurred without violence and the AXMIN staff are all accounted for and are in good health.

President and CEO of AXMIN, Mr. George Roach, comments, "Whilst I deeply regret this event, I am relieved that all personnel are safe and that there were no injuries during this temporary occupation. We remain in close contact in the CAR and will report any significant developments. I would like to stress that the Company's 2006 Mining Convention and 2010 Addendum thereto provide full protection both under circumstances such as this and more particularly in the event there is any change in overall Administration in the CAR."

About AXMIN:

AXMIN is a Canadian exploration and development company with a strong focus on central and West Africa. AXMIN has projects in Central African Republic, Mozambique and Senegal. AXMIN is positioned to grow in value as it progresses its Passendro Gold Project towards development and builds on its project pipeline focusing on transitioning from an explorer to producer. 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 future plans and objectives of AXMIN; and statements regarding the ability to develop and achieve production at Passendro 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 have been disclosed under the heading "Risk Factors" and elsewhere in AXMIN's documents filed from time-to-time with the TSX Venture Exchange and other regulatory authorities. AXMIN disclaims any intention or obligation to update or revise any forward looking statements whether resulting from new information, future events or otherwise, except as required by applicable law.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • AXMIN Inc.
    George Roach
    President & CEO
    +44 779 626 3999

    AXMIN Inc.
    Judy Webster
    Vice President Investor Relations
    416 368 0993 ext 221
    ir@axmininc.com
    www.axmininc.com