December 14, 2011 08:19 ET

AXMIN Sells Remaining Interest in Sierra Leone Joint Venture to Polo Resources Limited for US$9 Million

TORONTO, ONTARIO--(Marketwire - Dec. 14, 2011) - AXMIN Inc. (TSX VENTURE:AXM) ("AXMIN" or the "Company") is pleased to announce today that it has entered into a Share Purchase Agreement (the "Agreement") with Polo Resources Limited (AIM:POL)(TSX:POL) ("Polo"), whereby Polo will acquire AXMIN's remaining 49% interest in Nimini Holdings Limited ("Nimini") for cash consideration of US$9 million, payable upon closing. Nimini holds a 100% interest in the Nimini East, Nimini West and Matotoka exploration licences in Sierra Leone (collectively the "Project"). Closing of the transaction is expected to occur not later than ten business days after today, unless the parties agree in writing on another date.

The Project is situated in the central-west Kono region of Sierra Leone, some 330 km east of the capital Freetown. The principal Sierra Leone asset is the Komahun Gold Project which is located within the wholly-owned Nimini Hills West Licence. Komahun has an Indicated Mineral Resource of 370,000 tonnes grading 9.1 g/t Au (110,000 ounces) and an Inferred Mineral Resource of 3.1 million tonnes grading 4.3 g/t Au (435,000 ounces). The remaining licences in Sierra Leone, being Nimini Hills East and Matotoka each are at an early stage of exploration.

President and CEO of AXMIN, Mr. George Roach, comments, "We have elected to realize immediate value for the Sierra Leone assets as it is our belief that real value for our shareholders lies in advancing the Passendro gold project towards development rather than to tie-up the funds required to extract value from a minority interest in a longer term exploration play. AXMIN now has sufficient cash on hand to allow the Company to meet its upcoming commitments including its final payment obligation to the Government of Central African Republic; the initiation of the mine development infrastructural upgrades at Passendro and for the Company's planned exploration programs."

This press release has been reviewed by an in-house qualified person, François Auclair, M.Sc., AXMIN VP Exploration, Member of the Ordre des Géologues du Québec and Fellow of the Geological Association of Canada, Qualified Person under the National Instrument 43-101.

About Polo

Polo is a natural resource Investment Company focused on investing in undervalued companies and projects with strong fundamentals and attractive growth prospects. For complete details on Polo:


AXMIN is a Canadian exploration and development company with a strong focus on central and West Africa. 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

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, objectives and growth of AXMIN and 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
    Direct T:+44 779 626 3999

    AXMIN Inc.
    Judy Webster
    Manager Investor Relations
    416 368 0993 ext 221