AXMIN Inc.
TSX VENTURE : AXM

AXMIN Inc.

May 09, 2011 09:21 ET

AXMIN Strengthens Mine Development Team With Appointment of Chief Operating Officer

TORONTO, ONTARIO--(Marketwire - May 9, 2011) -AXMIN Inc. (TSX VENTURE:AXM) ("AXMIN" or the "Company") is pleased to announce the appointment of Mr. Graham Hill to the position of Chief Operating Officer ("COO"), effective today. The appointment is another major milestone for AXMIN on the road to mine development, and is key to maintaining momentum at Passendro as the Company advances the debt facility negotiations.

As AXMIN's COO, Mr. Hill will lead AXMIN's current project team. He is responsible for all operational and development activities relating to the construction, commissioning and project operation of the Company's Passendro Gold Mine in Central African Republic.

Mr. Hill, a Mechanical Engineer, has over 25 years of experience in the mining industry building and operating major gold, coal and mineral sands projects in Africa and Central Asia. His expertise includes senior level technical and project development positions, primarily in the gold sector. He has been integral in the technical and financial planning, construction and ongoing mine management for many successful projects. Most recently, Mr. Hill was involved in the development of Oxus Resources Amantaytau Goldfields Project in Uzbekistan and Jerooy Gold Project in Kyrgyzstan. Previously, Graham worked at Anglo American Corporation on various senior operation levels including, Project Manager for the Sadiola and Yatela Gold Mines in Mali, Project Area Manager for Namakwa Minerals Sands Project and Project Engineer for its Coal Division both located in South Africa.

President and CEO of AXMIN, Mr. George Roach, comments on the appointment, "We welcome Graham to AXMIN and look forward to his contribution in the development of Central African Republic's first modern gold mine. Graham's hands on experience in building large-scale open pit mines in Africa will significantly strengthen and complement AXMIN's existing project development team. As he assumes responsibility for moving Passendro forward toward production, Graham's expertise in mine operation and development will be invaluable in meeting our goals of commissioning in 2013.

AXMIN is making good progress on the debt facility negotiations. The Company, with the assistance of Endeavour Financial, has been working diligently and extensively with several banking consortiums and export credit insurance agencies for the arrangement of a debt facility, potentially up to 66% of the capital costs required to develop Passendro. We expect the Independent Engineers Report, the lenders technical due diligence, to be completed this quarter. As well, we are hopeful that we will be in a position to make a public announcement on potential debt providers in the near future."

Graham Hill, AXMIN newly appointed COO, comments, "I am excited to be joining AXMIN at this critical juncture in the Company's growth, and I look forward to working with the project team. Passendro is a strong project, both technically and economically. Throughout my career, I have gained useful and transferable operational expertise on similar projects in the African environment that can assist AXMIN in expediting the development of Passendro. So, I gladly welcome the challenge of building this mine."

Stock options for 3,500,000 common shares of the Company were granted to Mr. Graham Hill in respect of his appointment as COO, exercisable at C$0.10, each expiring on May 7, 2016. These stock options have been granted in accordance with the Company's Stock Option Plan (2005). Immediately following this award, the Company had on issue and outstanding stock options for 32,050,000 common shares of the Company and there were 30,753,973 common shares of the Company available for future grant.

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, Mali, Mozambique, Sierra Leone 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, to revalidate the BFS and to satisfy the terms of the Mining Licence as negotiated, 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.

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