July 03, 2008 09:48 ET

AXMIN Transfers its Interest and Retains a Royalty in Cape Three Points for Common Shares of Noble Mineral Resources Limited

TORONTO, ONTARIO--(Marketwire - July 3, 2008) - AXMIN Inc. (TSX VENTURE:AXM) is pleased to announce the transfer of its entire interest in the Cape Three Points property, Ghana to Noble Mineral Resources Limited ("Noble") for proceeds of 3,000,000 common shares, representing 2.17% of the total issued common shares of Noble. In addition, AXMIN retains a 1.5% royalty on any future gross smelter returns from ore mined from the Cape Three Points Licence area.

This transaction was part of Noble's oversubscribed A$2 million Initial Public Offering ("IPO") on the Australian Securities Exchange ("ASX"). The Noble (NMG-ASX) IPO was priced at A$0.20 per common share and share started trading on June 27, 2008 Noble closed on the first day of trading at A$0.30 a premium of 50% to the issue price. In accordance with the regulations of the ASX the common shares of Noble held by AXMIN Limited, a wholly owned subsidiary of AXMIN Inc, are subject to a 24 months escrow period commencing on June 27, 2008.

About Noble

Noble is a Perth-based gold exploration company with primary gold concessions in west Africa and Western Australia. In Ghana Noble has two exploration licences, Cape Three Points and Tumentu, which cover some 88 sq km and are located within the world-class Ashanti Gold Belt in south eastern Ghana. Ghana is the second largest gold producer in the African continent and is the 10th largest gold producing nation in the world. For more information regarding Noble visit their website at


AXMIN, a gold exploration company, offers dynamic growth with a track record of finding and developing mines in Africa. AXMIN is one of only a few companies of comparable or even larger size that has such a potential to develop multiple gold mines in west and central Africa. 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 potential mineralization and reserves, exploration results and future plans and objectives of AXMIN, 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 are disclosed under the heading "Risk Factors" and elsewhere in AXMIN documents filed from time-to-time with the TSX Venture and other regulatory authorities.

Contact Information

  • AXMIN Inc.
    Mario Caron
    President & CEO
    Direct: (416) 304-6608
    AXMIN Inc.
    Judy Webster
    Manager Investor Relations
    (416) 368-0993