November 15, 2013 08:27 ET

AXMIN-Update on the Central African Republic Operations

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Nov. 15, 2013) - AXMIN Inc. (TSX VENTURE:AXM) ("AXMIN" or the "Company") wishes to provide an update to the press release issued by the Company on September 16th, 2013 regarding its operations in the Central African Republic ("CAR").

In response to the letter (the "Letter") issued by the government of the CAR (the "Government") dated August 19, 2013, and in accordance to the Letter's request for a response from the Company within 60 days of that date, the Company issued a response addressed to the Government's Minister of Mines on September 30, 2013, asserting that there has not been an assignment of the 25-year Mining License held by SOMIO Toungou SA, a wholly owned CAR registered subsidiary of the Company, and that there has not been breach of the April 29, 2009 Mining Code (the "Mining Code"). In addition to the issuance of the response letter, Chairman and Interim CEO of the Company, Lucy Yan, travelled to the CAR on September 25, 2013 and met with the President, Prime Minister and the Minister of Mining, to discuss the status of the Passendro mining license and the Bambari 1 and 2 Exploration licenses (the "Licenses").

To assist in the ongoing discussions with the Government, on November 1, 2013, in accordance with a Resolution by the Company's board of directors, the Company is pleased to announce that it has entered into an agreement with a third party consultant (the "Consultant") with significant expertise and knowledge of working in the CAR and with its Government. Pursuant to the consulting agreement, the Consultant will assist the Company in securing its ownership of the Licenses. Under the terms of the consulting agreement, the Consultant will be entitled to remuneration upon the successful completion of its services.

AXMIN's Chairman and Interim CEO, Lucy Yan, comments, "AXMIN's management and board have the utmost commitment in safeguarding its shareholders' interests while it continues to work with the government of the CAR to develop a producing gold mine which will contribute greatly to the local economy of the CAR."


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 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.

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