AXMIN Awarded Three New Permits In The Central African Republic.TORONTO -- AXMIN Inc. (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension VENTURE:AXM AXM Astonishing X-Men (comic) AXM Authorized Cross Memory ) is pleased to announce the award of three new exclusive exploration permits in the Central African Republic Central African Republic, republic (2005 est. pop. 3,800,000), 240,534 sq mi (622,983 sq km), central Africa. The landlocked nation is bordered by Chad (N), Sudan (E), Congo (Kinshasa) and Congo (Brazzaville) (S), and Cameroon (W). covering approximately 2,400 square km of under-explored Archaean and Proterozoic terrains, named Sosso Polipo, Bakala and Bogoin II. Colonial period Colonial Period may generally refer to any period in a country's history when it was subject to administration by a colonial power.
Chief Executive Officer, Dr. Jonathan Forster comments, "The granting of these three permits is an exciting development for the Company. The Sosso Polipo Permit, with its historic gold production and hard rock gold potential, offers AXMIN the opportunity to re-evaluate this gold mining area and to fast track exploration on already identified target zones. At Bakala and Bogoin II we have the ability to undertake the first modern era exploration on previously under-explored Archaean greenstone belts. Furthermore, the granting of these three permits as well as the recent signing of the first Mining Convention in the CAR demonstrates the State's growing confidence in AXMIN's presence and is a signal to the mineral exploration community that the country is open for business." Sosso Polipo Permit At the Sosso Polipo Permit, located in the southwest corner of the CAR, gold bearing quartz veins and stockworks occur within at least four parallel fracture zones, up to 1 km long and 150 metres wide, are hosted by altered Proterozoic sediments, where during the Colonial period some 125,000 ozs of gold were produced. Historical exploration for primary sources from adits yielded a series of encouraging grades: approximately 50,000 tonnes yielded an average of 6 g/t Au both in wall rock schist schist (shĭst), metamorphic rock having a foliated, or plated, structure called schistosity in which the component flaky minerals are visible to the naked eye. and quartz veins; quartz veins yielded 4 to 12 g/t Au; and 20 tonnes of crushed quartz vein material yielded 34.9 g/t Au. AXMIN anticipates being able to swiftly identify drill targets at Sosso Polipo using a combination of detailed geological and geomorphological ge·o·mor·phol·o·gy n. The study of the evolution and configuration of landforms. ge  o·mor mapping coupled with detailed soil geochemistry. Bakala Permit The Bakala Permit is located 75 km northwest of Bambari town and is contiguous with the Company's Bambari Permits. The similarities between the Bambari and Bakala permits are striking. Interpretation of Landsat TM imagery as well as recently acquired helicopter borne magnetometer and radiometric data indicates that the new permit covers a 45 km long strike extension of the Archaean greenstone belt. AXMIN geologists have observed active artisanal gold mining camps along the Djimbia and Polo rivers which drain eastwards from the centre of the permit area and helicopter supported reconnaissance surveys confirm the western extension of Banded Ironstone ironstone a natural ore which may contain significant amounts of fluorine and cause fluorosis in cattle grazing pastures in the vicinity of a factory which calcines the ore. Formations ("BIF BIF In currencies, this is the abbreviation for the Burundi Franc. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. ") into the Bakala Permit. Bogoin II Permit The Bogoin II Permit is located 70 km north-northwest of the capital city Bangui and covers a 55 km strike length of the Bogoin greenstone belt, representing 70% of the exposed greenstones within the belt. The Bogoin belt comprises a main north to south striking limb some 35 km long (up to 5 km wide) and three northwest trending limbs between 15 and 20 km long for a total of 80 km of exposed greenstones. The overall structure is a synformal complex "floating" on granitoids and the belt is cut by a series of northwest trending fractures. The mineralised mafic maf·ic adj. Containing or relating to a group of dark-colored minerals, composed chiefly of magnesium and iron, that occur in igneous rocks. volcanics and BIF extend southwards along the main north-south limb of the belt and it is these formations that the Company will be focussing its exploration efforts in the coming months. AXMIN is a mineral exploration company with a strong focus on gold in highly prospective properties across central and west Africa West Africa A region of western Africa between the Sahara Desert and the Gulf of Guinea. It was largely controlled by colonial powers until the 20th century. West African adj. & n. . For more information regarding AXMIN visit our website at www.axmininc.com. For a map of the Central African Republic: Sosso Polipo, Bakala, Bogoin II, Bambari and Pouloubou Permits, please click on the link below: http://www.ccnmatthews.com/docs/carnewpermit.pdf The TSX Venture Exchange TSX Venture Exchange Originally called the Canadian Venture Exchange (CDNX), this was a result of the merger of the Vancouver and Alberta stock exchanges. The goal of TSX Venture Exchange is to provide venture companies with effective access to capital while protecting investors. has not reviewed and does not accept resp onsibility for the adequacy or accuracy of this press release. Axmin Inc. (TSX VENTURE:AXM) |
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