AXMIN Inc.: Strong Gold Mineralisation At The Kofi Project, Mali.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 results of a follow up phase of drilling at the Kofi Project in Mali, which include 4.5 g/t Au over 52.2 metres, 6.2 g/t Au over 39 metres, 19.8 g/t Au over 4 metres and 2.3 g/t Au over 25.1 metres. The drilling was designed to follow up on last season's discovery hole (reported June 1, 2004) of 11.6 g/t Au over 31 metres. The Kofi Project is a joint venture with a subsidiary of Newmont Mining Newmont Mining Corporation NYSE: NEM, based in Denver, Colorado, USA, is one of the world's largest producers of gold, with active mines in, Nevada, Indonesia, Australia/New Zealand, Ghana, and Peru. Some smaller operations include Bolivia, Mexico, and Canada. Corporation (NEM-NYSE & ASX ASX See: Australian Stock Exchange ; NMC-TSX), whereby Newmont may earn 50% of AXMIN's interest by funding a US$5.5 million exploration program within a three year period to September 2006. Thereafter Newmont may elect to earn an additional 25% of AXMIN's interest by carrying all expenditures through to the completion of a bankable bank·a·ble adj. 1. Acceptable to or at a bank: bankable funds. 2. Guaranteed to bring profit: a bankable movie star. feasibility study The analysis of a problem to determine if it can be solved effectively. The operational (will it work?), economical (costs and benefits) and technical (can it be built?) aspects are part of the study. Results of the study determine whether the solution should be implemented. . The joint venture is currently midway through its second year, with a requirement for Newmont to spend a balance of US$1.5 million before October 1, 2005. Drilling has tested gold mineralisation to a maximum vertical depth of 125 metres over a strike length of 250 metres. At least two parallel mineralised structures are identified, located within 50 metres of each other. Drilling to date has not fully resolved the geometry of this mineralisation. Interpretation of the results is ongoing and structural models will be tested by a follow up program planned for the second quarter of 2005. AXMIN observes that the strength of the gold mineralisation is not dissimilar to that announced as currently being explored at deeper levels beneath the planned open pits at the nearby Loulo development of Randgold Resources. This drilling program comprised a total of 776 metres of core drilling and 156 metres of reverse circulation ("RC") drilling at the Zone C prospect. The full table of results from the holes that targeted the mineralisation is shown below.
Hole Total North East Azi- Declin. From To Inter- Grade
No. Depth Co-ord Co-ord muth (deg) (m) (m) val (g/t
(m) (deg) (m) Au)
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KWCD
107 161.1 1457230 242340 270 -50 5.0(b) 57.2 52.2 4.5
and 136.0 161.1(b) 25.1 2.3
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KWCD
108 110.0 1457101 242298 270 -55 50.0 54.0 4.0 19.8
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KWCD
57 200.0 1457180 242395 270 -55 128.0 135.0 7.0 1.3
and 157.0 161.0 4.0 1.5
and 193.0 194.0 1.0 12.2
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KWCD
58 42.0 1457110 242420 270 -55 NSI
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KWCD
59 131.0 1457110 242360 270 -55 NSI
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KWCD
60 168.0 1457240 242380 270 -55 76.0 115.0 39.0 6.2
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KWCC
109 60.0 1457240 242336 270 -50 14.0 26.0 12.0 3.0
and 49.0 60.0 11.0 2.5
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KWCC
114 60.0 1457019 242298 270 -50 0.0 15.0 15.0 2.1
and 40.0 45.0 5.0 5.9
(a) hole ended in mineralization
(b) top 36m drilled by RC, 1 metre samples.
NSI No significant intersection
Holes prefixed CD refer to core holes, those prefixed CC refer to RC
holes
Grade calculations are based on a 1g/t Au lower cut off to define the mineralised structure, with no upper cut. Analytical work is being carried out at the independent Abilab Laboratories Ltd. in Bamako, Mali. The core samples are subject to a full sample preparation followed by a 50 gram fire assay with an AA finish. Core blanks, standards and duplicates are being used to monitor laboratory performance during the analysis. This press release has been reviewed by an in-house qualified person, Dr. Jonathan Forster, Fellow of the Institute of Materials, Mining and Metallurgy metallurgy (mĕt`əlûr'jē), science and technology of metals and their alloys. Modern metallurgical research is concerned with the preparation of radioactive metals, with obtaining metals economically from low-grade ores, with ("IMMM IMMM Institute of Materials Minerals and Mining IMMM Inflight Missile Modification Message "). The current program is directed towards the identification of new mineralised zones beneath the masking mask·ing n. 1. The concealment or the screening of one sensory process or sensation by another. 2. An opaque covering used to camouflage the metal parts of a prosthesis. "cuirasse" (laterite laterite Soil layer rich in iron oxide and sometimes aluminum, derived from a wide variety of rocks by leaching. It forms in tropical and subtropical regions where the climate is humid. ) ground cover and further drilling both along strike and at depth at the Zone C prospect, the planned work program also includes ground geophysical surveys Geophysical survey refers to the systematic collection of geophysical data for spatial studies. Geophysical surveys may use a great variety of sensing instruments, and data may be collected from above or below the Earth's surface or from aerial or marine platforms. . 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. NOTE: There is a Map available on CCNMatthews' website at: http://www2.ccnmatthews.com/database/fax/2000/KOFIPLAN.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 responsibility for the adequacy or accuracy of this press release. AXMIN Inc. (TSX VENTURE:AXM) |
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