AXMIN Inc.: Three New Gold Discoveries on the Bambari Permits, Central African Republic.

TORONTO -- AXMIN Inc. (TSX VENTURE:AXM) is pleased to announce the discovery of three new gold mineralised zones at the Passendro project area, Bambari Permits, in the Central African Republic. Two zones have been identified at the Baceta prospect while a third zone has been discovered at a new prospect area known as Barbacoa.

At Baceta intercepts include 15 metres at 4.7 g/t Au, 10 metres at 4.0 g/t Au, 5 metres at 3.2 g/t Au and 15 metres at 1.9 g/t Au in reverse circulation ("RC") holes and 7.5 metres at 4.5 g/t Au in one core hole, while at Barbacoa RC drill intercepts include 8 metres at 5.1 g/t Au and 5 metres at 2.2 g/t Au. These discoveries have been made as a result of a broad spaced reconnaissance drill program undertaken during the final quarter of 2004. The program focussed along the French Camp trend of the Passendro project area. Baceta and Barbacoa lie within a 3 km radius that includes the other gold discoveries at the Passendro project area, namely French Camp, Katsia, Main Zone, Bacanga Head and Main Zone North. A map of the Passendro project area can be viewed under the Operations section of AXMIN's website at www.axmininc.com.

Resource drilling was also initiated at the Bacanga Head prospect during the final quarter of 2004. The program is ongoing with further assays awaited, which will be reported upon once received.

Chief Executive Officer, Dr Jonathan Forster comments "Once again, first pass reconnaissance drilling has confirmed the correlation between soil anomalies and underlying gold mineralisation. The discoveries at Baceta and Barbacoa emphasise the higher grade nature of near surface gold mineralisation in the district, and supports the model of a future development with gold mined from a number of open pits feeding a central processing facility. The inventory of discoveries at Bambari continues to grow as exploration progresses. With five drill rigs available on site, the program to the middle of 2005 will aim to expand the existing resource base from the new discoveries as well as to continue reconnaissance drilling across new targets."

Drilling was conducted using a RC drill rig, with shallow (30-40 metre) inclined holes on lines typically set 160 metres apart to provide coverage across the full width of the geochemical soil anomalies. The RC drilling extended a previous rotary air blast ("RAB") program which was of restricted extent.

Baceta

The Baceta prospect covers a strike length of some 2 km and is located approximately 2.5 km northwest of the French Camp prospect. Mineralisation at Baceta is hosted by a package of quartz-sericite-chlorite schists with intercalations of thin Banded Ironstone Formation ("BIF") located between major BIF units. The prospect is defined by a broad (400-500 metre) soil anomaly (50 ppb threshold).

Two northwest trending mineralised structures have been identified (Baceta 1 and Baceta 2) with indications from anomalous RAB and RC intercepts that further sub-parallel zones may yet be found. Baceta 1 has been interpreted to extend over a strike length of some 1,800 metres, as traced by mineralised RC holes and strongly anomalous RAB holes (greater than 0.5 g/t Au). The gold mineralisation appears to be mainly associated with zones of more silica rich sericite schist. Where tested, the near surface true width of these mineralised zones varies from 8-15 metres. One core hole has previously tested Baceta 1 at a vertical depth of 55 metres and gave an intercept of 4.5 g/t Au over 2.7 metres (press release dated February 5, 2004).

Baceta 2 has so far been tested over a strike length of 160 metres and is open in all directions. This structure is similar and sub-parallel to Baceta 1 and lies approximately 150 metres to the northeast. Near surface drilling indicates a possible width in the range of 5-10 metres.

Barbacoa

The Barbacoa prospect is located between the French Camp and Katsia prospects close to the controlling Katsia fault. The prospect is underlain by quartz-sericite schists which has thin BIF intercalations. Gold mineralisation is associated with BIF-schist contacts. Two RC drill holes on one fence have intersected 8 metres at 5.1 g/t Au and 5 metres at 2.2 g/t Au. The new prospect is delineated by a soil anomaly (50 ppb Au threshold) some 500 metres long and is favourably located with respect to the Katsia fault.

The relevant recent results for the Baceta and Barbacoa prospects are set out below. Except where indicated, assays reflect 5 metre composite samples from the reconnaissance RC drill holes.

Hole   Total  North   East Azimuth Declin.  From  To  Inter-  Grade
No.    Depth Co-ord Co-ord  (deg)   (deg)    (m)  (m)    val (g/t Au)
        (m)                                              (m)
---------------------------------------------------------------------
Baceta 1
PRC 247   40   11280   8720    036    -50    10   15       5   1.7
PRC 250   40   11440   8680    036    -50    20   25       5   1.4
PRC 284   40   10800   8720    036    -50    10   25      15   4.7
PRC 285   40   10800   8700    036    -50    20   30      10   1.2
PRC 286   40   10800   8740    036    -50    10   15       5   3.2
PRC 287   40   10720   8700    036    -50    15   25      10   4.0
PRC 264   40   10320   8720    036    -50    15   30      15   1.9
PDC 93   115.8 11440   8655    036    -65    45.4 46.9(xx) 1.5 3.2

Baceta 2
PRC 254   40   11440   8840    036    -50    10   15       5   2.4
PDC 95   101   11280   8860    036    -65    60.5 68.0(xx) 7.5 4.5
                                         and 93.5 95.0(xx) 1.5 1.0(x)
Barbacoa
PRC 331   40    8400   9260    036    -50    10   18(xx)   8   5.1
PRC 332   40    8320   9320    036    -50    25   30       5   2.2
---------------------------------------------------------------------

(x)  sampling ended in mineralisation
(xx) assay samples of either 1 metre or 1.5 metre intervals

Grade calculations are based on a 0.5 g/t Au lower cut off, with no upper cut using the initial assays received from the laboratory, and will be subject to further quality control assaying. Analytical work is being carried out at the independent OMAC Laboratories Ltd. in Ireland. The core samples are subject to a full sample preparation followed by a 50 gram fire assay with an AA finish. Core blanks (5%) are being used to monitor laboratory performance during first pass analysis. A full QA/QC program will be coordinated on 20% of all greater than 500 ppb samples at the end of the program and will include 5% blanks, standards and duplicates. This press release has been reviewed by an in-house qualified person, Dr. Jonathan Forster, Fellow of the Institute of Materials, Mining and Metallurgy ("IMMM").

Initial Program 2005

Drilling at Passendro will recommence shortly, with the objective being to complete the resource drilling at Bacanga Head and follow-up drilling at the Baceta and Barbacoa prospects. In addition, RC and core drilling will test the Katsia South and Main Zone South prospects during the first quarter 2005.

AXMIN's second RC rig will also be commissioned by the end of January 2005 and this unit will be used to commence reconnaissance drilling at the Ao project area located some 25 km south of Passendro.

AXMIN is a mineral exploration company with a strong focus on gold in highly prospective properties across central and west Africa.

For more information regarding AXMIN visit our website at www.axmininc.com.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this press release.

AXMIN Inc. (TSX VENTURE:AXM)