AXMIN Inc.-Sierra Leone: Drill Program at Nimini Hills; Four New Projects Acquired.

TORONTO -- AXMIN Inc. (AXM-TSX Venture) is pleased to report that initial soil sampling at the Nimini East and West properties in Sierra Leone has located an 800 metre by 100 metre gold in soil anomaly within which trenching has located two shear zones up to 24 metres wide assaying 1.1 to 4.5 g/t Au. On the basis of these results AXMIN has elected to exercise its option to continue exploration on the properties and plans to core drill this target prior to year end. In addition AXMIN has entered into three further joint ventures and acquired directly one further licence bringing the total area under licence in the highly prospective Archaean greenstone belts of Sierra Leone to approximately 600 sq km. AXMIN has contracted Fugro Airborne Surveys to fly a high resolution helicopter born aeromagnetic and radiometric survey over this important land position starting before year end both to extend this anomaly and to locate new prospective areas.

Chief Executive Officer, Dr Jonathan Forster states "I am delighted to be returning to Sierra Leone after a break of 20 years. Now that peace has returned and reconstruction is underway with strong international support there is a major opportunity to apply modern exploration to the numerous gold occurrences previously reported but neglected for decades. It is most encouraging that AXMIN was able to assemble such a substantial land position in this prospective country in a very short time period."

Nimini Hills Project

At the Nimini East and West properties (collectively the "Nimini Hills Project") in eastern Sierra Leone AXMIN has completed an initial program of systematic soil sampling on a 50 by 50 metre grid over the historic Kaomahun prospect, which identified a strong (greater than 200ppb Au) 800 metre long gold anomaly open to both the northeast and southwest. The table below details the results of the trenching program which was carried out on 50 metre centres over 300 metres of the anomaly and which has identified two mineralised shear zones that dip to the northwest, comprising intercalated Banded Ironstone Formation and silicified greenstones. AXMIN is also extending the soil sampling program to include an area to the south of Kaomahun prospect that covers a 6 km ridge formed by the Archaean greenstone belt. Previous stream sediment sampling program of drainages in this area, that was completed by third parties prior to AXMIN's involvement, has indicated further sites of potential gold mineralisation.

Trench Easting Northing   Length Gold Comment
No                      (metres)  g/t
------------------------------------------------------------------
Tr 1    262300   949835       24  2.2 Structure 2
Tr 3    262250   949800        4  2.2 Structure 2 -trench ended in
                                       gold mineralisation
Tr 4    262232   949822        2  1.5 Structure 1 -trench started
                                       in gold mineralisation
Tr 5    262208   949780       14  4.5 Structure 1
Tr 6    262200   949748        6  2.2 Structure 1
                    and        2  2.1 May equate to structure 2
Tr 7    262125   949662       10  1.4 Structure 2
Tr 8    262146   949736        3  1.1 Structure 2 -trench ended in
                                       gold mineralisation
AXT 1   262354   949875        8  1.3 Structure 2

Note: the coordinates mark the north western end of the NW-SE orientated trenches

AXMIN has confirmed to AFCAN Barbados Limited ("AFCAN"), a subsidiary of AFCAN Mining Corporation (AFK-TSX), that it has elected to exercise its option whereby AXMIN may earn a 60% interest in the Nimini Hills Project by expenditure of US$2.25 million over a three year period, with a minimum expenditure of US$0.5 million in the first year. Thereafter AFCAN has the right to participate on a pro rata basis or if it elects not to then AXMIN can earn an additional 20% by producing a Bankable Feasibility Study. The monies spent on AFCAN's behalf to earn this additional 20% will be recovered by AXMIN from AFCAN's share of future production.

Additional Projects

The under-explored nature of the highly prospective Archaean greenstone belts of Sierra Leone has encouraged AXMIN to both acquire a wholly owned licence (named Matatoke) and enter into separate joint ventures over three other licences (namely Gori Hills, Makong and Sokoya). Including the Nimini Hills Project, AXMIN now has access to some 600 sq km underlain by Archaean greenstone belts, throughout which gold has historically been won from drainages. The terms of the joint ventures over Gori Hills, Makong and Sokoya are such that AXMIN has the ability to earn up to either a 77% or 80% interest.

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)