AXMIN Inc.

COMPANY DATA |  INTRODUCTION | PROPERTIES IN HAND | MANAGEMENT
NEWS UPDATE | CHINESE

COMPANY DATA

INTRODUCTION

AXMIN Inc. is a gold exploration company with a track-record of finding mines in Africa. AXMIN's management team is committed to creating shareholder value through new gold discoveries within its highly prospective properties across Africa, principally in the Central African Republic, Burkina Faso and Mali.

PROPERTIES IN HAND

(1) Emerging Gold Belt, Central African Republic

Bambari Permit
The wholly owned Bambari Permit, located in the central region of the Central African Republic (CAR) has remarkable potential for developing into an exciting new gold belt. The 2,000 sq.km permit covers 90 km of strike of a previously unexplored Archean green-stone belt, that is believed to represent the extension of the Kilo-Moto goldbelt (10 million oz of historic gold production) of the Democratic Republic of Congo.

To date only 20% of the Belt has been covered with exploration within which four major gold prospects have been delineated Passendro, Ndassima, Ao and Louba, of which the Passendro project is the first to be drill tested. Mineralization at Bambari is similar in style to that of the Lake Victoria Greenstone Belt in Tanzania, being shear hosted in complexly folded and sheared banded ironstones, volcanics and volcaniclastics, intruded by late stage granites.

Passendro Project Area
Exploration results confirm the excellent resource potential of the Passendro project area, with seven substantial gold targets delineated so far within a 5 km radius. This includes the Main Zone and French Camp prospects where gold bearing structures of economic significance have been identified by reverse circulation (RC) drilling.

With each of the seven targets having significant size potential, the opportunity clearly exists for AXMIN to set a multi-million ounce objective for resources at Passendro. In addition there is upside potential at the other three prospect areas, and areas as yet unexplored.

(2) Production Potential, Burkina Faso

AXMIN - High River Gold Joint Venture
In May 2002, AXMIN signed a Heads of Agreement with High River Gold Mines Ltd. (TSX-HRG) which enables a prefeasibility study to be conducted for the joint development of a gold mining operation in Burkina Faso. The operation could have potential production levels of more than 100,000 oz per annum from the combination of gold resources on AXMIN's Bouroum property and High River Gold's Taparko property. The two properties are approximately 35 km apart and are located in northeast Burkina Faso. The agreement allows for the exchange of data and sharing of costs for the study, which is scheduled for completion early 2003. 

AXMIN - Bouroum Property
AXMIN will earn a 65% interest in the Bouroum property by carrying it to bankable feasibility study (BFS). The remaining 35% interest may be purchased for between US$10-15 per oz of gold (dependent on spot gold price) on pro data reserves in the BFS. The government of Burkina Faso has back-in-rights for 10% at the mining stage.

AXMIN's estimate of gold resource at Bouroum, based on the independent review by Dr. Mike Armitage of SRK Consulting (United Kingdom) is tabulated below:

(3) Strategically Located for Discovery, Mali

Kofi Project
AXMIN's most advanced project in Mali is the Kofi project. The project is strategically located on the Senegal-Mali shear which is host to such deposits as Sadiola and Loulo. The property is adjacent to both Randgold's Loulo and Nevsun's Segala-Tabakoto deposits, where feasibility studies have just been completed.

To date exploration has focused primarily on the Kofi Permit (65%) where over 15 significant gold in soil anomalies have been delineated. Work so far has demonstrated that significant gold resources can be found where a combination of favourable structure and lithology come together, and that soil anomalies remain the best guide to discovery. For this reason, detailed soil geochemistry with associated geological mapping was completed in 2002 and four major target areas on the adjacent Netekoto Permit (70%) were identified. These targets lie between 10-20 km north-northeast of Kofi SW Zones B and C.

In 2002 an independent study by Resource Service Group Pty Ltd. (RSG) of Australia, under the supervision of the qualified person Mr. Colin Jones, identified and inferred mineral resource at Kofi SW Zones B and C.

MANAGEMENT

AXMIN Inc. has a well experienced management team in different areas. The senior management include:

Dr. Jonathan Forster, Chief Executive Officer
Dr. Forster co-founded AXMIN in 1999 and was appointed Chief Executive Officer in January 2001. Previously Dr. Forster was Group Exploration Manager for SAMAX Gold Inc. having joined the SAMAX stable in 1992. Prior to that Dr. Forster worked for several mining and mineral exploration companies and for three years was a Senior Resource Analyst at a firm of London stockbrokers.

Dr. Michael Martineau, Deputy Chairman & President
Dr. Martineau co-founded AXMIN in 1999. Currently he is also Deputy Chairman of Eurasia Mining PLC and serves as a Director for Ashanti Goldfields Company Limited. Dr. Martineau founded SAMAX Resources Limited in 1989 and this was listed on The Toronto Stock Exchange as SAMAX Gold Inc. in 1996 when he became President and Chief Executive Officer. Prior to that Dr. Martineau held various management positions with several senior mining companies.

Craig Banfield, Chief Financial Officer
Mr. Banfield graduated from the University of Lancaster, United Kingdom with an MA in Accounting & Finance in 1987 and qualified as a Chartered Accountant in 1991. He worked for a number of accounting firms prior to joining SAMAX Resources Limited in 1994 as Financial Controller and Company Secretary. Mr. Banfield was appointed CFO of AXMIN in April 2001.

Howard Bills, Exploration Manager
Mr. Bills graduated as a geologist from Kingston University, United Kingdom, gained a M.Sc. from the Royal School of Mines, United Kingdom and is a Fellow of the Geological Society of London. He has over 20 years of gold and diamond exploration experience in Africa, Asia and South America. For four years in the 1990's he worked for the SAMAX stable in Tanzania. Mr. Bills was appointed Manager, East and Central Africa of AXMIN in February 1999 and was promoted to Exploration Manager in January 2001.

Judith Webster, Manager, Investor Relations
Ms. Webster comes to AXMIN with extensive experience in the field of investor relations. Since 2001, Ms. Webster has worked as an investor relations consultant for public companies in Canada for the Barnes Organization. Before this, she spent over five years as an Investor Relations Manager for several TSE-listed mining companies. Ms. Webster also brings a valuable background as a manager at Canadian Corporate News, a major Canadian newswire service, and as Senior Geologist for one of Canada's largest mining consulting firms. Ms. Webster holds a B.Sc. in Geological Sciences from McMaster University.

The Board of Directors include:
Jean Claude Gandur, Chairman
Dr. Michael Martineau, Deputy Chairman & President
Dr. Jonathan Forster, Chief Executive Officer
Michael Ebsary
Robert Shirriff
Dr. Henrik Thalenhorst
Philip Adeane
Robert Jackson

NEWS UPDATE

On March 08, 2004, AXMIN Inc. announced that core drilling at the Katsia prospect within the Passendro project area at the Bambari Permit in the Central African Republic, has traced the mineralized structure over a minimum strike length of 175 metres to a depth of 130 metres. Assays from two new drill holes (PDC 42 and PDC 43) include high grade intersections of 5.3 g/t Au over 8.5 metres and 22.1 g/t Au over 13.5 metres.

On September 30, 2003, AXMIN Inc. announced that it has entered into a joint venture agreement with a subsidiary of Newmont Mining Corporation (NYSE & ASX: NEM; TSX: NMC) to explore AXMIN's Kofi Project Area permits within the prospective Senegal-Mali shear zone, located in southwestern Mali. The shear zone is host to at least four multi-million ounce deposits including Sadiola, Yatela, Loulo and Tabakoto-Segala.

On September 23, 2003, AXMIN Inc. reported that core drilling at the Main Zone prospect within the Bambari Permit in the Central African Republic has confirmed that the multiple gold bearing structures within this extensive mineralized system extend to depth. It has also provided valuable information on the ore controls. Intersections from ten widely spaced drill holes include 25.7 metres grading 2.5 g/t Au, 10.2 metres grading 6.0 g/t Au and 4.5 metres grading 9.9 g/t Au. Individual structures include 1.5 metres assaying 34.5 g/t Au, 1.5 metres assaying 27.6 g/t Au and 0.8 metres assaying 36.6 g/t Au.

On September 10, 2003, AXMIN Inc. announced that on September 09, 2003 the TSX Venture Exchange accepted for filing a loan agreement dated August 20, 2003 between AXMIN and its major shareholder Addax Mining & Metals Limited ("AMM") pursuant to which AMM has provided a loan to AXMIN of US$1,000,000.

On August 12, 2003, AXMIN Inc. announced the recent grant of stock options to two directors and one employee of the Company. These stock options have been granted pursuant to the terms of the Company's 2001 Stock Option Plan approved by the shareholders on November 19, 2001.

On July 31, 2003, AXMIN Inc. and High River Gold Mines Ltd. announced that work has commenced on the joint feasibility study at the Bouroum and Taparko Permits in Burkina Faso, West Africa. The results of recently completed pre-feasibility studies show that the combined project has the potential to produce at around 75,000 to 80,000 ounces of gold per annum for at least 5.5 years from a number of open pits.

On July 24, 2003, AXMIN Inc. announced that on July 23, 2003 the TSX Venture Exchange accepted for filing a loan agreement dated July 07, 2003 between AXMIN and its major shareholder Addax Mining & Metals Limited ("AMM") pursuant to which AMM has provided a loan to AXMIN of US$1,000,000.

On July 21, 2003, AXMIN Inc. reported further excellent assay results from the French Camp prospect, Bambari Permit, Central African Republic. These latest results are derived from the ongoing core drilling program. Gold mineralization has now been confirmed to extend to a vertical depth of at least 100 metres on the two sections L300N and L380N (80 metres apart) at the northern end of the French Camp structure which lies within a 850 metre long soil anomaly (100 ppb threshold). The most significant results in two core holes on section L380N are 4.6 g/t Au over 29.7 metres and 3.2 g/t Au over 34.4 metres.

On July 02, 2003, AXMIN Inc. reported the assay results from the first core holes drilled at the French Camp prospect, Bambari Permit in the Central African Republic. These excellent results confirm that gold mineralization delineated in earlier reverse circulation and rotary air blast drilling extends to depth with similar grades and thicknesses, and that Banded Ironstone Formations provide an exceptional host for gold mineralization. Significant assay results from the first holes include: 8.5 g/t Au over 16.5 metres, 5.2 g/t Au over 7.4 metres, 4.1 g/t Au over 25 metres, 3.3 g/t Au over 29.8 metres and 2.2 g/t Au over 15.8 metres.

On May 21, 2003, AXMIN Inc. reported that the initial 3,000 metre core drilling program has started on the Bambari permit in the Central African Republic with the objective of commencing resource definition at the French Camp and Main Zone prospects in the Passendro project area. In addition new targets will be tested at the Katsia prospect.

On March 18, 2003, AXMIN Inc. reported that on March 15, 2003, opposition forces loyal to the former chief of the Central African Republic ("CAR") army, General Francois Bozize, succeeded in toppling President Ange-Felix Patasse's government in what appears to have been bloodless coup d'etat. Despite this change of power, AXMIN is continuing with its plan to mobilise a core rig to the CAR in late April 2003 to commence an initial 3,000 metre drilling program. The objective is to begin delineating resources in the Main Zone and French Camp prospects as well as testing new targets generated by the RAB drilling programs completed in 2002. Drill core will provide valuable geological and structural information and gives AXMIN the ability to test the gold bearing sulphide zone.

On February 11, 2003, AXMIN Inc. announced a revised resource estimate, based on the recent drill program, that increases the gold content in the measured and indicated category at the Bouroum project in Burkina Faso by 56%. Within this occurs a high grade measured and indicated resource of 1.0 million tonnes with a grade of 6.0 g/t Au (193,000 ounces of contained gold) at a 3 g/t Au cut-off grade. AXMIN considers this high grade resource the key to yielding a rapid payback of the project's capital and funding. All resources are near surface and exploitation will be considered by way of an open pit.

On January 24, 2003, AXMIN Inc. announced that a prefeasibility study has commenced for a mining operation combining AXMIN's Bouroum gold property in Burkina Faso, West Africa, with the nearby Taparko project of High River Gold Mines Ltd.("High River"). AXMIN and High River have engaged Metallurgical Design and Management (Pty.) Ltd. of South Africa to conduct the study.

On January 21, 2003, AXMIN Inc. announced the first assay results from the continuation of the reconnaissance rotary air blast ("RAB") program across the Passendro project area on its wholly owned Bambari Permit in the Central African Republic ("CAR"). The results indicate that the strike length of gold mineralization has been extended at both the Main Zone South and Katsia prospects, highlighting the potential of the area to host large scale gold targets. To date seven large scale gold targets have been identified which together could result in substantial gold discoveries and potentially an emerging gold belt at Bambari.

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