News Releases

Apr 12, 2008

POSITIVE FEASIBILITY STUDY AT PASSENDRO GOLD PROJECT, CENTRAL AFRICAN REPUBLIC

     NPV (5%) INCRESES 20% TO US$164 MILLION

     RESERVES INCREASE 12%

     RECOVERIES INCREASE FROM 88% TO 94%

Toronto, Ontario – Apr 02, 08, AXMIN Inc. (AXM-TSX Venture) is pleased to report the results of the Bankable Feasibility Study ("Feasibility Study") for its Passendro Gold Project in the Central African Republic ("CAR"). The first three years provide an average annual production of 223,000 ounces with an average cash cost of US$343/oz Au. This strong production profile coupled with a better than average exploration potential highlights the value of the Passendro Gold Project. The base case, using a gold price of US$750 per ounce, gives an internal rate of return ("IRR") of 29.4% and a net present value ("NPV") at a 5% discount of US$164 million. The Feasibility Study was led by SENET (PTY) of South Africa ("SENET") and included a multidisciplinary team of independent consultants.

"Management is very encouraged and delighted that Passendro will soon become CAR’s first modern gold mining operation", said AXMIN’s President and CEO, Mario Caron. "We are pleased with the improvements in the technical aspects of the project, in particular the increases in reserves and metallurgical recoveries. We are confident that exploration along this highly prospective greenstone belt will add to reserves and increase mine life. Management looks forward to working with senior government officials to ensure the timely issuance of the mining licence and, in parallel, advancing the project finance."

Feasibility Study Highlights

Note: All financial analysis is based on 100% ownership (see Mining Convention section below)

Mineral Resource Estimate – March 2008

The in-situ Mineral Resource estimate was prepared by independent consultants SRK Consulting (UK) Ltd. ("SRK") and is based on results from drilling up to June 2007 presenting a 17% increase in the measured and indicated resource to 23.2 Mt grading 2.4 g/t Au (1.8 million ounces of contained gold) and inferred resources remain essentially unchanged at 16.7 Mt grading 1.9 g/t Au (1.0 million ounces of contained gold).

A block cut off grade of 1.2 g/t Au for French Camp, Katsia and Bacanga Head, 0.8 g/t Au for Main Zone and 1.0 g/t Au for Baceta, Barbacoa and Ngetepe was applied by SRK when reporting in-situ Mineral Resources. High grades were capped at 17 g/t Au at Main Zone, 40 g/t Au at Katsia and 20 g/t Au at Barbacoa. No cutting was required at the French Camp, Bacanga Head, Baceta and Ngetepe deposits. Grade interpolation was carried out using ordinary kriging and classification of the Mineral Resource estimate is based on geological continuity, bore hole spacing and the results of a structural variography analysis. The estimates have been prepared under the guidelines of National Instrument 43-101 and accompanying documents 43-101.F1 and 43-101.CF.

Mining Reserve Estimate – March 2008

The Mining Reserve estimate, prepared by SRK, was calculated on seven discrete engineered pits optimized at a gold price of US$650 per ounce using the whittle process utilizing current operating costs and royalties and pit slopes varying from 38 to 46 degrees. The calculation presented a total proven and probable reserve of 16.8 million tonnes of ore at an average grade of 2.4 g/t Au containing 1.3 million ounces of gold. Approximately 69% of the ore reported in the pits is oxide material with 20% transitional ores and 11% sulphide mineralisation. Contained within the engineered pits is an additional inferred resource of 1.04 Mt grading 2.12 g/t Au containing 71,000 ounces of gold, with additional work it is expected that these resources will be added to the overall reserves.

Note: proven and probable reserve is derived from measured and indicated resources

Capital Cost

The Feasibility Study estimates a capital cost for construction of the operations at Passendro Gold Project to be US$196 million, excluding both working capital of US$5.5 million and sustaining capital of US$18.3 million. Estimates are based on conventional open pit mining using owner-operator mining fleet and a 3 million tonne per annum ("mtpa") Gravity-CIL process plant producing an average 203,000 ounces of gold per year. The overall capital costs are as of the fourth quarter 2007.

Operating Costs

Estimated operating costs average US$27.20/tonne (US$379/oz Au) over the mine life and were also based on US$80 barrel oil. A breakdown of the estimated annual operating costs is summarized in the table below.

Financial and Sensitivity Analysis

SENET prepared a financial analysis of the Passendro Gold Project using the discounted cash flow model incorporating a US$750 per ounce gold price, royalty of 2.25% and corporate tax payable after 5 years of production. The study indicates that the project is economically robust with a positive IRR and NPV over a range of gold prices. Based only on the current proven and probable mineral reserves and an average gold price of US$750 per ounce over the life of the mine the IRR is 29.4%, the NPV at 5% discount is US$164 million and there is a net cash flow after tax and CAPEX of US$233 million. The following tables detail the sensitivity of the project to gold price and the price of fuel.

Sensitivity to Gold Price

Sensitivity to Fuel Price

Scope of Project

The Passendro Gold Project is located in a sparsely populated area of the CAR, just 60 km north of the town of Bambari, in the centre of 140 km long Bambari Archaean greenstone belt which is covered by AXMIN’s wholly owned Bambari-Bakala permits. The Feasibility Study envisages a conventional open pit Gravity-Carbon in Leach ("CIL") operation with a mine production rate of 3 mtpa. The study outlines an initial mine life of 5.9 years.

Metallurgy and Processing

Metallurgical test work was carried out by SGS Lakefield of South Africa and indicates a simple flowsheet incorporating an industry standard Gravity-CIL process. Average gravity recovery for all ore types is 40% and the gold recoveries range between 87-97% (average 94%) in all ore types.

Processing of the three ore types will utilize a common crushing and SAG/Ball mill. The pits will be mined in a sequence that will focus on supplying higher grade ore early in the schedule, starting with Main Zone-North, Katsia and French Camp. Waste rock will be hauled to external dump areas situated locally to each of the mining pits. A contractor will be used for construction and pre-stripping periods and owner-operated mining fleet will be selected based on the requirements of the pits.

Tailings and Water Management

AMEC Earth & Environmental ("AMEC") is responsible for the Tailings Management Facility ("TMF") and Water Storage Dam ("WSD") for the project and accommodates appropriate national and international standards and procedures. Studies confirmed the optimum location for the TMF and WSD, with respect to minimum environmental impact, land use, location to operations, infrastructure and economics, to be within the Baceta River eastern catchment area, southwest of French Camp and adjacent to the proposed process plant site. The TMF will be protected by a lining of natural lateritic mineral and environmental impact on surface waters will be mitigated by a storm water interception and diversion system.

Make up water will be drawn from the French Camp open pit pumping discharge and from the Baceta River. The dam will be filled during the wet season to minimise the impact on the river.

Infrastructure

The Feasibility Study has identified the Atlantic port of Douala (Cameroon) to Bangui (CAR) as the optimal routing for early stage transportation of processing plant and for ongoing project logistical support. This route involves crossing one international border. All road upgrades, including building and reinforcement of six bridges along the logistical route, are included in the capital cost estimates. In addition, as announced in a press release dated March 20, 2008, the Douala-Bangui and the Douala-N’Djamena corridors are the subject of a US$67 million African Development Bank Transportation Facilitation Grant. This will greatly benefit the Company’s current development plans and future operations of the project.

Project infrastructure development will include roads, housing, processing facilities, community facilities, an air strip and power generation. A 10.5 MW power supply system, based on Heavy Fuel Oil power generation, has been selected for the project.

Environment

Golder Associates (UK) Limited ("Golder") has prepared the Environmental and Social Impact Assessment ("ESIA") for the Passendro Gold Project. The study will be issued for consultation with the CAR Government, local authorities and other stakeholders in mid April 2008. The study has identified possible impacts on the local environment and social structure, and has defined mitigating measures required to minimize these impacts while maximizing the benefits of the project both locally and nationally.

Project Finance and Timing

AXMIN has engaged Endeavour Financial International Corporation to provide debt finance advice with respect to the project financing of the Passendro Gold Project. Endeavour has one of the largest investment banking teams dedicated exclusively to the mining industry and, having provided financial advisory services to the mining and minerals industries for eighteen years, has significant experience in raising debt finance for mining projects on a global basis, including Africa.

Endeavour will arrange the financing for the Passendro Gold Project with a view to evaluating the most efficient financing plan for the project. Following this announcement Endeavour will proceed to solicit interest from project financiers.

Construction is expected to take approximately 24 months, subject to obtaining the mining licence and project financing, allowing for commencement of production in the third quarter of 2010.

Mining Convention

In January 2006 the Company announced entering into a Mining Convention with the State of CAR covering the fiscal terms for the Passendro Gold Project over a 25 year period, extendable by mutual consent. The key terms include:

· a 2.25% royalty on the proceeds from the sale of gold;

· a 10% free carried interest for the State (dividends to begin after recovery of exploration and capital costs including financing costs) with an option to acquire an additional participating interest of 10% at market value; and

· exemption from:

o taxes (including value added tax ("VAT")) and duties on fuel used in the mining operations;

o VAT on imported capital equipment, consumables and any mining contract;

o duties on imported capital equipment and consumables during the development phase and for a period of 5 years thereafter;

o exoneration from withholding tax on dividends, capital repayments and interest; and

o a five year tax holiday from the date of first commercial production, following which the corporate tax rate will be 30%.

Qualified Persons

The contents of this press release have been reviewed by the following independent consultants:

Neil Senior, Pr.Eng, MSc, (SAIMM), Joint Managing Director is a Qualified Person under National Instrument 43-101, and is the SENET person responsible for the Passendro Gold Project Feasibility Study.

Sean Cremin, Bsc Mining Eng (Hons), MIMM, Principal Mining Engineer is a Qualified Person under the National Instrument 43-101, and is the SRK person responsible for the Passendro Gold Project mineral reserve calculation.

Dr. John Arthur, CEng (MIoM3), CGeol (FGS), Principal Geologist is a Qualified Person under the National Instrument 43-101, and is the SRK person responsible for the Passendro Gold Project mineral resource calculation.

Conference Call Details

AXMIN will host a conference call to discuss the Feasibility Study results for the Passendro Gold Project on Wednesday, April 2, 2008 at 11:00 am ET (4:00 pm UK time). The conference call dial-in numbers are:

Conference Call Information: (please dial in 5-10 minutes prior to start time)

Conference Call REPLAY Information: (available until April 9, 2008)

About AXMIN

AXMIN, a gold and iron ore exploration and development company, offers dynamic growth with a track record of finding and developing mines in Africa. AXMIN is one of only a few companies of comparable or even larger size that has such a potential to develop multiple gold mines in central and west Africa. For more information regarding AXMIN visit our website at www.axmininc.com.

For additional information please contact AXMIN Inc.:

This press release includes certain "Forward-Looking Statements." All statements, other than statements of historical fact, included herein, including without limitation, statements regarding potential mineralization and reserves, exploration results and future plans and objectives of AXMIN, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from AXMIN’s expectations are disclosed under the heading "Risk Factors" and elsewhere in AXMIN documents filed from time-to-time with the TSX Venture and other regulatory authorities.