News Releases

Aug 04, 2010

AXMIN IS GRANTED FIVE YEAR EXTENSION ON ITS MAVITA LICENCES, MOZAMBIQUE

Toronto, Ontario – Aug 04, 2010, AXMIN Inc. (AXM-TSX Venture) is pleased to announce is pleased to announce the award of a five year extension on the Company’s Mavita exploration licences (PL 1045 and PL 1046) located in the Manica Province of Mozambique. The Mavita licences were the subject of a joint venture, announced in June of this year, with Rio Tinto Minerals Development Limited ("Rio Tinto"), a wholly owned subsidiary of Rio Tinto Plc (LSE: RIO).

President and CEO of AXMIN, Mr. George Roach, comments, "The granting of an additional five year extension on the Mavita licences is unusual in Mozambique and we believe symbolizes the Government’s support of the joint venture project. The introduction of one of the world’s largest mining company to our Mavita project will provide AXMIN with the best opportunity to rapidly progress its Mozambique assets from exploration discovery to potential mine. As well, the greement with Rio Tinto allows AXMIN to focus its resources on the Company’s two most advanced projects, the Passendro Gold Project in the Central African Republic, where we are in advanced negotiations for a Mining Licence and the Komahun Gold Project in Sierra Leone."

The Mavita project consists of two prospecting licences covering 354 sq km, located in the Manica province, 60 km southwest of the regional centre of Chimoio, Mozambique. The project is located on the eastern edge of the Zimbabwe Craton which comprises of highly deformed Archaean granitic gneiss and greenstone belts which include mafic - ultramafic rocks and banded iron formations. Early reconnaissance exploration followed by airborne and detailed ground geophysical programs completed by AXMIN at Mavita have defined several anomalous lithologies that are prospective for nickel sulphide mineralisation. Some 16 priority targets were identified.

Mozambique Joint Venture

AXMIN’s Mavita exploration licences are subject to a joint venture with Rio Tinto Minerals Development Limited ("Rio Tinto"), a wholly owned subsidiary of Rio Tinto Plc whereby Rio Tinto can earn a 51% interest by spending US$5 million within five years. Rio Tinto can increase its interest to 75% by expending a further US$20 million, or submitting a pre-feasibility study. Thereafter, each party shall contribute pro rata to the costs or face dilution of its interest. If a participant’s interest falls below 10%, the 90% shareholder has the option to buy the remaining interest. Exploration programs are approved by both parties and managed by Rio Tinto.

About AXMIN

AXMIN is a Canadian exploration and development company with a strong focus on central and West Africa. AXMIN has projects in Central African Republic, Mali, Mozambique, Sierra Leone, Senegal and Zambia. For more information regarding AXMIN visit our website at www.axmininc.com.

For additional information please contact AXMIN Inc.:

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This press release includes certain "Forward-Looking Statements." All statements, other than statements of historical fact, included herein, including without limitation, statements regarding future plans and objectives of AXMIN, statements regarding the ability to develop and achieve production at Passendro, to revalidate the BFS and to satisfy the terms of the Mining Licence as negotiated, 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 Exchange and other regulatory authorities. AXMIN disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law.