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News Releases

Dec 22, 2009


Toronto, Ontario – December 22, AXMIN Inc. (AXM-TSX Venture) announces that AXMIN’s major shareholder AOG Holdings BV ("AOG"), a wholly owned subsidiary of The Addax & Oryx Group Limited, has agreed to provided the Company with a loan of Cdn$500.000. The loan bears interest at 9% and all principal and interest is repayable within 24 months of the date of the first advance.


In the event of a Change of Control, the loan and its accrued interest is repayable on the effective date of the Change of Control whereby a "Change of Control" is defined as: i) any person or group of persons are acting jointly or in concert with acquiring, directly or indirectly, in a single transaction or a series of transactions, beneficial ownership or control or direction over thirty percent (30%) or more of the outstanding voting securities of AXMIN Inc.; or ii) any merger, amalgamation, arrangement or other reorganization by the Company with another person or corporation that is not, prior to the merger, amalgamation, arrangement or reorganization, an affiliate of the Company and in which voting securities of the Company possessing more than fifty percent (50%) of the total combined voting power of the Company’s outstanding securities are transferred to a person or persons different from the persons holding those securities immediately prior to such transaction and the composition of the board of directors following such transaction is such that the directors of the Company prior to the transaction constitute less than fifty percent (50%) of the board of directors’ membership following the transaction.


The loan proceeds will be used for working capital and general corporate purposes.



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, Sierra Leone and Senegal. For more information regarding AXMIN visit our website at www.axmininc.com.

For additional information please contact AXMIN Inc.:


Mario Caron
President & CEO

Direct T:416 368 0993 ext 223

Judy Webster

Manager Investor Relations

T: 416 368 0993 ext 221


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 the completion of the Transaction and the Financing, the anticipated and actual terms and conditions of the Transaction and any definitive agreements entered into in connection with the Transaction 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 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.