AXMIN Inc. is a gold exploration company with a track record of finding and developing mines in Africa. The Company has a substantial depth of African experience both through its team of explorers and its major shareholder, The Addax and Oryx Group.

In Mar 09 AXMIN announced the positive results of a Study which considered a reduction in the initial size of the Passendro Gold Project, in light of the current project finance and economic climate. By reducing the production profile to 100,000 ounces per annum the capital cost is reduced by 35% to US$127 million, project payback remains at just over two years and the life of mine nearly doubles to 11.5 years. The reconfigured project forms an attractive alternative to that outlined in the Bankable Feasibility Study and as the company progresses with the Mining Licence application process it will consider its options accordingly.

Also announced in Mar 09 was the positive results of a Scoping Study for the Komahun Gold Project in Sierra Leone which demonstrated that the project has potential for development as an underground mine targeting 50,000 ounces per annum. The Study was key in providing guidance for future exploration, and justifies expansion of drill testing the deposit at depth with the objective of increasing resources by 100,000-200,000 ounces and in turn adding years to mine life.

Going forward it is the company’s objective to maintain the pace of advancement at Komahun and Kofi, ensuring a strong pipeline of development projects to follow Passendro as AXMIN makes the transition from explorer towards producer.