AXMIN Inc. (AXM-TSX Venture) is a gold exploration company with a track record of finding and developing mines in Africa. AXMIN's strategy is to focus on newly democratic countries where it has the opportunity to acquire highly prospective ground as an early entrant.

AXMIN's most advanced project the Passendro Gold Project is located in the centre of its 100 km long Bambari permits, located in north-central Central African Republic. Passendro, as of Mar 08 has a NI 43-101 Indicated mineral resource of 1.8 million ounces Au (23.2 Mt grading 2.4 g/t Au) and Inferred mineral resource of 1.01 million ounces Au (16.7 Mt grading 1.9 g/t Au). In Apr 08 AXMIN announced the positive results of its bankable feasibility study (BFS) on a 200,000 ounce per year production profile, based on a mineral reserve of 1.3 million ounces of gold (16.8 Mt grading 2.4 g/t Au). In Mar 09 AXMIN announced the positive results of a Study which considered a reduction in the initial size of Passendro 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.

In Sep 08 AXMIN announced a significant increase in resource ounces and grade at Komahun Gold Project in Sierra Leone. The NI 43-101 Indicated mineral resource is now 110,000 ounces Au (0.4 Mt grading 9.1 g/t Au) and an Inferred mineral resource of 435,000 ounces Au (3.1 Mt grading 4.3 g/t Au). This update moved Komahun rapidly along the project pipeline and in Mar 09 AXMIN announced the positive results of a Scoping Study for Komahun 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 AXMIN will continue its discussions with the Government of CAR in respect to the issuing of the Mining Licence for the Passendro Gold Project. In addition, AXMIN entred into a stragegic review process in March 2009, which encompassed a thorough analysis and evaluation of the prospects and options available to AXMIN. These may include a potential sale of AXMIN or its assets, the acquisition by AXMIN of another company or business, a business combination, merger or amalagamation, or any other alternative that may be identified. AXMIN retained Paradigm Capital Inc. as a financial advisor with respect to this strategic review.