February 7, 2005

AXMIN PROPOSEES A MINIMUM CDN$6,150,000 FINANCING

Toronto, Ontario – February 7, 2005, AXMIN Inc. (AXM-TSX Venture) is pleased to announce that it has entered into an agreement with Haywood Securities Inc. as lead agent (the "Agent") by which AXMIN proposes to raise gross proceeds of up to Cdn$6,150,000 through a brokered private placement of up to 10,250,000 Units at Cdn$0.60 per Unit. In addition AXMIN has agreed to grant the Agent a greenshoe option exercisable prior to the closing of the financing to increase the size of the offering by up to a further Cdn$1,880,000 for approximately 3.1 million Units. Each Unit will consist of one common share plus one half common share purchase warrant. One whole share purchase warrant will entitle the holder to purchase a common share of AXMIN at a price of Cdn$0.75 for a period of eighteen months following closing of the financing.

Addax Mining Holdings BV ("Addax"), AXMIN’s major shareholder, will be subscribing for a minimum of its pro rata shareholding in the Company, currently 45.02%.

The net proceeds of the private placement will be used for ongoing exploration and development programs and for general corporate purposes.

In consideration of the brokered private placement AXMIN will pay a commission in the amount of 6% of the gross proceeds from the sale of the Units excluding the amount subscribed for by Addax and other purchasers comprising an Exempt Group, and receive compensation options equal to 5% of the total number of the Units sold excluding the amount subscribed by the Exempt Group. Each compensation option will entitle the holder to purchase one common share of AXMIN at a price of Cdn$0.60 for a period of eighteen months following closing of the financing.

The securities referenced herein have not and will not be registered under the United States Securities Act of 1933 (the "1933 Act") and may not be offered or sold in the United States or to U.S. persons (as defined in Regulation S under the 1933 Act) unless the securities have been registered under the 1933 Act, or are otherwise exempt form such registration. The proposed transaction will be subject to TSX Venture Exchange approval.

AXMIN is a mineral exploration company with a strong focus on gold in highly prospective properties across central and west Africa.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this press release.


For additional information please contact AXMIN Inc.: