News Releases

January 8, 2010

AXMIN - UPDATE

Toronto, Ontario – January 08, 2010, AXMIN Inc. (AXM-TSX Venture) further to AXMIN’s press release of January 4, 2010, whereby AXMIN announcing that Toro Gold Ltd. ("Toro Gold") and AXMIN could not agree on an alternative transaction structure and thereby were no longer in discussions regarding any transaction, AXMIN announces that another arm’s length party ("Third Party") with whom AXMIN has recently been having discussions regarding a potential transaction has terminated discussions with AXMIN.

The potential transaction with the Third Party, which had the support of AXMIN and AXMIN's major shareholder, AOG Holdings BV ("AOG"), would have provided non-cash consideration to AXMIN shareholders valued at approximately four and one-half cents ($0.045) per AXMIN common share, which was approximately one and one-half cents ($0.015) greater than the value placed on AXMIN common shares by Toro Gold under its last offer prior to termination of discussions between AXMIN and Toro Gold.

 The proposed offers from Toro Gold and Third Party were the only offers for AXMIN as a whole arising from the formal strategic review process undertaken since March 19, 2009. This strategic review process encompassed a thorough analysis and evaluation of the prospects and options available to AXMIN, including the potential sale of AXMIN or its assets, the acquisition by AXMIN of another company or business, a business combination, merger or amalgamation, or any other alternative that may be identified.

While AXMIN is continuing to assess and review its prospects and options, there can be no assurance that any transaction will be forthcoming and, if forthcoming, there can be no assurance that AXMIN will have the resources to pursue such transaction or as to the amount and form of consideration AXMIN shareholders may be offered under any such transaction.

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, 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
ir@axmininc.com

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, 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.