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Jan 18, 2007

Axmin drilling identifies new gold zones at kofi project, mali

Toronto, Ontario – Jan 18, 07, AXMIN Inc. (AXM-TSX Venture) is pleased to announce the results of drill testing of two new gold targets at the Kofi Project in western Mali. Drill results from the 250 metre long Blanaid prospect located 1,000 metres northeast of the Kofi SW-C mineral resource include 3.1 g/t Au over 35 metres, 3.0 g/t Au over 15 metres and 3.7 g/t Au over 10 metres. In addition, drill results from the 1,000 metre long Dabara prospect located approximately 10 km to the south of the Kofi South mineral resource using the Company’s rotary air blast ("RAB") drill rig include 2.0 g/t Au over 50 metres, 1.0 g/t Au over 39 metres and 1.0 g/t Au over 35 metres.

 

These results are further to the 82% increase in the mineral resource estimate at the Kofi Project that was announced on December 6, 2006 which now stands at 1.56 Mt grading 2.8 g/t Au for 140,000 oz indicated mineral resource plus 4.06 Mt grading 3.0 g/t Au for 389,000 oz inferred mineral resource.

Chief Executive Officer, Dr Jonathan Forster comments "We are starting to fully understand the true gold potential of the Kofi Project. The strong correlation between soil geochemistry, our new structural interpretation, geophysics and favourable rock types has led to the discovery of these new gold zones and this provides great encouragement that we can add new resources from the existing and substantial targets currently identified.

"In particular the length, remarkable intensity of the surface geochemical anomaly and initial RAB drilling results from the Dabara anomaly suggests good size and grade potential both for this anomaly and for the several others within the immediate vicinity. With a 15,000 metre RAB drilling program underway and a 20,000 metre reverse circulation ("RC") drilling program scheduled for later in the first quarter, I am optimistic that we will continue to progressively increase our global resources on the Kofi Project well beyond the current levels through the course of the year."

Technical Details

Blanaid Prospect

The prospect is orientated north-south beneath a covering of cuirasse (which masks the soil geochemical signature) and as currently defined is approximately 250 metres long but remains open in both directions and to depth. The prospect was recognised through a combination of ground geophysics, spot soil anomaly and follow up termite mound sampling. The prospect has been drilled on a reconnaissance basis using both RAB and RC on fences between 40 to 80 metres apart and to vertical depths that range from 20 to 45 metres. The structure appears to be sub-vertical with a true width near surface currently estimated at up to 25 metres. Drilling to vertical depths of about 80-100 metres is scheduled for the forthcoming RC program.

Dabara Prospect

The Dabara prospect covers an area of some 25 sq km where multiple soil anomalies (>100 ppb) have been recognised. Current drilling has focused on the most southerly 1,000 metres of this structure where a very strong soil (typically 100ppb threshold) anomaly with a high central point along its entire length in the range 0.5-2.8 g/t Au). This high grade soil anomaly has been interpreted to extend for more than 3,000 metres with a north-northeast orientation with part of the northern end obscured by cuirasse. Considering the success so far, three other areas are now scheduled for initial systematic reconnaissance RAB drilling.

Four new RAB fences complementing two earlier RC exploration fences have been drilled to date with an approximate fence spacing ranging from 80 to 160 metres and to a maximum vertical depth of 35 metres. Drilling indicates that mineralisation is associated with a quartz stockwork in phyllite, with a continuity of mineralisation over the entire length. Initial observations suggest that the mineralised zone could be up to 30 metres wide over much of the tested area.

Results from recent drilling are tabulated below:

Hole No.

Total

Depth (m)

North

Co-ord

East

Co-ord

Azimuth

(deg)

Declin.

(deg)

From

(m)

To

(m)

Interval

(m)

Grade

(g/t Au)

Blanaid Prospect

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

KWCB 448

40

1458270

242744

270

50

30

40

10

1.5

KWCC 534

84

1458200

242752

270

50

10

45

35

3.1

KWCC 536

52

1458120

242750

270

65

DNRT

 

 

 

Hole No.

Total

Depth (m)

North

Co-ord

East

Co-ord

Azimuth

(deg)

Declin.

(deg)

From

(m)

To

(m)

Interval

(m)

Grade

(g/t Au)

KWCB 444

33

1458090

242730

270

50

5

33

28*

4.7

KWCC 537

48

1458080

242703

270

60

5

15

10

3.7

KWCC 540

60

1458040

242750

270

50

40

55

15

3.0

KWCC 539

50

1458040

242714

270

50

30

35

5

2.2

KWCC 538

44

1458040

242678

270

50

0

10

10

5.9

Dabara Prospect

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

KSSB 148

50

1442580

252214

090

50

30

40

10

0.9

KSSB140

50

1442740

252150

090

50

25

30

5

1.7

KSSB 141

50

1442740

252181

090

50

10

45

35

1.0

KSSB 142

50

1442740

252216

090

50

35

40

5

2.3

KSSC 56

80

1443040

252251

090

50

16

55

39

1.0

KSSB133

50

1443120

252284

090

50

0

25

25

0.7

KSSB 135

50

1443120

252351

090

50

40

50

10*

1.8

KSSB 127

50

1443280

252374

090

50

0

50

50*

2.0

incl

40

50

10*

6.8

DNRT = "did not reach target due to high water table"

* hole ended in mineralisation

Grade calculations are based on a 0.5 g/t Au lower cut off to define the mineralised structure, with no upper cut. Assays are in the main from 5 metre composite samples. Analytical work is being carried out at the independent Abilab Laboratories Ltd. in Bamako, Mali. The drill samples are subject to a full sample preparation followed by a 50 gram fire assay with an AA finish. Blanks, standards and duplicates are being used to monitor laboratory performance during the analysis. Assay of individual one metre samples in mineralised zones is in progress. This press release has been reviewed by in-house qualified person Dr. Jonathan Forster, Fellow of the Institute of Materials, Minerals and Mining in the United Kingdom.


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


Jon Forster Judith Webster
Chief Executive Officer Manager – Investor Relations
AXMIN Inc. AXMIN Inc.
T: +44-1233-665600 (UK) Tel: +1-416-368-0993 (Canada)
F: +44-1233-643728 (UK) E-mail: ir@axmininc.com