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January 19, 2004

FINAL RESULTS FROM FRENCH CAMP PHASE II DRILLING PROGRAM CENTRAL AFRICAN REPUBLIC

Toronto, Ontario – AXMIN Inc. (AXM-TSX Venture) is pleased to announce the results from the final five drill holes in Phase II of the French Camp drilling campaign, which concluded in December 2003. The results confirm strong gold mineralisation within the previously outlined zone with hole PDC 32 having an intersection of 28.5 metres at 4.7 g/t Au. The other four holes (PDC 29, 30, 31 and 33) were designed to test the northwesterly and southeasterly extensions of the zone. They returned minimal to low values, however there is the possibility of a second zone to the southeast. Overall the French Camp drilling has confirmed the simple geometry of the zone and with a weighted average grade for all intersections of about 4 g/t Au indicating that it should be readily extracted by open pit.

The exploration objective is to complete testing of the French Camp zone to a vertical depth of about 150 metres in parallel with completing systematic drilling at the nearby Katsia then to have an independent resource estimate prepared during the second quarter of the year. It is anticipated that additional prospects could be incorporated into this study. Finally assays from six additional holes are awaited. Four of these test new targets along strike and within 3 km of French Camp and two holes are from the follow up program at Katsia.

Chief Executive Officer, Dr Jonathan Forster comments "The systematic drilling at French Camp has confirmed the presence of a potentially economic orebody, with the possibility of a second zone to the southeast. Moreover, we now have a far better grasp on the style of the gold mineralisation and can apply the model to at least five other targets within a radius of five km. With follow up drilling already restarted at Katsia, and with Main Zone also scheduled for work, we are pleased to be able to increase our planned program for the year to over 30,000 metres to enable us to start to quantify the potential of this Permit."

The next round of drilling at French Camp will target the zone at depth to test the down plunge extensions and will step out to test the remainder of the French Camp soil anomaly, where previous reconnaissance holes indicate the potential for a separate mineralised structure. A geological model for the French Camp has been established on the basis of eighteen core holes which have been drilled on a systematic 40 metre by 40 metre grid (refer to accompanying table). The zone has been defined to an average vertical depth of 110 metres over a length of 200 metres. One hole has demonstrated vertical continuity of the zone to a depth of 140 metres.

All French Camp drill results are reported below. All of the final five holes (PDC 29, PDC 30, PDC 31, PDC 32 and PDC 33) are highlighted:

 

Hole No.

Total Depth (m)

North

Co-ord

(Fence)

 

East

Co-ord

Azimuth

(deg)

Declin.

(deg)

 From

 (m)

To

(m)

Interval

(m)

Grade

(g/t Au)

 

PDC 33

136.8

460N

1683W

057

- 50

NSI

 

 

 

PDC 27

127.8

420N

1667W

057

- 50

84.3

100.8

16.5

3.9

PDC 28

95.5

420N

1560W

057

- 70

NSI

 

 

 

PDC 22

89.3

420N

1595W

057

- 70

24.8

48.8

24.0

0.3

PDC 24

155.1

380N

1670W

057

- 70

56.0

66.5

10.51

6.2

 

 

 

 

 

and

101.1

110.1

9.0

1.7

 

 

 

 

 

and

119.1

141.0

21.9

4.0

PDC 1

45.4

380N

1585W

057

- 50

18.5

35.0

16.51

8.5

 

 

 

 

 

including

25.8

35.0

9.2

14.3

PDC 2

86.2

380N

1585W

057

- 70

17.5

51.9

34.4

3.2

 

 

 

 

 

including

29.2

35.2

6.0

8.9

PDC 5

69.7

380N

1555W

057

- 70

7.9

15.3

7.4

5.2

 

 

 

 

 

and

28.5

44.3

15.8

2.2

PDC 6

100.0

380N

1630W

057

- 70

55.5

96.5

41.0

4.9

 

 

 

 

 

including

64.8

80.0

15.2

6.7

PDC 25

114.6

340N

1625W

057

- 70

20.1

36.6

16.5

3.8

 

 

 

 

 

and

56.1

82.5

26.4

5.9

 

 

 

 

 

and

99.5

114.62

15.1

2.1

PDC 32

75.6

340N

1587W

057

- 70

9.6

38.1

28.53

4.7

 

 

 

 

 

including

24.6

37.4

12.83

8.0

 

 

 

 

 

and

51.6

59.1

7.53

1.2

PDC 3

69.5

300N

1595W

057

- 70

30.5

61.0

30.5

3.9

 

 

 

 

 

including

35.0

45.0

10.0

6.3

 

 

 

 

 

including

53.0

60.0

7.0

4.9

PDC 4

110.0

300N

1628W

057

- 70

68.0

110.02

42.0

2.8

 

 

 

 

 

including

75.5

86.0

10.5

6.3

 

 

 

 

 

including

97.4

105.3

7.9

3.0

PDC 21

87.6

260N

1600W

057

- 70

33.5

57.5

24.0

5.6

 

 

 

 

 

including

35.0

53.0

18.0

7.0

 

 

 

 

 

and

66.1

70.8

4.7

1.8

PDC 23

122.1

260N

1640W

057

- 70

48.6

51.6

3.0

2.6

 

 

 

 

 

and

74.1

80.1

6.0

1.9

 

 

 

 

 

and

84.6

110.1

25.5

2.9

 

 

 

 

 

including

86.1

102.6

16.5

3.6

 

 

 

 

 

and

114.8

117.6

2.8

1.7

PDC 26

95.2

220N

1610W

057

- 70

50.2

54.7

4.5

1.7

 

 

 

 

 

and

80.0

81.0

1.0

6.6

PDC 29

134.1

220N

1655W

057

- 70

107.1

108.6

1.5

1.0

PDC 30

89.1

180N

1610W

057

- 70

50.1

56.1

6.0

1.5

 

 

 

 

 

and

65.1

66.6

1.5

1.3

 

 

 

 

 

and

80.1

81.6

1.5

1.5

PDC 31

131.0

180N

1650W

057

- 70

NSI

 

 

 

PDC 7

100.2

140N

1540W

057

- 70

89.9

95.2

5.3

1.8

PDC 8

61.9

140N

1500W

057

- 70

53.7

55.0

1.3

2.6


 

 

NSI – no significant intersection

1 – poor core recover

2 – hole ended in gold mineralisation

3 – includes an interval of 1.5 metres not sampled due to core loss, and treated as having zero grade

The French Camp zone is modeled as a northwest trending zone within banded ironstone formation (“BIF”), with at least two closely associated mineralised structures, one in each of the hanging and footwall. The zone dips at between 50-65 degrees to the southwest, roughly parallel to the slope of the topography and incorporates a central high grade shoot that appears to plunge to the northwest at about 55 degrees. The true width of the zone is interpreted to range from 15 to 33 metres along its length (average about 22 metres) and that of associated structures averaging about 5 and 8 metres. As the gold is hosted almost entirely in the dense BIF, initial density measurements for the mineralised rock are about 2.8 g/cc in the oxide zone and 3.4 g/cc in sulphides. A weighted (uncut) average grade of all the intersections in the zone, using a 0.5 g/t Au cut off and including the hanging and footwall structures is calculated at about 4 g/t Au.

Analytical work is being carried out at the independent OMAC Ltd. laboratory in Ireland. The core samples are being subjected to a full sample preparation followed by a 50 gram fire assay with an AA finish. Core blanks (5%) are being used to monitor laboratory performance during first pass analysis. A full QA/QC program will be coordinated on 20% of all >500 ppb samples at the end of the program and will include 5% blanks standards and duplicates. This press release has been reviewed by an in-house qualified person, Dr. Jonathan Forster, Fellow of the Institute of Materials, Mining and Metallurgy ("IMMM").

AXMIN is a mineral exploration company with a strong focus on gold in highly prospective properties across Africa, principally in the Central African Republic, Burkina Faso and Mali.


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