News Releases

January 21, 2003

AXMIN ANNOUNCES FURTHER ENCOURAGING RESULTS FROM THE PASSENDRO PROJECT AREA, CENTRAL AFRICAN REPUBLIC

Toronto, Ontario – AXMIN Inc. (AXM-TSX Venture) announces the first assay results from the continuation of the reconnaissance rotary air blast (“RAB”) program across the Passendro project area on its wholly owned Bambari Permit in the Central African Republic (“CAR”). The results indicate that the strike length of gold mineralisation has been extended at both the Main Zone South and Katsia prospects (see accompanying map), highlighting the potential of the area to host large scale gold targets. To date seven large scale gold targets have been identified which together could result in substantial gold discoveries and potentially an emerging gold belt at Bambari.

The Main Zone South soil anomaly (50 ppb Au threshold) has a minimum strike length of 1,000 metres, giving the combined Main Zone and Main Zone South structure a length of 2,500 metres. Main Zone South is crossed by two centrally located RAB fences, set 320 metres apart of which results on fence 9360N were previously reported on July 25, 2002. Assay results have now been received for two priority holes out of the 24 holes drilled on the southerly fence, 9040N. These results confirm the presence of gold mineralisation with an intersection in one (from 5 metres depth) of 1.9 g/t Au over 15 metres. The zone probably represents the southerly continuation of the gold halo (0.6 g/t Au over a halo width of 60 metres) previously reported on the northern fence.

At Katsia, assay results have been received from four holes on the RAB fence located 320 metres to the north of the previous drill program. These holes indicate the presence of gold mineralisation over 1,100 metres of the 1,500 metre long soil anomaly (50 ppb Au threshold), with the structure open to the north and south. The new results identify an anomalous “halo”, with one of the holes grading 0.8 g/t Au over the bottom 5 metre composite sample.

A more complete understanding of the gold mineralisation will be achieved once the remaining samples from the 58-hole drill program have been assayed. Currently the samples are prepared for shipment and are awaiting air freight to the independent OMAC laboratory in Ireland, which undertook the current assays by means of 50 gram Wet Assay (Aqua Regia digestion, MIBK extraction with AAS finish).

Drilling at both sites comprised shallow (20 to 25 metre) vertical holes set at 20 metre intervals along the drill fences. The objective was to identify “haloes” of strongly anomalous gold beneath the broader surface soil anomalies. These “haloes” develop in the saprolite through the lateral movement of gold by ground water away from the sub-vertical gold mineralised structures. This approach facilitates the cost effective siting of follow up angled drilling programs that will provide reliable samples for the determination of gold grade of these prospects.

A drilling program, focusing on resource definition and incorporating angled reverse circulation and/or core drilling, is currently being planned for the French Camp, Main Zone and Katsia prospects. Discussions are ongoing with drill contractors in the region with regards to establishing contracts and the mobilisation of equipment, the aim being to commence drilling during the first quarter 2003. This program will require importation of a drill rig from outside of CAR. The logistical support necessary for the drill program is currently being sourced in the capital city, Bangui located about 270 kilometres to the southwest of Bambari.

In another development, Bangui experienced a period of unrest towards the end of 2002 following a failed rebellion attempt by a group of ex-government troops who have since retreated north where it is understood they still control a number of towns. Activities have returned to normal in Bangui and a 300 strong Central African Economic and Monetary Community ("CEMAC") peacekeeping force has been deployed. In addition there are government plans underway to convene an all party meeting in the coming weeks aimed at national reconciliation.

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.



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This press release includes certain "Forward-Looking Statements." All statements, other than statements of historical fact, included herein, including without limitation, statements regarding potential mineralization and reserves, exploration results and 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 and other regulatory authorities.