News Releases

January 24, 2003

AXMIN AND HIGH RIVER GOLD MINES LTD. INITIATE PRE-FEASIBILITY STUDY

Toronto, Ontario – AXMIN Inc. (AXM-TSX Venture) is pleased to announce that a prefeasibility study has commenced for a mining operation combining AXMIN’s Bouroum gold property in Burkina Faso, West Africa, with the nearby Taparko project of High River Gold Mines Ltd. (“High River”). AXMIN and High River have engaged Metallurgical Design and Management (Pty.) Ltd. (“MDM”) of South Africa to conduct the study.

As part of the pre-feasibility study SRK Consulting (United Kingdom) (“SRK”) are in the process of revising the gold resource at AXMIN’s Bouroum property, the results of which are anticipated to be announced shortly.

The higher gold price together with the recent positive drill results at Bouroum are expected to positively impact the economics of a combined operation; if so, the parties intend to proceed quickly with the completion of a full feasibility study. The Heads of Agreement between AXMIN and High River allows for the exchange of data and sharing of cost of the pre-feasibility study and provides for the negotiation of a joint venture under which the project could be developed.

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.