July 31, 2003

FEASIBILITY STUDY IN PROGRESS AT BOUROUM-TAPARKO GOLD PROJECT IN BURKINA FASO

Toronto, Ontario – AXMIN Inc. (AXM-TSX Venture) and High River Gold Mines Ltd. (HRG-TSX) are pleased to announce that work has commenced on the joint feasibility study at the Bouroum and Taparko Permits in Burkina Faso, West Africa. The results of recently completed pre-feasibility studies show that the combined project has the potential to produce at around 75,000 to 80,000 ounces of gold per annum for at least 5.5 years from a number of open pits.

These studies have been based on estimates made by Steffen Robertson and Kirsten (Canada) Inc. of Diluted In-Pit resources available from both Bouroum and Taparko which, before the feasibility study drilling, stood at 4.45 million tonnes with an average diluted grade of 3.3 g/t Au (471,000 ounces of contained gold). These Diluted In-Pit Resource estimates were undertaken at a gold price of US$350 per ounce utilizing Whittle Optimization processes under the supervision of the qualified person Andrew Bradfield (CIMM, P.Eng).

The project envisages the establishment of a conventional 800,000-1,000,000 tonne per annum gravity carbon in leach (“CIL”) plant located on the Taparko Permit with the higher grade ore derived from Bouroum trucked a distance of 45 to 50 km. The capital cost of such a combined operation is currently estimated at around US$30 million.

Feasibility study drilling has now been concluded at AXMIN’s Bouroum Permit and continues at High River’s 80% owned Taparko Permit, where deeper drilling is expected to result in an increase in the mineable resources at a gold price of US$350 per ounce. In addition metallurgical, engineering and environmental studies have commenced. AXMIN is earning a 65% undivided beneficial interest in the Bouroum Permit from Channel Resources Ltd. by completing a bankable feasibility study (“BFS”), with the ability to purchase the remaining 35% at a cost of between US$10-15 per ounce of the pro rata proven and probable reserves defined in the BFS.

It is anticipated that the feasibility study will be completed by the end of the current calendar year. Once the feasibility study is concluded AXMIN and High River will agree their respective interests in the combined mining operation on the basis of contributed relative value derived from each permit.

AXMIN is a gold 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.