June 22, 2004

HIGH GRADES AT NEW PROSPECT, KATSIA EAST, IN THE CENTRAL AFRICAN REPUBLIC

Toronto, Ontario – June 22, 2004, AXMIN Inc. (AXM-TSX Venture) is pleased to announce the discovery of a new zone of gold mineralisation, named Katsia East, close to the Katsia prospect on the Bambari Permit in the Central African Republic. Results from the new zone include high grades of 13 metres at 49.0 g/t Au including 4 metres at 155.0 g/t Au (both uncut). In addition, further infill drilling at the Katsia prospect has returned results that include 28 metres at 4.6 g/t Au, 14 metres at 6.7 g/t Au and 8 metres at 10.8 g/t Au. This drilling is being undertaken to facilitate an initial resource evaluation.

The following table of reverse circulation (“RC”) drill results shows both the uncut intercepts and the same intercept if an arbitrary top cut of 30 g/t Au is utilised.

The Azimuth for all of the above is 079 degrees, except PRC 167 with Azimuth 259 degrees.

Katsia East is located about 200 metres east of the Katsia prospect, and lies at the contact between schists and a banded ironstone formation. The holes at Katsia East have been drilled by RC techniques on three fences 80 metres apart with gold mineralisation intersected on each fence with initial interpretation of the structures suggesting a steep easterly dip, rather than the more usual westerly dip.  The high grade gold mineralisation is open to the north and south. Follow up drilling is to start shortly to fully define and extend this highly encouraging discovery.

The high grades of section 2600 at Katsia East have also been recorded from surface in vertical rotary air blast (“RAB”) hole PRA 455 which returned a value of 20 metres at 16.2 g/t Au including 10 metres at 48.5 g/t Au. The RC drilling has confirmed these high grades to a vertical depth of 50 metres.

Over the past two months infill drilling at both the Katsia and French Camp prospects has been completed to enable initial resource estimates to be calculated. The ongoing drill program will now target the numerous prospects identified by an ongoing surface geochemistry and RAB drilling program in order to increase the resource inventory to the level at which a pre-feasibility study will be justified.

Grade calculations are based on the initial assays received from the laboratory, and will be subject to further quality control assaying. Analytical work is being carried out at the independent OMAC Laboratories Ltd. in Ireland. The core samples are subject 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 central and west Africa.

For more information regarding AXMIN visit our website at www.axmininc.com.