News Releases

March 3, 2005

AXMIN CLOSES BROKERED PRIVATE PLACEMENT - CDN$8 MILLION RAISED

Toronto, Ontario – March 3, 2005, AXMIN Inc. (AXM-TSX Venture) is pleased to announce that it has closed a brokered private placement of 13,383,467 Units at a price of Cdn$0.60 per Unit, for total gross proceeds of Cdn$8,030,080.20 (the "Offering"). Haywood Securities Inc. acted as the lead agent (the "Agent") for the private placement. Each Unit consists of one common share plus one-half of one common share purchase warrant. Each whole common share purchase warrant entitles the holder to purchase one additional common share of AXMIN at a price of Cdn$0.75 for a period of eighteen months following closing of the Offering. AXMIN is encouraged that the original offering, announced on February 7, 2005, has been fully subscribed and that the greenshoe option granted to the Agent has been fully exercised with the result of increasing the size of the Offering.

The net proceeds of the private placement will be used for ongoing exploration and development programs and for general corporate purposes.

Common shares acquired under the Offering are subject to applicable hold periods which expire on July 4, 2005.

In consideration of their services as lead agent for the Offering, the Agent will receive:

(i) a cash compensation of 6% of the gross proceeds from the Offering excluding the gross proceeds of all Units sold to members of an Exempt Group; and

(ii) non-transferable compensation warrants equal to 5% of the number of all Units sold excluding the number of Units sold to members of an Exempt Group. Each compensation warrant entitles the holder to purchase one common share of AXMIN at a price of Cdn$0.60 for a period of eighteen months following closing of the Offering.

The Exempt Group comprises the Company’s major shareholder, Addax Mining Holdings BV, certain directors and officers of the Company, and certain other parties nominated by the Chairman of the Company. In total 6,819,352 Units were sold to members of the Exempt Group.

Addax Mining Holdings BV, a wholly-owned subsidiary of The Addax & Oryx Group Limited, purchased 6,331,287 Units in the Offering.

Post completion of the Offering, AXMIN has a total of 121,299,746 common shares issued and outstanding.

AXMIN is a mineral exploration company with a strong focus on gold in highly prospective properties across central and west Africa.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this press release.


For additional information please contact AXMIN Inc.: