News Releases

May 12, 2008

AXMIN ANNOUNCES NON- BROKERED PRIVATE PLACEMENT

Toronto, Ontario – May 12, 08, AXMIN Inc. (AXM-TSX Venture) announces that the Company’s major shareholder AOG Holdings BV ("AOG"), a wholly owned subsidiary of The Addax & Oryx Group Limited, has agreed in principle to subscribe for all of a non-brokered private placement of 15,000,000 Units in the Company at a price of Cdn$0.40 per Unit, for total gross proceeds of Cdn$6 million (the "Placement"). Each Unit consists of one common share plus 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$0.47 for a period of twenty four months following the closing of the Placement. Closing of the Placement is subject to approval of the TSX Venture Exchange and the closing will occur as soon as practicable after the receipt of such approval.

Common shares acquired under the Placement are subject to a four month hold period from the date of closing of the Placement.

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

As at the date of this announcement and prior to completion of the Placement AOG holds 80,108,237 common shares in the Company, representing approximately 37.2% of AXMIN’s issued and outstanding common shares. Post completion of the Placement AOG will hold 95,108,237 common shares and 15,000,000 common share purchase warrants, representing approximately 44.8% of AXMIN’s issued and outstanding common shares on an undiluted basis assuming that the common share purchase warrants are exercised in full.

Post completion of the Placement AXMIN will have a total of 230,613,234 common shares issued and outstanding.

About AXMIN

AXMIN, a gold exploration company, offers dynamic growth with a track record of finding and developing mines in Africa. AXMIN is one of only a few companies of comparable or even larger size that has such a potential to develop multiple gold mines in west and central Africa. For more information regarding AXMIN visit our website at www.axmininc.com.

For additional information please contact AXMIN Inc.:

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.