October 2, 2003

FINAL DRILL RESULTS AND INITIAL LEACH TESTS FROM FRENCH CAMP PROSPECT, CENTRAL AFRICAN REPUBLIC

Toronto, Ontario – AXMIN Inc. (AXM-TSX Venture) is pleased to announce the results of the final three core drill holes from the summer 2003 program at the French Camp prospect, Bambari Permit, Central African Republic. New intersections include 5.6 g/t Au over 24 metres and 2.9 g/t Au over 25.6 metres from two holes drilled on fence 260N. Further sampling of three previously drilled holes has extended the mineralised sections, which now include 4.9 g/t Au over 41 metres (previously reported as 4.6 g/t Au over 29.7 metres from hole PDC 6, Fence 380N) and 3.9 g/t Au over 30.5 metres (previously reported as 4.1 g/t Au over 25.0 metres from hole PDC 3, Fence 300N).

In addition, preliminary cyanide leach tests have given gold recovery levels in excess of 94% for both oxide and sulphide mineralisation.

The drill results show that a well developed slab of gold mineralisation can be traced for at least 150 metres along a NW-SE strike direction. The slab has been tested to a vertical depth of at least 110 metres with true thickness interpreted to range from about 18 to 35 metres with a dip that appears to steepen slightly from NW-SE, from 45o to 60o. The depth of oxidation within the mineralised zone ranges from 65 to 90 metres. The single hole on fence 420 N (PDC 22) carried a broad zone of anomalous gold, demonstrating that mineralisation persists to the northwest. This will require further testing to locate the core of the structure.

The first phase of a 15,000 metre follow-up drilling program will commence shortly. Immediate extensions to French Camp will be tested to the northwest and southeast, as well as at depth. In addition new targets will be tested further to the northwest along the French Camp trend. Drilling will also focus on testing the full length of the Katsia mineralisation.

The full set of new results are reported below, with a lower cut off set at 1 g/t Au and higher values uncut.



In three of the earlier drill holes (refer to press releases of July 2, 2003 and July 21, 2003) further sampling was undertaken and has extended the mineralised zones. Increases in mineralised intersections range from 5 to 12 metres.



Initial Cyanide Leach Tests
Preliminary cyanide leach tests give gold recoveries at the French Camp prospect in excess of 94% in both the oxide and sulphide zones of mineralisation. Four samples of drill core were tested for cyanide extraction of gold by 24 hour bottle roll at independent OMAC Laboratories Ltd. in Ireland. Two samples were of banded ironstone formation (“BIF”) hosted oxide mineralisation and two of BIF hosted sulphide mineralisation from drill holes PDC 3 and PDC 4. Gold recovery in oxide was between 96-97%, and that in sulphide between 94-97%.

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 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 Mining and Metallurgy.

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.