October 10, 2003

AXMIN PROPOSES A $10.5 MILLION FINANCING

Toronto, Ontario – AXMIN Inc. (AXM-TSX Venture) is pleased to announce that it has entered into an agreement with a syndicate led by Octagon Capital Corporation and including Haywood Securities Inc. to which AXMIN proposes to raise gross proceeds of up to CDN$10,500,000 through a brokered private placement of up to 15,000,000 Units at $0.70 per Unit. Each Unit will consist of one common share plus one half common share purchase warrant. One whole share purchase warrant will entitle the holder to purchase a common share of AXMIN at a price of $1.00 for a period of twelve months following closing.

Addax Mining & Metals Limited (“Addax”), AXMIN’s major shareholder will be subscribing for CDN$3,000,000 of this offering.

The net proceeds of the private placement will be used for ongoing exploration and development programs and for general corporate purposes. AXMIN will shortly commence a 15,000 metre drilling program at the Bambari Permit in Central African Republic where previous drilling has identified strong gold mineralization in Banded Ironstone Formations.

In consideration of its services the agents will receive a commission in the amount of 7% of the gross proceeds from the sale of the Units excluding the amount subscribed for by Addax and other purchasers comprising an Exempt Group, and receive compensation options equal to 5% of the total number of the Units sold excluding the amount subscribed by the Exempt Group. Each compensation option will entitle the holder to purchase one common share of AXMIN at a price of $0.70 for a period of twelve months from the closing of the issue.

Pursuant to the terms of the proposed private placement following the close, AXMIN’s major shareholder Addax will convert both of its US$1,000,000 loans to AXMIN dated July 7, 2003 and August 20, 2003, under the terms outlined in the press releases dated July 24, 2003 and September 19, 2003 respectively.

The securities referenced herein have not and will not be registered under the United States Securities Act of 1933 (the “1933 Act”) and may not be offered or sold in the United States or to U.S. persons (as defined in Regulation S under the 1933 Act) unless the securities have been registered under the 1933 Act, or are otherwise exempt form such registration. The proposed transaction will be subject to TSX Venture Exchange approval.

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.