April 4, 2012
AXMIN BUYS BACK A 2% ROYALTY INTEREST ON PASSENDRO
Toronto, Ontario – April 4, 2012 – AXMIN Inc.
(TSX Venture: AXM) (“AXMIN” or the “Company”) is pleased to announce that it has
entered into an agreement with United Reef Limited (TSXV: URP) (“United Reef”)
to repurchase for cancellation a 2% net smelter royalty (“NSR”) in respect of
the Passendro licence area in consideration for the issuance of 447,038 common
shares of AXMIN (the “Transaction”). The Transaction is expected to close on or
about April 12, 2012. The royalty interest had previously been granted to United
Reef by Asquith Resources Inc., an AXMIN predecessor company, pursuant to a
purchase agreement dated January 25, 1996, and as amended on May 19, 1999.
The Transaction is subject to all regulatory and TSX Venture Exchange approvals.
In addition, the common shares issued under this agreement will be subject to a
hold period of 4 months and one day from the date of issue of the common shares.
President and CEO of AXMIN, Mr. George Roach, comments, “The
purchase of the United Reef royalty makes sense at this time as AXMIN has
sufficiently progressed down the path of financing Passendro to see a tangible
benefit. As well, this transaction helps to simplify the project contracts and
on a cash flow basis improves the debt capacity of the project.”
AXMIN is a Canadian exploration and development company with a strong focus on central and West Africa. AXMIN is posiioned to grow in value as it progresses its Passendro Gold Project towards development and builds on its project pipeline focusing on transitioning from an explorer to producer. For more information regarding AXMIN visit our website at
President & CEO
Direct T:+44 779 626 3999
Manager Investor Relations
T: 416 368 0993 ext 221
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This press release includes certain "Forward-Looking Statements." All statements, other than statements of historical fact included herein, including without limitation, statements regarding future plans and objectives of AXMIN; and statements regarding the ability to develop and achieve production at Passendro, to revalidate the BFS and to satisfy the terms of the Mining Licence as negotiated, 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 have been disclosed under the heading "Risk
Factors" and elsewhere in AXMIN’s documents filed from time-to-time with the TSX
Venture Exchange and other regulatory authorities. AXMIN disclaims any
intention or obligation to update or revise any forward-looking statements
whether resulting from new information, future events or otherwise, except as
required by applicable law.