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April 05, 2004


Toronto, Ontario – AXMIN Inc. (AXM-TSX Venture) is pleased to announce that its wholly owned subsidiary AXMIN Limited has signed a Heads of Agreement ("HOA") with AFCAN Barbados Limited ("AFCAN"), a subsidiary of AFCAN Mining Corporation (AFK-TSX), for the 98 sq km Nimini East and West properties in Sierra Leone where historic drilling includes intersections of 2.5 g/t Au over 40 metres, 4.6 g/t Au over 13.7 metres and 8.6 g/t Au over 5.5 metres.

Chief Executive Officer, Dr Jonathan Forster states "We view Sierra Leone as an excellent country in which to explore for gold, with Archaean greenstone belts similar to those of the Central African Republic and essentially no modern exploration, yet abundant evidence for gold bearing systems. Sierra Leone has been through a severe episode of insurgency but with the support of the United Nations and the British Government the country is now recovering."

The HOA is in the form of an exclusive six month option for which AXMIN will pay AFCAN US$20,000. During the option period AXMIN will confirm and, where possible, extend existing targets through follow up sampling and trenching.

If AXMIN elects to exercise the option then it will commit to a minimum expenditure of US$500,000 in the first year and will be able to earn a 60% interest by spending US$2.25 million over a three year period. Thereafter AFCAN has the right to participate or if it elects not to then AXMIN can earn an additional 20% by producing a Bankable Feasibility Study. The monies spent on AFCAN’s behalf to earn this additional 20% will be recovered by AXMIN from AFCAN’s share of future production.

The Nimini East and West properties are located about 220 km east of the capital city of Freetown and are underlain by a complex of ultramafic and mafic volcanics with associated sedimentary and banded ironstones formations. Reconnaissance drilling of one target associated with banded ironstones was undertaken in 1967 by the Sierra Leone Geological Survey, and subsequently in 1981-82 by a North American company. The results referred to above are reported in AFCAN documentation and have not been independently verified by AXMIN.

AXMIN is a mineral exploration company with a strong focus on gold in highly prospective properties across Africa, principally in the Central African Republic, Mali and Burkina Faso.

For more information regarding AXMIN visit our website at www.axmininc.com.


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

Jon Forster Judith Webster
Chief Executive Officer Manager – Investor Relations
T: +44-1233-665600 (UK) Tel: +1-416-368-0993 (Canada)
F: +44-1233-643728 (UK) E-mail: ir@axmininc.com