AXMIN FILES NI 43-101 TECHNICAL REPORT - PASSENDRO GOLD PROJECT BANKABLE FEASIBILITY STUDY, CENTRAL AFRICAN REPUBLIC
Toronto, Ontario – Apr 15, 08, AXMIN Inc. (AXM-TSX Venture) is pleased to announce that today it has filed the Bankable Feasibility Study Summary report with respect to the Passendro Gold Project located in the Central African Republic ("CAR"), the results of which were released on April 2, 2008. A copy of the NI 43-101 compliant report has been filed with securities and regulatory authorities in Canada and can be found on both the SEDAR website at www.sedar.com and the AXMIN website at www.axmininc.com. The Feasibility Study was led by SENET (PTY) of South Africa ("SENET") and included a multidisciplinary team of independent consultants. Highlights of the robust plus 200,000 ounce per annum project are detailed below.
Feasibility Study Highlights
Mine Throughput
Mine Life
Development & Construction
Strip Ratio
Average Annual Gold Production |
(life of mine) |
3 mtpa
5.9 years
24 months
8.4:1
203,000 ounces |
Base Case Economics (US$750/oz Au)
Total Capital Cost
Cash Operating Costs
IRR
NPV
NPV
Payback Period |
(including royalties)
(after tax & royalties)
(after tax, 0% discount)
(after tax, 5% discount) |
US$196 million
US$379/oz Au
29.4%
US$233 million
US$164 million
2.2 years |
Metallurgical Recovery
Gravity Recovery |
Oxide
Transition
Sulphide
Average |
94%
94%
96%
40% |
Note: All financial analysis is based on 100% ownership
About AXMIN
AXMIN, a gold and iron ore exploration and development 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 central and west Africa. For more information regarding AXMIN visit our website at www.axmininc.com.
For additional information please contact AXMIN Inc.:
Mario Caron
President & CEO
T: 416 304 6608
|
Judy Webster
Manager Investor Relations
T: 416 368 0993
ir@axmininc.com |
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. |
