Aug 07, 2007

AXMIN Drilling continues to expand kofi gold project potential, mali

Toronto, Ontario – Aug 07, 07, AXMIN Inc. (AXM-TSX Venture) is pleased to be able to confirm that gold mineralisation at the Kofi South prospect, located within the Kofi Gold Project in western Mali, extends at least a further 650 metres along strike to the south of the central resource block with new drill intercepts including 3.9 g/t Au over 31 metres, 2.5 g/t Au over 14 metres and 5.5 g/t Au over 9 metres. At the same time, infill drilling at the 320 metre long Blanaid Prospect has confirmed internal continuity of the structure, with intercepts that include 2.8 g/t Au over 40 metres and 3.3 g/t Au over 27 metres.

Chief Executive Officer, Dr Jonathan Forster comments "The first results from the 2007 exploration drilling program have confirmed our belief that the well developed gold mineralisation previously identified in the centre of the Kofi South structure continues to the south in a similar manner with a clear potential to increase resources. This growth in the size of the Kofi South prospect, in conjunction with confirmation of internal continuity at the Blanaid prospect, is just part of the current exploration program which is targeting several zones with potential to expand resources at Kofi with the objective of creating AXMIN’s second mine development."

The Kofi Gold Project shares a common boundary with the Loulo project which occurs in a district, according to Randgold Resources, having "enormous potential for significant new gold deposit discoveries" (Randgold Resources press release dated July 27, 2007). This potential is clearly demonstrated by the results of AXMIN’s programs to date.

Currently the Kofi Gold Project contains an indicated mineral resource of 1.56 Mt grading 2.8 g/t Au for 140,000 ounces of gold and an inferred mineral resource of 4.06 Mt grading 3.0 g/t Au for 390,000 ounces of gold (see press release December 6, 2006). This resource is derived from three prospects, all within a 5 km radius, called Kofi SW Zone C, Kofi SW Zone B and Kofi South. The current exploration program is focused on the following new targets within about a 12 km radius of the existing resources:

i) Extending the Kofi South mineralisation

ii) Infill drilling of the Blanaid prospect discovery

iii) Infill drilling of the Dabara prospect discovery

iv) Follow up of the Kofi SW Zone A trench discovery

v) New exploration at the Kofi NE prospect

Further targets will be followed up in due course.

The results reported here refer only to the extensions to Kofi South and the infill drilling at Blanaid, both of which have the potential to add additional resource ounces to the Kofi Gold Project. Results will be reported as further assays are received, with the objective to provide an interim resource model update around the end of the third quarter 2007.

Kofi South

A 11,228 metre reverse circulation ("RC") drill program has recently been completed at the Kofi South prospect, in conjunction with 1,085 metres of core drilling. The program was designed to test the central resource block at depth, as well as conduct exploration along the southern extensions of the block; currently the inferred resource estimates at Kofi South stand at 197,000 ounces of gold (2.6 Mt grading 2.4 g/t Au).

The first results from the southern extension exploration have been received and those holes that intersected the mineralisation are tabulated below. Drilling was initially on fences set at approximately 160 metre spacing, to vertical depths of typically about 100 metres. A follow up phase of infill drilling on 80 metre centres has now been completed and results from this and drilling to depth (typically in the range of 100-140 metres from surface) beneath the central resource area are awaited.

RC drilling of the southerly strike extension to Kofi South has identified two parallel (typically from 20-40 metres apart) gold structures, that are sub-vertical and trend north-south, currently interpreted to represent the continuation of the known Kofi South structure across minor fault offsets. Hanging wall structures have also been discovered over a strike length of some 300 metres. The mineralisation is hosted by disseminated and fracture controlled sulphides within silicified sandstones and quartzites, close to the contact with less brittle sedimentary units. Mineralisation over true widths in each structure ranging typically from 5-20 metres can be traced continuously across each drill fence over a strike length of at least 640 metres. For a further 200 metres to the south the mineralisation becomes more diffuse along the structure, with two strongly anomalous (0.4-0.6 g/t Au) gold zones of broader (15-40 metres) width recognised. The structure remains open to the south.

Recent results for Kofi South are tabled below:

* hole drilled at the end of the previous campaign

** hole ended in mineralisation

Blanaid Prospect

A 3,167 metre RC and 651 diamond drill program was completed on 40 metre fences to infill the outline structure identified by exploration drilling. The drilling confirmed good continuity of the gold mineralisation on a north-south structure for a strike length of about 320 metres. The mineralisation currently appears closed to north and south, and for much of the body’s length, also at a vertical depth of about 50-60 metres. The true width of the body is about 15-20 metres over much of its length, thinning laterally and to depth. The mineralisation is interpreted to dip steeply to the west, with good evidence for at least one hanging wall structure that remains to be followed up in detail. Further exploration at depth is warranted along the structure to test for vertical repeats of the mineralised body.

Recent results within the mineralisation at Blanaid are tabled below:

Drill grade calculations are based on a 0.5 g/t Au lower cut off to define the mineralised structure, with no upper cut .Assays are in the main from 1 metre samples. Analytical work is being carried out at the independent Abilab Laboratories Ltd. in Bamako, Mali. Drill samples are subject to a full sample preparation followed by a 50 gram fire assay with an AA finish. Blanks, standards and duplicates are being used to monitor laboratory performance during the analysis. This press release has been reviewed by in-house qualified person Dr. Jonathan Forster, Fellow of the Institute of Materials, Minerals and Mining in the United Kingdom.

AXMIN is a mineral exploration company with a strong focus on gold in highly prospective properties across central and west Africa. For more information regarding AXMIN visit our website at www.axmininc.com.

Safe Harbour Statement

Certain statements contained herein, as well as oral statements that may be made by the company or by officers, directors or employees of the company acting on the company's behalf, that are not statements of historical fact, may constitute "forward-looking statements" and are made pursuant to applicable and relevant national legislation (including the Safe-Harbour provisions of the United States Private Securities Litigation Reform Act of 1995) in countries where AXMIN is conducting business and/or investor relations. Forward-looking statements, include, but are not limited to those with respect to the price of gold, the estimation of mineral reserves and resources, the realization of mineral reserves estimates, the timing and amount of estimated future success of exploration activities, AXMIN’s hedging practices, currency fluctuations, requirements for additional capital, government regulation of mining operations, environmental risk, title disputes or claims limitations on insurance coverage and the timing and possible outcome of pending litigation. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "does not expect", "is expected", "budget", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or equivalents or variation, including negative variation, of such words and phrases, or state that certain actions, events or results, "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause the actual results of the company to be materially different from the historical results or from any future results expressed or implied by such forward-looking statements. Such risks and uncertainties include, among others, the actual results of current exploration activities, conclusions of economic evaluations, changes in project parameters as plans continue to be refined, possible variations in grade and ore densities or recovery rates, failure of plant, equipment or processes to operate as anticipated, accidents, labour disputes and other risks of the mining industry, delays in obtaining government approvals or financing or in completion of development or construction activities. Although AXMIN has attempted to identify important factors that could cause actual actions, events or cause actions events or results not to be anticipated, estimated or intended, there can be no assurance that forward looking statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Except as may be required by applicable law or stock exchange regulation, the company undertakes no obligation to update publicly or release any revisions to these forward-looking statements to reflect events or circumstances after the date of this document or to reflect the occurrence of unanticipated events. Accordingly, readers should not place undue reliance on forward-looking statements.