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August 12, 2003

STOCK OPTIONS

Toronto, Ontario – AXMIN Inc. (AXM-TSX Venture) announces the recent grant of the following stock options to two directors and one employee of the Company. These stock options have been granted pursuant to the terms of the Company’s 2001 Stock Option Plan (the “Plan”) approved by the shareholders on November 19, 2001. A total of 7,369,862 common shares are reserved for grant pursuant to the Plan.

Name of option holder Relationship to AXMIN

Number of stock options granted Exercise price Expiry date
Edward Reeve Director 150,000 Cdn$0.32 January 17, 2007
Robert Jackson Director 100,000 Cdn$0.32 January 17, 2007
Judith Webster Employee 50,000 Cdn$0.32 January 17, 2007


 

One-quarter of the above stock options shall vest on each of the date of grant, and the 6 month, 12 month and 18 month anniversaries of the date of grant. Each stock option gives the option holder the right to purchase one common share of the Company. The stock options granted are subject to acceptance by the TSX Venture Exchange.

Immediately following the aforementioned grant of stock options AXMIN has a total of 4,237,500 stock options outstanding, all of which have been granted pursuant to the Plan. AXMIN has a total of 73,604,171 common shares issued and outstanding.

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.



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
AXMIN Inc. AXMIN Inc.
T: +44-1233-665600 (UK) Tel: +1-416-368-0993 (Canada)
F: +44-1233-643728 (UK) E-mail: ir@axmininc.com