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December 2, 2002


• Infill drilling program completed
• Results confirm previously reported higher grades
• Pre-feasibility study scheduled for completion early 2003

Toronto, Ontario – AXMIN Inc. (AXM-TSX Venture) is pleased to announce the results from the recently completed infill drilling program at the Bouroum Permit in Burkina Faso, which confirm the higher grades previously reported. The full set of results is appended in Table 1. Results include:

Bissinga   10.7 g/t Au over 10 metres
8.6 g/t Au over 18 metres
7.0 g/t Au over 16 metres
F12   5.9 g/t Au over 14 metres
4.5 g/t Au over 20 metres
4.7 g/t Au over 16 metres
Welcome Stranger   12.0 g/t Au over 20 metres

“The drill program confirms our earlier geological models for the Bouroum deposit, with near surface high grade zones at each of the prospects providing attractive early targets for mine optimization studies,” said Dr. Jonathan Forster, AXMIN’s CEO.

The 1,233 metre reverse circulation (“RC”) and 722 metre core program provides sufficient infill data to allow the resource statement to be updated by SRK Consulting in the United Kingdom as part of the ongoing pre-feasibility study. At the same time, geotechnical and metallurgical studies are in progress utilising information generated from the new drill core. A preliminary environmental scoping document has been completed by consultants Steffen Robertson Kirsten (South Africa).

The Bouroum Permit is subject to a Heads of Agreement between AXMIN and High River Gold Mines Ltd. which envisages the sharing of data and joint preparation of a pre-feasibility study to investigate the potential for the joint development of the Bouroum and adjacent Taparko projects. The pre-feasibility study is scheduled for completion early 2003. AXMIN is earning a 65% undivided beneficial interest in the Bouroum Permit from Channel Resources Ltd. by completing a bankable feasibility study, with the ability to purchase the remaining 35% at a cost of between US$10-15 per ounce of the pro rata proven and probable reserves defined in the feasibility study.

Sampling methodology involved compositing on two metre intervals for both RC and split core samples. Analysis was conducted at the independent Transworld Laboratory (Ghana) Ltd. by means of 50 gram fire assay with duplicates, standards and blanks introduced as standard quality control procedures. External check assays will also be performed at the independent OMAC Ltd. laboratory in Ireland. Care was taken when drilling to ensure that there was no down hole contamination by utilising the RC technique only above the water table, with deeper holes completed with core drilling where necessary.

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.

* hole ended in mineralisation

For further information contact:

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