December 23, 2003

STOCK OPTIONS

Toronto, Ontario – AXMIN Inc. (AXM-TSX Venture) announces the recent grant of 1,640,000 stock options to directors, officers, employees and consultants of the Company exercisable at Cdn$1.00 each expiring on December 18, 2008. 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.

This grant of 1,640,000 stock options included the following to directors and / or officers of the Company:


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 5,690,000 stock options outstanding, all of which have been granted pursuant to the Plan.

AXMIN has a total of 101,810,809 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.