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Dec 29, 2006

Axmin Inc closes cdn$40.375 million financing


Toronto, Ontario – Dec 29, 2006, AXMIN Inc. (AXM-TSX Venture) is pleased to announce that, further to the press releases dated December 6 and December 22, 2006, it has closed the offering totalling 42.5 million common shares priced at Cdn$0.95 for gross proceeds of Cdn$40.375 million, representing the base offering size and full exercise of the overallotment option. The offering was co-led by RBC Capital Markets and BMO Capital Markets and included Haywood Securities and Canaccord Adams.

Immediately prior to the financing Addax Mining Holdings BV, a subsidiary of The Addax & Oryx Group, held approximately 42% of AXMIN’s outstanding common shares. As part of the financing Addax Mining Holdings BV has purchased 17,811,538 common shares, being its pro rata share of the offering.

In consideration for their services the syndicate of underwriters have received cash compensation of 5.5% of the gross proceeds of the financing, save in respect of the sales to Addax Mining Holdings BV on which the syndicate’s cash compensation was 2.25% of the related gross proceeds.

The net proceeds of the financing will be used to fund completion of the definitive feasibility study on the Passendro gold project as well as ongoing resource and exploration work in each of the Central African Republic, Mali and Sierra Leone. Any additional net proceeds will be used for working capital and general corporate purposes.

This press release shall not constitute an offer to sell shares or the solicitation of an offer to buy the securities in any jurisdiction. The common shares of AXMIN have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), and may not be offered or sold in the United States absent registration or applicable exemption from registration requirements of the U.S. Securities Act and applicable U.S. state securities law.

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.

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The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this press release.

For additional information please contact AXMIN Inc.:


Jon Forster

Judith Webster

Chief Executive Officer

Manager – Investor Relations



Tel: +44 (0)1233 665600 (UK)

Tel: +1 416 368 0993 (Canada)

Fax: +44 (0)1233 643728 (UK)

E-mail: ir@axmininc.com