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December 30, 2002


Toronto, Ontario – AXMIN Inc. (AXM-TSX Venture) announces that it has closed a nonbrokered private placement of 4,154,000 Units, at a price of Cdn$0.30 per Unit, for total proceeds of Cdn$1,246,200 (the “Offering”). Each Unit consists of one common share plus one half of one common share purchase warrant. Each common share purchase warrant entitles the holder to purchase one additional common share of AXMIN at a price of Cdn$0.45 for a period of eighteen months following closing of the Offering. AXMIN has been advised by one party that it wishes to subscribe to the non-brokered private placement. However, at the time of closing of the Offering AXMIN was not in receipt of a duly completed subscription agreement from that party. In order to accommodate this additional subscription upon receipt of the subscription agreement AXMIN plans for a second closing of the non-brokered private placement.

Common shares acquired under the private placement of Units will be subject to a 4-month hold period from the date of closing of the issue of the Units in all provinces other than Quebec.

The net proceeds of the private placement will primarily be used to fund AXMIN’s ongoing mineral exploration program in the Central African Republic.

AXMIN’s major shareholder Adryx Mining & Metals Limited, a wholly-owned subsidiary of The Addax & Oryx Group Limited, purchased 1,330,000 Units in the Offering.

In the Offering the following directors and officers of AXMIN subscribed for Units to be owned beneficially, directly or indirectly, or over which control or direction will be exercised by each such individual:

Jean Claude Gandur (the Chairman and a Director of AXMIN) – 114,000 Units; and

Robert Shirriff (a Director of AXMIN) - 60,000 Units.

Post completion of the Offering, AXMIN has a total of 72,357,518 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.

The securities referenced herein have not and will not be registered under the United States Securities Act of 1933 (the "1933 Act") and may not be offered or sold in the United States or to U.S. persons (as defined in Regulation S under the 1933 Act) unless the securities have been registered under the 1933 Act, or are otherwise exempt from such registration.

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