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February 5, 2004

DRILLING HIGHLIGHTS NEW GOLD PROSPECTS AT BAMBARI PERMIT, CENTRAL AFRICAN REPUBLIC

Toronto, Ontario – AXMIN Inc. (AXM-TSX Venture) is pleased to announce the results from four reconnaissance core holes drilled last December which confirm the presence of new gold zones to the east of Main Zone and to the north of French Camp, all within the Passendro project area at the Bambari Permit in Central African Republic. 

East of the Main Zone, two holes were drilled on sections 120 metres apart in a Banded Ironstone Formation (“BIF”) unit which is located about 150 metres east of the previously discovered Main Zone. The results include an intersection of 8.8 g/t Au over 9.0 metres. The BIF unit is flanked by a 1,000 metre long gold in soil anomaly within which AXMIN is seeking one or more targets of French Camp dimensions. Follow up drilling is planned.

North of French Camp, on what is inferred to be the same BIF unit as the French Camp prospect, a single core hole was drilled at each of the Baceta and Ngodo prospects. At Baceta, situated some 2.6 km northwest of French Camp, an intersection of 4.7 g/t Au over 2.8 metres was obtained in BIF some 60 metres below an previously announced earlier vertical rotary air blast (“RAB”) hole which had an intersection of 3.9 g/t Au over 8 metres. A footwall structure awaits testing. At Ngodo, located about 800 metres northwest of French Camp, a 13.5 metre intersection grading 0.5 g/t Au was identified at the base of the BIF unit at a vertical depth of 65 metres. This is of similar grade and character to the halo zone surrounding French Camp.  At both locations the geology is as yet not fully understood and the holes were set for reconnaissance purposes only. The next step is to search for possible “high grade cores“ to these systems through systematic drill follow up, in a similar fashion to the program that was previously used at French Camp.

AXMIN considers that these results reinforce the belief that the Passendro project area hosts multiple zones of gold mineralisation within a five km radius, over and above those already found at French Camp, Main Zone and Katsia. The current 30,000 metre drill program will continue to focus on both systematic and exploration drilling across all of these prospects, as well as on additional targets that await their first drill holes.

Core drilling is currently underway to define the Katsia prospect. As the additional drill rigs and associated support vehicles arrive on site, and with the benefit of the now operational on-site independent sample preparation facility (operated by Alex Stewart (Assayers) Limited, parent company of OMAC Laboratories Ltd.), it is anticipated that the rate of prospect identification and definition will be accelerated.

The full set of drilling data is shown below:   

Hole No.

Total Depth (m)

North

Co-ord

(Fence)

East

Co-ord

Azimuth

(deg)

Declin.

(deg)

 From

 (m)

To

(m)

Interval

(m)

Grade

(g/t Au)

PDC 34*

1009

8960

8530

036

- 60

70.9

84.4

13.5

0.5

PDC 35**

97.9

10800

8665

036

- 65

66.6

69.4

2.8

4.4

PDC 36***

84.5

10760

10240

036

- 65

15.5

24.5

9.0

8.8

including

17.0

18.5

1.5

35.6

and

44.0

45.5

1.5

5.8

PDC 37***

154.9

10880

10230

036

- 65

18.5

19.5

1.0

1.3

Intersections are calculated using a lower cut off of 0.5 g/t Au with up to 1.5 metres of internal waste, and higher values uncut.

* Ngodo                 ** Baceta                               ***   Main Zone East

 

Analytical work is being carried out at the independent OMAC Laboratories Ltd. in Ireland.  The core samples are being subjected to a full sample preparation followed by a 50 gram fire assay with an AA finish.  Core blanks (5%) are being used to monitor laboratory performance during first pass analysis. A full QA/QC program will be coordinated on 20% of all >500 ppb samples at the end of the program and will include 5% blanks standards and duplicates. This press release has been reviewed by an in-house qualified person, Dr. Jonathon Forster, Fellow of the Institute of Materials, Mining and Metallurgy (”IMMM”).

 

AXMIN is a mineral exploration company with a strong focus on gold in highly prospective properties across Africa, principally in the Central African Republic, Mali and Burkina Faso.

 

For more information regarding AXMIN visit our website at www.axmininc.com.

 

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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.


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