Home  |  Contact Us


Corporate > History

Directors
Management
History

AXMIN Inc. was formed in 2001 through a reverse takeover (RTO) of Asquith Resources Inc. to consolidate both of the companies African assets. Here are some of the highlights and key events in the Company’s history.

2001
Reverse takeover of Asquith Resources , AXMIN starts trading on the TSX Venture under the symbol AXM

2002
Burkina Faso - AXMIN and High River Gold initiate a joint development pre-feasibility study for  a mining operation that combines AXMIN’s Bouroum and High River’s Taparko deposits
CAR - drilling at Passendro Gold Project  in CAR delineates three new gold zones, Main Zone, French Camp and Katsia prospects
Mali - drilling at Kofi Gold Project  delineates two high grade prospects Kofi Zone B and Kofi Zone C

2003
Burkina Faso - joint feasibility on the Bouroum-Taparko project was submitted to the government;  it is expected that AXMIN’s Bouroum deposit will contribute 110,000 ozs  of gold reserves
CAR - core drilling program at Passendro Gold Project  confirms continuity of mineralisation at depth for French Camp, Katsia and Main Zone deposits

2004
Sierra Leone - AXMIN enters joint venture with Eldorado Gold (formerly Afcan Mining Corporation) to explore for gold on the Nimini Hills permits
Burkina Faso - AXMIN sells Bouroum reserves to High River Gold for US$3.3 million
CAR - initial resource estimate at Passendro, now contains a measured and indicated resource of 457,000 ozs grading 3.5 g/t Au and an inferred resource of 143,000 ozs grading 3.3 g/t Au

2005
CAR – AXMIN doubles measured and indicated resources at Passendro now 1.1 million ozs grading 2.5 g/t Au and an inferred resource of 1.1 million ozs grading 1.8 g/t Au
CAR – AXMIN initiates a pre-feasibility study at Passendro targeting a 150,000 ounce per annum production profile
Mali – AXMIN announces resource at Mali, measured and indicated resource of 45,000 ozs grading 3.2 g/t Au and inferred resource of 250,000 ozs grading 3.8 g/t Au

2006
CAR – AXMIN signs Passendro Gold Project Mining Convention with the State
CAR – AXMIN announces positive pre-feasibility results at Passendro based on a 200,000 oz per annum production profile; initiates a feasibility study headed by SENET of South Africa
CAR – Increases in measured and indicated ozs at Passendro now at 1.54 million ounces grading 2.6 g/t Au, inferred ounces remain the same at 1.04 million ozs grading 2.0 g/t Au
Sierra Leone – Initial resource estimate at Komahun deposit, Nimini Hills contains inferred resource 392,000 ozs gold grading 2.5 g/t Au
Mali – Significant increase in resources at Kofi Gold Project, measured and indicated now 140,000 ozs  grading 2.8 g/t Au and inferred resource of 389,000 ozs grading 3.0 g/t Au

2007
CAR – feasibility drilling continues at Passendro, AXMIN expands development team including engaging debt finance advisor
Mali – New discoveries add to resources with measured and indicated now at 293,000 ozs grading 2.5 g/t Au and inferred resource of 368,000 ozs grading 2.2 g/t Au
AXMIN appoints new CEO to transition company from explorer to producer

2008
CAR – AXMIN announces increase in resources at Passendro, measured and indicated ounces now 1.8 million grading 2.4 g/t Au and inferred at 1.0 million ozs grading 1.9 g/t Au
CAR – AXMIN announces positive bankable feasibility study results based on US$750/oz gold and 1.3 million oz reserve
CAR – AXMIN receives ESIA approval for Passendro Project; the State indicates a desire to open up the 2006 Mining Convention for negotiation and removes Fe and base metal rights from the Bambari Permits
Sierra Leone – Significant increase in grade and ounces at Komahun Gold Project – measured and indicated resource now 110,000 ozs grading 9.1 g/t Au and inferred resources of 435,000 ozs grading 4.3 g/t Au
Senegal – Mineral Deposits Limited to spend US$2.5 million on AXMIN’s permits to earn 51% interest

2009
Sierra Leone – AXMIN announces results of positive Scoping Study at Komahun, demonstrating that the project has the potential for development as an underground mine
CAR – Results of the reduced mining scenario study at Passendro demonstrates the project remains robust with a 35% reduced CAPEX , short payback, almost  double the mine life
CAR – AXMIN announces increase in resources at Passendro, measured and indicated ounces now 2.0 million grading 2.0 g/t Au and inferred at 1.1 million grading 1.6 g/t Au
AXMIN initiates a formal strategic review process, encompassing a thorough evaluation of the options and prospects available to the Company

2010
AXMIN acquires AfNat Resources Limited, AIM listed exploration company, as a result strengthens its balance sheet
George Roach former CEO of AfNat and an executive with extensive experience in developing resource projects in Africa replaces Mario Caron as AXMIN’s CEO
CAR - AXMIN is granted 25 year Mining Licence for Passendro and two 3 year Exploration Licences that ring fences the Mining Licence
Mali – AXMIN enters agreement to sell Kofi Gold Project to Avion Gold Corporation for C$500,000 and 4.5 million shares of Avion, the deal is expect to close in 4Q 2010
Senegal – MDL, AXMIN’s joint venture partner in Senegal discovers Gora deposit – resource drilling program is planned for 4Q 2010

2011
CAR – AXMIN announces positive revalidated feasibility study results which details a much more economically and technically robust Passendro project
Sierra Leone – AXMIN acquires minority interest in Nimini Hills East and West Licences and now holds 100% interest in its Komahun Gold Project
Sierra Leone – AXMIN spin-off its Sierra Leone assets into new public Company retaining a controlling interest
AXMIN – appoints Chief Operating Officer Graham Hill who is responsible for leading the team that will build the Passendro Gold Mine
AXMIN - executes Mandate Letter with The Standard Bank to arrange and underwrite up to US$100 million in debt financing and is working with another banking consortium for the provision of up to US$230 million of total debt facilities.

2012
Corporate - AXMIN appoints Janina Dusza Chief Financial Officer, replacing Alex Dann
CAR – AXMIN signes a share purchase agreement to acquire 100% interest in Ferrum SA from Ferrum Resources to be closed when Ferrum SA is granted the exploration rights to the Topa Iron Ore prospect
Corporate– AXMIN signs Mandate Letters with four new financial institutions for a total debt financing of US$85 million; In March AXMIN signs Mandate Letter with the International Finance Corporation for an additional US$50 million in convertible and non-convertible debt, this along with the Standard Bank Mandate Letter brings the total potential debt package to US$235 million
Corporate - AXMIN consolidates its shares on a 10 for one basis
CAR - AXMIN notifies the government of CAR of a Force Majeure due to the escalating rebel activity in country. 

2013

Corporate - Following shareholder support of new control person at Company's special meeting on May 24, 2013, AXMIN closes private placement offering with Dickson Resources Limited for a total of C$6.75 million
Corporate - AXMIN appoints three new board members, Joe Tai, Lucy Yan and Bright Chui, all Dickson representatives; Lucy Yan replaces George Roach as Interim CEO and is appointed Chairman of the Board