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January 3, 2003

AXMIN ANNOUNCES SECOND CLOSING OF NON-BROKERED PRIVATE PLACEMENT

Toronto, Ontario – AXMIN Inc. (AXM-TSX Venture) announces that it has raised an additional Cdn$99,999.90 (for 333,333 Units) by way of a second closing of the non-brokered private placement completed on December 30, 2002, bringing the total amount raised to Cdn$1,346,199.90 (for 4,487,333 Units). The terms and conditions for the second close were the same as those of the first close and are detailed in the press release dated December 30, 2002.

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

Post completion of the aforementioned second closing, AXMIN has a total of 72,690,851 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 additional information please contact:

 

Mario Caron

President & CEO

Direct T: 416 304 6608

Judy Webster

Manager Investor Relations

T: 416 368 0993

ir@axmininc.com

This press release includes certain "Forward-Looking Statements." All statements, other than statements of historical fact, included herein, including without limitation, statements regarding potential mineralization and reserves, exploration results and future plans and objectives of AXMIN, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from AXMIN’s expectations are disclosed under the heading "Risk Factors" and elsewhere in AXMIN documents filed from time-to-time with the TSX Venture and other regulatory authorities.