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January 18, 2002


AXMIN Inc. (“AXMIN”) (AXM-CDNX) announced in a press release on January 14, 2002 that it had entered into option agreements with Channel Resources Ltd. (“Channel”) (“CHU-TSE”) to acquire interests in the Bouroum and Bombore licences in Burkina Faso. The mineral resource estimates that were cited by AXMIN in the January 14th press release for each of the licences were extracted from Channel’s Annual Information Form for its fiscal year ended September 30, 2000.

AXMIN has not independently verified the mineral resource estimates previously disclosed by Channel and thus the resource estimates quoted may not fully meet the current standards for disclosure of resource estimates pursuant to policies of the CDNX and National Instrument 43-101.

AXMIN has commissioned Steffen Robertson & Kirsten (UK) Limited to undertake an independent resource estimate for the Bouroum property with the objective of modelling potential high grade, open pittable resources at Bouroum. In addition, AXMIN will commission a scoping study to investigate project economics and undertake bench scale metallurgical testwork during the 90 day option period.

AXMIN has commenced its own detailed review of historic exploration data for both licences to identify targets for drilling. Further announcements regarding these properties will be made following AXMIN’s review of the data and completion of technical studies.

The Canadian Venture Exchange has neither approved nor disapproved the contents of this press release.

For additional information please contact:

Dr. Jonathan Forster, Chief Executive Officer
Dr. Michael Martineau, President
T: +44-1233-665600
F: +44-1233-643728
E-mail: info@axmininc.com

Michael D. Coulter, Secretary
T: +1 416 368-0993

The common shares have not been and will not be registered under U.S. securities laws and may not be offered or sold in the United States or to U.S. persons except pursuant to an exemption from such registration requirements. This communication shall not substitute an offer to sell or the solicitation of an offer to buy or nor shall there be any sales of these securities in any state in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.