July 2, 2003

FIRST CORE DRILLING RESULTS FROM FRENCH CAMP PROSPECT, BAMBARI PERMIT IN THE CENTRAL AFRICAN REPUBLIC

Toronto, Ontario – AXMIN Inc. (AXM-TSX Venture) is pleased to report the assay results from the first core holes drilled at the French Camp prospect, Bambari Permit in the Central African Republic. These excellent results confirm that gold mineralisation delineated in earlier reverse circulation (“RC”) and rotary air blast (“RAB”) drilling extends to depth with similar grades and thicknesses, and that Banded Ironstone Formations (“BIF”) provide an exceptional host for gold mineralisation.

Significant assay results from the first holes include: 8.5 g/t Au over 16.5 metres, 5.2 g/t Au over 7.4 metres, 4.1 g/t Au over 25 metres, 3.3 g/t Au over 29.8 metres and 2.2 g/t Au over 15.8 metres. The full drill hole data is tabulated below, with intercepts calculated using a 1 g/t Au cut off and no cutting of higher grades.



These first holes were drilled on two sections (L300N and L380N) 80 metres apart at the northern end of the French Camp structure which lies within a 850 metre long soil anomaly (100 ppb threshold). The anomaly represents one of five major targets along a 4.5 km long BIF unit, each underlain by a similar style of geology and structure. Gold mineralisation is hosted mainly in brecciated BIF. The drilling has tested mineralisation to vertical depths of up to 105 metres, with oxidation to a depth of 45 to 75 metres.

Hole PDC 1, PDC 2 and PDC 5 undercut vertical RAB holes PRA 94 and PRA 95 where results of 15 g/t Au over 17 metres and 2.4 g/t Au over 22 metres occurred. Similarly holes PDC 3 and PDC 4 undercut RC hole PRC 143 where a grade of 5.4 g/t Au over 16 metres was recorded, confirming that there is continuity of gold mineralised zones at depth. The results to date indicate that the gold mineralisation dips to the southwest at between 50-70 degrees. (Refer to French Camp plan map and sections L300N & L380N)

To date eight core holes have been completed at the French Camp prospect, which includes a third fence (L140N) located 160 metres south of holes PDC 3 and PDC 4. Assay results for these holes are awaited. Further infill and extension drilling will be completed during the third quarter and the results of the drilling will be announced once received and analysed.

The current 3,000 metre core drill program also includes the drilling of selected core holes to 100 metre depths within the 1,500 metre long Main Zone prospect as well as testing the 1,200 metre long Katsia prospect. At Katsia the geology is similar to that of the French Camp prospect. Together French Camp, Katsia and Main Zone lie within 3 km of each other.

Analytical work is being carried out at the independent OMAC Ltd. laboratory 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. Jonathan Forster, fellow of the Institute of Mining and Metallurgy (“IMM”).

AXMIN is a gold 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.

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