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Jul 20, 2006

Axmin awards senet the bankable feasibility study at passendro gold project, central african republic

Toronto, Ontario – Jul 20, 2006, AXMIN Inc. (AXM-TSX Venture) is pleased to announce that the Bankable Feasibility Study ("BFS") contract for the Passendro Gold Project on the Bambari-Bakala Permits, Central African Republic, has been awarded to SENET (PTY) Ltd. of South Africa ("SENET"). SENET, which is currently building three gold projects in west Africa, will work in conjunction with consultants SRK (UK) Ltd. (resources/reserves, mining, geotechnics, hydrogeology), AMEC Earth and Environmental Ltd. (tailings, waste rock), SGS Lakefield of South Africa (metallurgy) and Golder Associates (UK) Limited (environmental and social impact assessment) to compile the BFS for a 200,000 ounce per annum gold plant with submission of the completed study scheduled for mid-2007.

Chief Executive Officer, Dr Jonathan Forster comments "We are very pleased to have been able to assemble such a formidable team of consultants to undertake the Passendro feasibility study. Each brings extensive experience of developing gold projects in Africa that will be necessary for the development of the 200,000 ounce per annum Passendro Gold Project in a country where, as yet, there is no commercial scale mining sector. Importantly, not only does SENET bring its experience of gold plant design but it also has practical experience in three French speaking countries in west Africa, where it is currently constructing similar gold projects. With the combination of engineering skills available and the ongoing work by AXMIN to target expansion of resources and reserves, I feel confident that the Passendro Gold Project will successfully progress towards development with significant increases in both reserves and resources."

Feasibility study drilling at Passendro to expand reserves has been ongoing from early 2006 in anticipation of the positive engineering study at pre-feasibility level, which highlighted the economic robustness of a 3 million tonne per annum gravity-CIL plant (see press released dated May 10, 2006). As a consequence, some 12,500 metres of reverse circulation drilling and 8,000 metres of core drilling has already been completed at Passendro for infill purposes which, in part, includes extending AXMIN’s knowledge to depth. This data has recently been submitted to independent consultants SRK Consulting for a further update on resource and reserve estimates, scheduled for later this quarter. Drilling will continue throughout the remainder of the year, both to enable necessary engineering and metallurgical studies to be completed, and for the expansion of resources and reserves to continue within the Passendro area in readiness for final reserve modelling for the BFS study in 2007.

AXMIN is a mineral exploration company with a strong focus on gold in highly prospective properties across central and west Africa.

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

Safe Harbour Statement

Certain statements contained herein, as well as oral statements that may be made by the company or by officers, directors or employees of the company acting on the company's behalf, that are not statements of historical fact, may constitute "forward-looking statements" and are made pursuant to applicable and relevant national legislation (including the Safe-Harbour provisions of the United States Private Securities Litigation Reform Act of 1995) in countries where AXMIN is conducting business and/or investor relations. Forward-looking statements, include, but are not limited to those with respect to the price of gold, the estimation of mineral reserves and resources, the realization of mineral reserves estimates, the timing and amount of estimated future success of exploration activities, AXMIN’s hedging practices, currency fluctuations, requirements for additional capital, government regulation of mining operations, environmental risk, title disputes or claims limitations on insurance coverage and the timing and possible outcome of pending litigation. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "does not expect", "is expected", "budget", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or equivalents or variation, including negative variation, of such words and phrases, or state that certain actions, events or results, "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause the actual results of the company to be materially different from the historical results or from any future results expressed or implied by such forward-looking statements. Such risks and uncertainties include, among others, the actual results of current exploration activities, conclusions of economic evaluations, changes in project parameters as plans continue to be refined, possible variations in grade and ore densities or recovery rates, failure of plant, equipment or processes to operate as anticipated, accidents, labour disputes and other risks of the mining industry, delays in obtaining government approvals or financing or in completion of development or construction activities. Although AXMIN has attempted to identify important factors that could cause actual actions, events or cause actions events or results not to be anticipated, estimated or intended, there can be no assurance that forward looking statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Except as may be required by applicable law or stock exchange regulation, the company undertakes no obligation to update publicly or release any revisions to these forward-looking statements to reflect events or circumstances after the date of this document or to reflect the occurrence of unanticipated events. Accordingly, readers should not place undue reliance on forward-looking statements.

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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.

For additional information please contact AXMIN Inc.:


Jon Forster

Judith Webster

Chief Executive Officer

Manager – Investor Relations



Tel: +44 (0)1233 665600 (UK)

Tel: +1 416 368 0993 (Canada)

Fax: +44 (0)1233 643728 (UK)

E-mail: ir@axmininc.com