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July 22, 04

INITAL RESOURCE ESTIMATE FROM PASSENDRO PROJECT AREA, BAMBARI PERMITS, CENTRAL AFRICAN REPUBLIC

Toronto, Ontario – July 22, 2004, AXMIN Inc. (AXM-TSX Venture) is pleased to announce the first resource estimate from the ongoing drill program at the Passendro project area within the Bambari Permits, Central African Republic. The estimate has been prepared by independent consultants, SRK Consulting ("SRK"). Together the French Camp and Katsia prospects are currently estimated to contain an indicated mineral resource of 457,000 ounces at a grade of 3.5 g/t Au and an inferred mineral resource of 143,000 ounces at a grade of 3.4 g/t Au. The inferred resource is located almost entirely at Katsia where drilling is ongoing. In addition, SRK reports that the Main Zone prospect is estimated to contain an inferred mineral resource of 848,000 ounces at a grade of 1.6 g/t Au.

Chief Executive Officer, Dr Jonathan Forster states "We are very encouraged by the scale of this first resource estimate from the Passendro project area after only five months of systematic resource drilling. To have defined well over a million ounces in all resource categories in such a short period is a major achievement whilst also handling the logistical issues that come with a rapidly expanding exploration program. The results augur very well for the next stage of the drill program designed to test new targets at Passendro and elsewhere within the Bambari Permits."

Dr Forster continues "The resources at French Camp, Katsia and Main Zone lie within a 3 km radius and are located in the central portion of the 90 km long Bandas greenstone belt, where to date four additional zones of gold in soil anomalies have already been identified. We see this as the first step in demonstrating the multi-million ounce potential of the Bambari Permits. It is anticipated that with the delineation of sufficient resources a pre-feasibility study will commence during 2005. Moreover, the ongoing reconnaissance drilling program at Passendro has already identified gold mineralisation in new prospects the results of which will be announced in due course."

Previous metallurgical studies across all three prospects indicate that gold in both the oxide and sulphide zones appears to be amenable to conventional gravity and cyanide leach processes with recovery in excess of 94% (see press release of October 2, 2003). In addition, the geometry of the mineralisation is such that extraction by open pit mining is likely.

Whereas French Camp and Katsia have been drilled on 40 metre fences, the drill fences at Main Zone are variably 80 to 160 metres apart over the 1,600 metre long zone. Based on soil geochemistry and reconnaissance step-out drilling already undertaken the Main Zone may extend for at least 4,000 metres of strike and is currently open to both the southeast and northwest. The existing density of drilling at Main Zone will need to be increased to improve the correlation of multiple structures from section to section, and to upgrade the resource to indicated status.

Although of a lower grade than French Camp and Katsia, the oxide resource at Main Zone has been modeled to depths of only 40-70 metres, and includes a deep weathering profile. Thus the resource is likely to be amenable to low cost mining.

 

In detail, the mineral resource estimate is as follows:

 

 

Indicated Mineral Resource

 

Inferred Mineral Resource

 

 

Tonnes

Mt

Grade

g/t Au

Ounces

Au

 

Tonnes

Mt

Grade

g/t Au

Ounces

Au

French Camp

oxide

1.05

4.1

137,000

 

-

-

-

 

sulphide

1.33

2.9

125,000

 

0.22

2.4

16,000

 

 

 

 

 

 

 

 

 

Katsia

oxide

0.75

3.9

94,000

 

0.51

4.5

74,000

 

sulphide

0.90

3.5

101,000

 

0.59

2.8

53,000

 

 

 

 

 

 

 

 

 

sub total

4.03

3.5

457,000

 

1.32

3.4

143,000

 

 

 

 

 

 

 

 

 

Main Zone

oxide

-

-

-

 

14.54

1.5

697,000

 

sulphide

-

-

-

 

2.46

1.9

152,000

 

 

 

 

 

 

 

 

 

 

sub total

 

 

 

 

17.00

1.6

848,000

The mineral resource estimate has been derived from all reverse circulation ("RC") and core drilling results that were available up to mid-June and has been compiled in accordance with National Instrument 43-101 by independent consultants SRK Consulting of the United Kingdom, under the supervision of Dr John Arthur (CGeol, CEng). SRK’s report will shortly be available on the SEDAR website. SRK’ has reported mineral resource estimates (including internal waste) within geological outlines established using a 1 g/t Au cut off grade at French Camp and Katsia and a 0.5 g/t Au cut off grade at Main Zone. SRK considers that the grade, continuity, geometry and orientation of these outlines are such that all the reported mineral resources have the potential to be exploited economically.

Currently the drilling program is testing targets north and east of Main Zone, north along the French Camp trend and continuing to systematically drill the Katsia prospect. The program will break for a month in August starting up again in September at which time drilling will begin to target other gold prospects not only at Passendro but also within the Ndassima and Ao project areas, 10 km and 14 km south of Passendro respectively, where extensive gold in soil anomalies

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.


The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this press release.


Jon Forster Judith Webster
Chief Executive Officer Manager – Investor Relations
AXMIN Inc. AXMIN Inc.
T: +44-1233-665600 (UK) Tel: +1-416-368-0993 (Canada)
F: +44-1233-643728 (UK) E-mail: ir@axmininc.com