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July 19, 2002


Toronto, Ontario – AXMIN Inc. (AXM-TSX Venture) today announced that on July 18, 2002 it raised an additional Cdn$140,000 by way of a second closing of the Cdn$2,078,300 brokered private placement completed on July 12, 2002, bringing the total amount raised to Cdn$2,218,300 before financing costs. Terms and conditions for the second close were the same as those of the first close and are detailed in the press release dated July 12, 2002. Haywood Securities Inc. acted as lead agent for the private placement.

AXMIN Inc. is a mineral exploration company with a strong focus on gold in highly prospective properties in Africa, including the Central African Republic, Burkina Faso, Mali, Ghana, Senegal and Tanzania. The funds raised will primarily be used to finance AXMIN's expenditures on the Bouroum project in Burkina Faso. As announced on May 29, 2002, AXMIN has entered into an agreement with High River Gold Mines Ltd. (HRG-TSX) for the exchange of data and sharing of costs of a pre-feasibility study incorporating the joint development of the Bouroum and the Taparko projects.

Post completion of the aforementioned second closing, AXMIN has a total of 68,203,518 common shares issued and outstanding.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy or 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 further information contact:

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