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News > 2008 > Jul 23, 2008

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Jul 23, 2008

AXMIN REPORTS HIGH GRADE INTERSECTIONS AT KOFI GOLD PROJECT, MALI - 34 METRES @ 4.8 G/T AU AND 14 METRES @ 5.3 G/T AU

Toronto, Ontario – Jul 23, 08, AXMIN Inc. (AXM-TSX Venture) is pleased to announce that Mali continues to deliver strong results from its second quarter field activities at the Kofi Project in the Kenieba District of western Mali. Highlights include:

Kofi SW Zone C

· Selective infill RC drilling further strengthens the geological model, assays include 34 metres at 4.8 g/t Au, 14 metres at 5.3 g/t Au and 14 metres at 3.0 g/t Au

· Exploration identifies a new zone, 2 km west of Zone C, the zone has potential strike length of over 500 metres, with drill results including 19 metres at 3.6 g/t Au

Kofi SW Zone A

· Selective infill and extension drilling (3 RC holes) completed, results include 7 metres grading 5.3 g/t Au

Betea

· Infill RC drilling includes 30 metres at 3.2 g/t Au, 8 metres at 22.4 g/t Au and 12 metres at 2.2 g/t Au.

· Gold mineralised lenses have been traced for 2,600 metres strike length; drilling identifies new zone 400 metres northwest of Beata with a potential 600 metre strike length

President and Chief Executive Officer, Mario Caron states "The 2008 program at Kofi has been successful in delineating higher grade structures at both the Kofi SW C and Betea zones and we expect that it these results will have a positive impact on the projects ongoing resource prospects. In addition, exploration has been rewarded by the discovery of new zones, one to the west of Zone C and one to the west of Betea. These, and recently identified targets will be scheduled for follow up after a break for the wet season."

Kofi SW Zone C

A short core program has recently been completed selectively targeting the strike and near surface expression of the western, hanging wall zone previously discovered at depth (press release, May 1st 2008). Results received to date confirm that the mineralisation continues towards the southern end of Zone C, justifying further drilling next season. In addition, four new RC holes were completed in the main structure to facilitate geological and resource modeling, with gold mineralisation intersected as planned.

Hole

Azimuth

North

Co-ord

East

Co-ord

Dip

(deg)

From

(m)

To

(m)

Interval

(m)

Grade

(g/t Au)

KWCD0174

270

1457065

242260

-55

24.0

29.0

5.0

2.0

and

92.0

106.0

14.0

3.0

and

114.0

121.0

8.0

3.3

KWCC0686

270

1457210

242275

-55

12.0

25.0

13.0

1.2

KWCC0687

270

1457145

242252

-55

17.0

31.0

14.0

5.3

KWCC 685

270

1457065

242344

-55

4.0

16.0

12.0

1.6

and

24.0

29.0

5.0

2.1

KWCC 688

270

1457260

242328

-50

2.0

36.0

34.0

4.8

incl

20.0

22.0

2.0

46.7

Intercept lengths are core lengths.

New Zone - Agri

The new Agri zone of mineralisation was discovered approximately 2 km west of Zone C, where a coincident soil geochemical anomaly (>100 ppb Au threshold) and induced polarisation ("IP") (chargeability) anomaly define a 500 metre long structure. Two RC fences about 160 metres apart confirm that the structure is mineralised, with shallow trenching and rotary air blast holes suggesting that gold mineralisation may extend along much of the 500 metre length. Further drilling is being planned for the new season.

Hole

Azimuth

North

Co-ord

East

Co-ord

Dip

(deg)

From

(m)

To

(m)

Interval

(m)

Grade

(g/t Au)

WAC0001

270

1457380

240345

-55

17.0

20.0

3.0

1.0

WAC0002

270

1457380

240375

-55

50.0

59.0

9.0

2.0

WAC0006

270

1457220

240350

-55

42.0

61.0

19.0

3.6

incl

42.0

46.0

4.0

9.7

Intercept lengths are core lengths.

Kofi SW Zone A

A three hole RC program successfully targeted Zone A mineralisation with the objective of better understanding the geological model. Zone A is located 3 km north of Kofi SW Zone C along the same structure. To date the structure has been traced for a strike length of about 300 metres and is seen to comprise 2-3 closely spaced individual zones of gold mineralisation.

Hole

Azimuth

North

Co-ord

East

Co-ord

Dip

(deg)

From

(m)

To

(m)

Interval

(m)

Grade

(g/t Au)

KWAC0123

90

1460885

243860

-55

45.0

52.0

7.0

5.3

KWAC0124

90

1460800

243752

-55

17.0

23.0

6.0

1.5

and

48.0

54.0

6.0

2.0

Intercept lengths are core lengths.

Betea

Infill drilling at Betea on selective fences spaced 80 metres apart, continue to delineate and improve the down-dip correlation of multiple north-south striking gold lenses, confined within a 100-150 metre wide structure. In addition, systematic drilling on fences varying from 80-160 metres has traced mineralisation for an additional 600 metres to the south, extending the gold mineralised zone to approximately 2,600 metres strike length.

A new target was identified some 400 metres northwest of Betea. The north-south trending structure outlined at surface by a 600 metre long coincident soil geochemical (>100ppbAu threshold) and IP (resistivity) anomaly was successfully tested (hole KWCC 735, which gave 5 metres at 1.9 g/t Au) by one fence of RC drill holes. Further drilling will be planned for the new season.

Hole

Azimuth

North

Co-ord

East

Co-ord

Dip

(deg)

From

(m)

To

(m)

Interval

(m)

Grade

(g/t Au)

KSC0659

90

1455440

251442

-55

1.0

10.0

9.0

2.9

KSC0669

90

1454320

251334

-60

15.0

19.0

4.0

1.4

and

78.0

81.0

3.0

1.2

KSC0671

90

1454320

251435

-55

30.0

35.0

5.0

1.1

KSC0675

90

1454160

251491

-55

66.0

69.0

3.0

4.1

KSC0676

90

1454160

251521

-55

13.0

15.0

2.0

51.8

and

24.0

29.0

5.0

1.4

KSC0677

90

1454240

251477

-55

22.0

27.0

5.0

3.3

KSC0680

90

1454080

251465

-60

67.0

72.0

5.0

3.7

and

122.0

125.0

3.0

7.5

KSC0684

90

1454000

251365

-55

35.0

40.0

5.0

1.9

KSC0687

90

1453800

251423

-65

84.0

92.0

8.0

3.3

incl

85.0

86.0

1.0

11.0

KSC0687

90

1453800

251423

-65

99.0

111.0

12.0

2.2

incl

101.0

102.0

1.0

16.1

KSC0688

90

1453760

251525

-55

16.0

19.0

3.0

1.5

KSC0691

90

1453680

251418

-55

20.0

33.0

13.0

1.5

and

82.0

93.0

11.0

1.1

and

113.0

119.5

6.5

1.7

 

 

Hole

Azimuth

North

Co-ord

East

Co-ord

Dip

(deg)

From

(m)

To

(m)

Interval

(m)

Grade

(g/t Au)

KSC0736

90

1454120

251306

-55

70.0

100.0

30.0

3.2

incl

95.0

100.0

5.0

15.5

KSD0094

90

1454160

251375

-55

9.0

11.0

4.0

1.4

and

41.0

49.0

8.0

22.4

incl

41.0

42.0

1.0

100.0

incl

48.0

49.0

1.0

73.4

and

191.0

192.0

1.0

28.1

KSD0095

90

1454000

251424

-60

122.0

127.0

5.0

1.1

and

132.0

137.0

5.0

2.8

and

143.0

146.0

3.0

3.6

and

174.0

177.0

3.0

3.1

KSD0096

90

1453840

251360

-55

149.0

155.0

6.0

1.2

and

215.0

219.0

4.0

1.3

KSC0692

90

1453440

251297

-55

75.0

81.0

6.0

1.7

KSC0697

90

1453360

251370

-55

41.0

44.0

3.0

4.5

KSC0698

90

1453280

251307

-55

5.0

15.0

10.0

1.3

KSC0702

90

1453200

250938

-55

0

15.0

5.0

1.1

KSC0711

90

1452880

251226

-55

15.0

25.0

10.0

2.1

KSC0735

90

1455620

250993

-55

45.0

50.0

5.0

1.9

Intercept lengths are core lengths.

Drill grade calculations are based on a 0.5 g/t Au lower cut off to define the mineralised structure, with no upper cut. Assays are in the main from 1 metre samples. Analytical work is being carried out at the independent Abilab Laboratories Ltd. in Bamako, Mali. Drill samples are subject to a full sample preparation followed by a 50 gram fire assay with an AA finish. Blanks, standards and duplicates are being used to monitor laboratory performance during the analysis. This press release has been reviewed by in-house qualified person Dr. Jonathan Forster, Fellow of the Institute of Materials, Minerals and Mining in the United Kingdom.

About AXMIN

AXMIN, a gold exploration company, offers dynamic growth with a track record of finding and developing mines in Africa. AXMIN is one of only a few companies of comparable or even larger size that has such a potential to develop multiple gold mines in west and central Africa. For more information regarding AXMIN visit our website at www.axmininc.com.

For additional information please contact AXMIN Inc.:

Mario Caron

President & CEO

Direct T: 416 304 6608

Judy Webster

Manager Investor Relations

T: 416 368 0993

ir@axmininc.com

This press release includes certain "Forward-Looking Statements." All statements, other than statements of historical fact, included herein, including without limitation, statements regarding potential mineralization and reserves, exploration results and future plans and objectives of AXMIN, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from AXMIN’s expectations are disclosed under the heading "Risk Factors" and elsewhere in AXMIN documents filed from time-to-time with the TSX Venture and other regulatory authorities.