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June 15, 2004


Toronto, Ontario – June 15, 2004, AXMIN Inc. (AXM-TSX Venture) is pleased to announce the sale of its 100% interest in the 109,896 ounce Bouroum Permit reserves in Burkina Faso to a subsidiary of High River Gold Mines Limited for a total consideration of US$3.3 million. In addition AXMIN and High River Gold have established a joint venture that will ensure the continued exploration of AXMIN’s permits in Burkina Faso. These transactions are subject to Board of Directors and government approvals.

The Bouroum deposit has been the subject of a joint feasibility study between AXMIN and High River Gold that has reviewed the potential for incorporation of the Bouroum reserves into the Taparko project of High River Gold. The mineable reserves (at US$350/oz gold price) are derived from three open pits, being F12, Welcome Stranger and Bissinga, which together contain 861,000 tonnes at a grade of 3.97 g/t Au as estimated by SRK (Canada) Inc. The sale agreement with High River Gold covers an area of 11 sq km within the Bouroum Permit.

The remainder of the Bouroum Permit plus the two adjacent permits Yeou and Ankouna is subject to an exploration joint venture between AXMIN and High River Gold whereby High River Gold may earn 100% interest in the three permits by spending US$1.5 million on exploration over three years, with a minimum of US$381,000 in the first year. AXMIN retains a back-in right up to the time of completion of a feasibility study for a 50% interest in one or all of the permits by paying High River Gold a multiple of 1.5 times its expenditure on the relevant permit(s).

Chief Executive Officer, Dr Jonathan Forster comments “We have elected to realise immediate value from the Bouroum reserves, rather than participate as a minority partner in the Taparko-Bouroum project. It is our belief that we can serve shareholders better by recycling funds into quality exploration opportunities rather than tie up finance required to extract value from longer term exposure to a mining project. Through the exploration joint venture with High River Gold we retain upside in any further exploration success at Bouroum and its environs.”

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
T: +44-1233-665600 (UK) Tel: +1-416-368-0993 (Canada)
F: +44-1233-643728 (UK) E-mail: ir@axmininc.com