News Releases

Jun 22, 2006

Passendro gold project, central african republic - Exploration Update

Toronto, Ontario – Jun 22, 2006, AXMIN Inc. (AXM-TSX Venture) is pleased to provide an update on the progress of its exploration activities across the 3,000 sq km Bambari-Bakala permits, Central African Republic. These permits cover a 140 km long strike length of the Bandas greenstone belt and host the Passendro Gold discovery, which is now the subject of ongoing feasibility studies designed to produce 200,000 ounces of gold per year.

Through ongoing regional exploration AXMIN has now developed a "pipeline" of 20 new drilling targets along the greenstone belt with a total combined strike length of more than 22 km (anomaly threshold of 100 ppb Au). Of these, 17 (17.5 km combined strike length) occur within the Ndassima, Ao and Mbourou blocks, and are within haulage distance of less than 20 km from Passendro. To date, 35 reverse circulation ("RC") drill holes totalling 1,400 metres and 5 core holes totalling 550 metres have been completed on 6 of the prospects that lie in the Ndassima block (see table below). Results will be announced when assays are received and interpreted. Drilling will continue on these and other targets throughout 2006.

Dr Jonathan Forster, Chief Executive Officer of AXMIN comments "Having made the Passendro discovery and now armed with an understanding of the geological controls on gold mineralisation we are confident of making additional discoveries along the 140 km long greenstone belt. Our regional exploration work is delineating large numbers of new drill targets and confirming that we are dealing with a very large gold district, which has an excellent chance of meeting our objectives of not only extending the life of our 200,000 ounce per year initial development but also providing the basis for a second stage expansion above this production level."

During the 2006 dry season some 215 sq km of new reconnaissance soil sampling, in addition to follow-up soil sampling was completed across four blocks as follows: the Ndassima block (80 sq km) just southeast of Passendro; the Mbourou block (75 sq km) located to the east of Passendro and Ndassima; the Western Limb block (60 sq km) which covers a 10 km strike length of the western arm of the Bandas greenstone belt; and the Louba block (60 sq km) situated 30 km northwest along strike from Passendro. Gold has been observed in drainages in all of these blocks. Analytical results are awaited from the surveys.

A helicopter borne magnetic and radiometric survey has recently been completed on the contiguous 1,000 sq km Bakala Permit, 40 km to the northwest of Passendro, during which three significant sites of artisanal gold mining were observed in drainages. The survey clearly indicates that the iron formations which are associated with the gold mineralisation extend north-westwards from the Bambari Permit to the western end of the Bakala Permit.

The following table summarises the status of regional exploration. A plan identifying these locations can be found on the AXMIN website (www.axmininc.com).

In addition to the drilling on the Batis, Yagba and Kaga prospects in the Ndassima block drill programs are being planned at Saraganza and Yamale (Ao block), Mbourou block and at Bambari South for the second half of the year.

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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