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June 10, 2002


Toronto, Ontario – AXMIN Inc. (“AXMIN”) (AXM-TSX Venture) is pleased to announce that it has entered into an agreement dated May 31, 2002 with Haywood Securities Inc. (“Haywood”) pursuant to which AXMIN proposes to raise gross proceeds of up to CDN $2,002,000 through a brokered private placement of up to 5,720,000 Units at a price of $0.35 per Unit. Each Unit will consist of one common share plus one common share purchase warrant. Each warrant will entitle the holder to purchase one additional common share of AXMIN at a price of $0.45 for a period of eighteen months following closing.

Under the agreement, Haywood has agreed to act as lead agent to effect the sale of the Units. In consideration of its services as agent, Haywood will receive a commission in the amount of 6% of the gross proceeds from the private placement, compensation options to purchase that number of common shares of AXMIN equal to 10% of the total number of the Units sold under the private placement at a price of $0.35 for a period of eighteen months from the closing of the issue of the Units and reimbursement of Haywood’s reasonable out-of-pocket expenses in connection with the private placement.

AXMIN has agreed to file an annual information form prior to closing of the private placement. Common shares acquired under the private placement of Units will be subject to a 4-month hold period from the date of closing in all provinces other than Quebec.

The net proceeds of the private placement will be primarily 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 Bouroum project. AXMIN has initiated a program of reverse circulation and core drilling on the Bouroum property to confirm and better define gold resources (previously announced on May 14, 2002) as well as to explore additional sites of known gold mineralization on the Bouroum property.

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
Chief Executive Officer
T: +44-1233-665600/+1-416-368-0993
F: +44-1233-643728/+1-416-368-8957
E-mail: ir@axmininc.com