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June 24, 2002



Toronto, Ontario – AXMIN Inc. ("AXMIN") (AXM-TSX Venture) wishes to advise that the ongoing reconnaissance Rotary Air Blast (“RAB”) drilling program on the Passendro Project area is scheduled for completion at the end of June. The project area lies within the Bambari Permit which covers a 90 km long strike segment of the Bandas Archean greenstone belt in the Central African Republic.

To date AXMIN has completed 3,100 metres of the RAB drilling program for 160 drill holes, with six out of the seven drill targets having now been drilled. The program has been designed to delineate, both rapidly and efficiently, gold mineralized structures within previously identified broad gold-in-soil anomalies. Gold particles have been seen in varying quantities in many of the 1 metre drill samples that have been collected and panned systematically for gold, suggesting that the program has been successful in highlighting structures that will subsequently require systematic Reverse Circulation (“RC”) and core drilling to determine whether gold mineralization is of economic proportions.

The drilling program is being undertaken using a lightweight, highly mobile drill rig. Vertical RAB holes, spaced at 20 metre intervals, are being drilled to 20 metres to 25 metres depth along fences set out at 320 metres or 160 metres apart. With only thin residual soil and laterite cover all drill holes penetrate into the weathered upper parts of the saprolite profile where the geology is dominated by interbedded sequences of banded ironstones and schists.

This technique was used previously by AXMIN on the Passendro Project area with the successful delineation of the “Main Zone” that was subsequently drilled by RC during 1999-2000, confirming the existence of extensive mineralised structures.

AXMIN has delivered the first batch of 5-metre composite RAB samples to OMAC Laboratories in Ireland where analysis for gold is underway. AXMIN expects that the analytical results from the entire program will be available by the end of July.

In a separate development, AXMIN is also pleased to announce that Ms Judith Webster will be taking up the full time position of Manager - Investor Relations from July 1, 2002. Ms Webster, who is to be based in Toronto, has a geological background and extensive experience in Investor Relations in the resource sector, having previously worked in that capacity for Pangea Goldfields Inc., Tiomin Resources Inc. and SAMAX Gold Inc. before joining the investor relation consultancy The Barnes Organization Inc.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this press release.

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: info@axmininc.com