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March 22, 2002


AXMIN Inc. (AXM-CDNX) and Channel Resources Ltd. ("Channel") (CHU-TSE) are pleased to announce that pursuant to the exclusive 90 day option to acquire an interest in the Bouroum Permit, Burkina Faso, granted by Channel to AXMIN Limited ("AXMIN"), a wholly owned subsidiary of AXMIN Inc., announced in January 2002, AXMIN has exercised its option and will deliver a Heads of Agreement ("HOA") to Channel.

Upon signature of the HOA AXMIN will make a payment of Cdn$55,000 to Channel and a second payment of Cdn$75,000 will be due to Channel on the six month anniversary of the first payment. AXMIN may earn a 65% interest in the Bouroum Permit by carrying Channel through to a bankable feasibility study and upon submission of the feasibility study, AXMIN will buy out the pro rata interest of Channel in the proven and probable reserves. In addition, there will be a minimum expenditure of US $250,000 on exploration across the Permit by AXMIN within twelve months of signature of the HOA.

AXMIN has advised Channel and Solomon Resources Limited that it will not proceed with the exercise of the option over the Bombore Permit, Burkina Faso.

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

For further information contact:

Jon Forster
Chief Executive Officer
T: (416) 368-0993/ +44-1233-665600
F: (416) 368-8957 / +44-1233-643728
E-mail: info@axmininc.com

Hon. D. Ross Fitzpatrick
Chairman and President
Channel Resources Ltd.
5445 Lakeshore Road
Kelowna, BC, V1W 4S5
T: (250) 764-7090
F: (250) 764-7093
E-mail: ir@channelr.com

Ronald K. Netolitzky
Solomon Resources Limited
Suite 900 - 475 Howe Street
Vancouver, BC, V6C 2B3
T: (604) 669-6656
F: (604) 684-9877
Web Site: www.bmts.bc.ca/srb/