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May 06, 2004

DRILLING UPDATE: KATSIA AND FRENCH CAMP PROSPECTS, CAR

Toronto, Ontario – AXMIN Inc. (AXM-TSX Venture) is pleased to report new core drilling results from the ongoing program at the Katsia and French Camp prospects at the Bambari Permit in the Central African Republic. Results include 15 metres at 10.5 g/t Au, 31.5 metres at 2.4 g/t Au, and 1.5 metres at 33.7 g/t Au from Katsia and 28.5 metres at 2.4 g/t Au from French Camp. Full results are reported in the accompanying table.

Chief Executive Officer, Dr Jonathan Forster comments "Drilling is steadily picking up pace with exciting grades emerging from Katsia where the geometry appears to be more complex than the slab like mineralisation at the French Camp prospect. Both prospects are shaping up to have excellent potential for exploitation from open pits. Moreover, with our core rigs now supplemented by a reverse circulation rig, which is available to move onto other targets, we are looking forward to expanding the number of drill prospects this quarter."

Hole No.

Total Depth (m)

North Co-ord

East Co-ord

Azimuth (deg)

Declin. (deg)

From (m)

To (m)

Interval (m)

Grade (g/t Au)

KATSIA

PDC 45

136.9

2200

1024

079

- 65

14.0

21.5

7.5

1.3

 

 

 

 

 

 

36.5

56.0

19.5

6.8

 

 

 

 

 

including

36.5

39.5

3.0

25.7

 

 

 

 

 

including

44.0

47.0

3.0

6.8

 

 

 

 

 

including

54.5

56.0

1.5

20.3

PDC 46

119.1

2520

980

079

- 65

11.6

24.6

13.0

2.8

 

 

 

 

 

and

38.1

53.1

15.0

10.5

 

 

 

 

 

including

38.5

41.1

2.6

44.8

 

 

 

 

 

and

71.1

72.6

1.5

31.8

 

 

 

 

 

and

77.1

78.6

1.5

2.3

PDC 47

212.0

2520

890

079

- 65

101.1

108.5

7.4

3.4

 

 

 

 

 

 

122.0

131.0

9.0

6.0

 

 

 

 

 

including

123.5

126.5

3.0

16.0

 

 

 

 

 

including

129.5

131.0

1.5

2.9

 

 

 

 

 

and

150.5

182.0

31.5

2.4

 

 

 

 

 

including

150.5

152.0

1.5

15.3

PDC 48

182.0

2600

907

079

-65

141.5

143.0

1.5

33.7

PDC 51

161.0

2480

985

079

-65

14.1

17.1

3.0

2.1

 

 

 

 

 

 

47.1

53.1

6.0

1.0

PDC 55

176.1

2400

980

079

-65

26.2

29.7

3.5

3.2

PDC 57

152.1

2440

1000

079

-65

18.7

36.7

18.0

2.3

 

 

 

 

 

including

21.7

24.7

3.0

7.3

 

 

 

 

 

and

83.2

86.2

3.0

8.6

FRENCH CAMP

PDC 101

208.7

300

1707

057

-70

118.6

121.6

3.0

3.3

 

 

 

 

 

 

130.6

139.6

9.0

1.9

 

 

 

 

 

 

150.1

177.3

27.2

1.6

PDC 102

235.7

380

1714

057

-70

139.7

168.2

28.5

2.4

 

 

 

 

 

including

159.2

168.2

9.0

4.8

 

 

 

 

 

and

189.2

191.7

2.5

4.6

 

Note:

· Hole PDC 43 at Katsia was previously reported as having an intersection of 22.1 g/t Au over 13.5 metres. The laboratory subsequently advised that it had made a typographical error on the provisional results and the final intersection value is now reported at 12.2 g/t Au over 13.5 metres.

· Holes PDC 49 to PDC 54 tested possible extensions to mineralisation to the north and east. A number of narrow (1.5 m) intersections of potentially economic grade were recorded, No immediate follow up is planned.

· Hole PDC 47 includes 3 metres of internal dilution < 0.5 g/t Au; hole PDC 57 includes 4.5 metres of internal dilution < 0.5 g/t Au

At French Camp four deep holes have been completed beneath the known gold zones, with results from two holes (PDC 101 and 102) demonstrating the continuity of the gold mineralisation to vertical depths of about 170 metres. This equates to some 210 metres of down dip mineralisation which may be exploited from an open pit with the structure dipping at an angle of approximately 55 degrees. The remaining two holes were set to test the margins of the deep structure. Hole PDC 103 had no significant values, suggesting that the plunge of the ore shoot is steeper than anticipated, while results for PDC 104 are awaited.

At Katsia, drilling on mainly 80 metre centres indicates that the gold zones occur with geologically more complex patterns when compared to the simple geometry of French Camp. The 200 metre long central zone of gold mineralisation has been the main focus for recent drilling, and is provisionally interpreted to occur as multiple strands of steeply dipping mineralisation associated with shearing that cuts a folded silica rich banded ironstone-schist unit. Very high gold grades, ranging from 15 g/t Au to 57 g/t Au, are commonly observed within quartz (+/- tourmaline) veins with widths of 1-3 metres within a broader halo of mineralisation that locally can extend to give true widths of approximately 30 metres. At its deepest, mineralisation has been proven to a vertical depth of 165 metres. Further assays are awaited.

The combination of narrow high grade structures and broader mineralised haloes at Katsia will initially require systematic drilling at 40 metre centres to allow for a better understanding of continuity and distribution of grade.

A total of 4,500 metres of core drilling was completed in the 14 weeks of drilling to the end of April. The two core rigs have been joined by the reverse circulation ("RC") rig which is now operative. The final deployment of the RC rig was delayed in shipping and customs. In addition, the rotary airblast ("RAB") rig has completed about 2,500 metres of drilling, mainly at prospects around Katsia but also at Bacanga Head where new mineralised zones have been identified.

Until the end of June, the drilling program at Katsia will include the completion of the infill drilling as well as the step out and testing of other targets. In addition, targets such as Main Zone East, Baceta, Ngoda and Bacanga Head will be tested by RC drilling in a prioritized program.

Grade calculations are based on the initial assays received from the laboratory, and will be subject to further quality control assaying. Analytical work is being carried out at the independent OMAC Laboratories Ltd. in Ireland. The core samples are subject to a full sample preparation followed by a 50 gram fire assay with an AA finish. Core blanks (5%) are being used to monitor laboratory performance during first pass analysis. A full QA/QC program will be coordinated on 20% of all >500 ppb samples at the end of the program and will include 5% blanks, standards and duplicates. This press release has been reviewed by an in-house qualified person, Dr. Jonathan Forster, Fellow of the Institute of Materials, Mining and Metallurgy ("IMMM").

AXMIN is a mineral exploration company with a strong focus on gold in highly prospective properties across Africa, principally in the Central African Republic, Mali and Burkina Faso.

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