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May 10, 2004


Toronto, Ontario – AXMIN Inc. (AXM-TSX Venture) is pleased to report completion of a bankable feasibility study on the Bouroum Permit that incorporates the reserves of the Bouroum Permit into the Taparko project of High River Gold Mines Ltd.. As a result AXMIN has earned an undivided 65% beneficial interest in the Bouroum Permit from Channel Resources Ltd. ("Channel"). An 8% interest in the Bouroum Permit was purchased by AXMIN from Channel on October 7, 2003.

AXMIN has also advised Channel it wishes to proceed with the purchase of Channel's remaining outstanding 27% interest in the Bouroum Permit for a purchase price of US$445,079, which purchase price was calculated according to the Heads of Agreement dated May 3, 2002 between AXMIN and Channel and is based on the average price of gold for the previous 30 days of US$406 per ounce, which provides for a purchase price of US$15 per ounce of reserves. This price is applied to 27% of the reserve figure of 109,896 ounces, which equates to 29,671.9 ounces and thus the sum payable to Channel is US$445,079. It is expected this transaction will close by the end of May 2004.

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