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May 14, 2002


• indicated resource estimate of 2.3 Mt grading 3.1 g/t Au (230,000 oz)
- includes high grade zone of 0.3 Mt grading 8.9 g/t Au (86,000 oz)
• inferred resources add a further 2.6 Mt grading 2.8 g/t Au (235,000 oz)
• excellent potential for discovery of additional resources

Toronto, Ontario – AXMIN Inc. (AXM-CDNX) is pleased to announce that an exploration program, which will include reverse circulation and core drilling is to commence shortly at the Bouroum Permit in Burkina Faso, following the signing of a Heads of Agreement between AXMIN Limited (“AXMIN”), a wholly owned subsidiary of AXMIN Inc., and Channel Resources Ltd. (“Channel”) (CHU-TSE) as reported on May 8, 2002. AXMIN may earn a 65% undivided beneficial interest in the Bouroum Permit with a buy out right to increase this to 100%, subject to back in rights held by the government of Burkina Faso.

SRK Consulting in the United Kingdom (“SRK”) has carried out an independent resource estimate on behalf of AXMIN for gold deposits located on the 275 sq km Permit. SRK estimates that there is an indicated gold resource of 230,000 ounces (2.3 million tonnes at 3.1 g/t Au) in two deposits (F12 and Welcome Stranger), as well as a further 235,000 ounces (2.6 million tonnes at 2.8 g/t Au) in the inferred category in these two deposits plus the Bissinga deposit. Moreover, within the F12 indicated resource SRK modelled a high grade gold zone with an estimated 86,000 ounces of gold grading 8.9 g/t Au from near surface. In addition high grade zones are apparent in the two other deposits within the inferred category but are yet to be modelled.

The objective of the planned drilling program is to increase the level of confidence in the resources and better delineate the high grade zones in order that a pre-feasibility study may be concluded. This work will include metallurgical and geotechnical studies.

It is believed by AXMIN geologists that the Permit also has excellent potential for the discovery of additional resources.

The F12 and Welcome Stranger deposits are interpreted to lie at a site of tensional opening within a major NNW trending shear zone that crosses the Permit. AXMIN considers it possible that further mineralized tension gashes with a similar size potential to F12 / Welcome Stranger can be discovered along the structure. Regional exploration is starting on seven priority targets within a 15 km radius of the F12 prospect. Typically the targets are represented by areas of combined gold-in-soil anomalies and artisanal activity along gold bearing structures. Initial reconnaissance drilling conducted by other parties during earlier campaigns locally confirmed strong zones of gold mineralization that remain to be followed up.

Chief Executive Officer, Jon Forster comments “The objective of the program is to determine the potential of the Bouroum Permit to support a near term, high grade mining project from both the existing resource base and from new discoveries in order to generate strong cash flow that would facilitate AXMIN’s ongoing pursuit of major gold discoveries in Africa.”

Resource Estimate
The decision to proceed with the project has been taken following the determination of the resources held within the F12, Welcome Stranger and Bissinga prospects under the supervision of the qualified person, Dr Mike Armitage (CEng, CGeol.), of SRK. The consultants undertook a site visit to review the geological model and to review archived data and samples. SRK report that the classification into indicated and inferred categories is in accordance with National Instrument 43-101.

The mineral resources identified do not constitute reserves and as such no economic viability has been demonstrated.

Resource Estimation Methodology
The resource was estimated using data derived from 175 (23,700m) reverse circulation (RC) drill holes and 9 diamond drill holes (HQ and NQ diameters), the majority of which were undertaken by previous partners of Channel, but does include 6 RC holes drilled by AXMIN for confirmatory purposes, and reported in a press release dated January 14, 2002. The drilling was conducted on fences of 40 metres or less across all three of the prospects. All of the drilling was performed before the involvement of SRK in the project. Notwithstanding this, SRK conducted a detailed review of the available information regarding the quantity and quality of the data.

No previously collected density data was made available, so tonnage estimates were derived using an average density of 2.0 t/m3 for the oxide ore zone, and 2.7 t/m3 for fresh ore which SRK considers to be reasonable for deposits of this nature in West Africa. SRK subsequently undertook its own check density measurements on remaining drill core which suggests that the densities used for the estimate should be retained but may be of a conservative nature.

The resource was subdivided into high grade (>4.5g/t Au cut off) and low grade domains for statistical modelling, with a high grade cut of 10 g/t Au applied to all interpolations conducted in the low grade domain. No grade cutting was applied to the high grade domain. Ordinary Kriging was used for the grade extrapolation for all of the zones except for the F12 high grade zone and the Bissinga orebody where Inverse Distance interpolation was used.

The Canadian 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
F: +44-1233-643728
E-mail: info@axmininc.com