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May 21, 2003

CORE DRILLING PROGRAM STARTS IN THE CENTRAL AFRICAN REPUBLIC

Toronto, Ontario – AXMIN Inc. (AXM-TSX Venture) is pleased to report that the initial 3,000 metre core drilling program has started on the Bambari permit in the Central African Republic with the objective of commencing resource definition at the French Camp and Main Zone prospects in the Passendro project area. In addition new targets will be tested at the Katsia prospect.

The first prospect to be tested is at French Camp. The angled drill holes will investigate the zone of gold mineralisation hosted in Banded Iron Formation over a strike length of at least 400 metres, as interpreted by previous reverse circulation (“RC”) and rotary airblast (“RAB”) drilling. The previous RC drilling included intersections of 5.4 g/t Au over 16 metres and 3.6 g/t Au over 8.5 metres (hole finished in mineralisation) on lines 300N and 140N respectively. In addition there is a zone of 120 metre width on line 380N which was tested by 20 metre deep vertical RAB holes and averaged 1.5 g/t Au. This excludes one hole that averaged 15.2 g/t Au over 17 metres.

At the 1,600 metre long Main Zone prospect, located about 3 km north of French Camp, the mineralisation is mainly shear hosted in sericitic schists. The current core drilling program will concentrate on two zones of stronger mineralisation and in the first instance test a southerly 800 metre zone from line 10,000N to 10,800N as well as a second zone of 400 metre strike length from line 11,100N where previous RC drill results include 3.9 g/t Au over 7 metres, 2.9 g/t Au over 12 metres and 4.5 g/t Au over 10 metres. In the southerly zone, several separate structures have been recognised with previous RC drill results that included 5.4 g/t Au over 10 metres, 10.9 g/t Au over 8 metres, 4.7 g/t Au over 7 metres and 2.5 g/t Au over 20 metres.

The program is anticipated to take approximately 10 to 12 weeks to complete, with drill core scheduled to be flown out of country on a regular basis for assaying at the independent laboratory of Omac Ltd in Ireland.

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

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

For additional information please contact:

Mario Caron

President & CEO

Direct T: 416 304 6608

Judy Webster

Manager Investor Relations

T: 416 368 0993

ir@axmininc.com

This press release includes certain "Forward-Looking Statements." All statements, other than statements of historical fact, included herein, including without limitation, statements regarding potential mineralization and reserves, exploration results and future plans and objectives of AXMIN, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from AXMIN’s expectations are disclosed under the heading "Risk Factors" and elsewhere in AXMIN documents filed from time-to-time with the TSX Venture and other regulatory authorities.