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May 21, 2010

AXMIN RECEIVES TSX VENTURE EXCHANGE APPROVAL FOR THE LOAN AND DRAWS DOWN THE FULL AFNAT LOAN

Toronto, Ontario – May 21, 2010, AXMIN Inc. (AXM-TSX Venture) is pleased to announce that further to its press release of May 17, 2010, it has received the required approval from the TSX Venture Exchange with regards to the Loan Facility. The Loan Facility is an agreement between AXMIN and AfNat Resources Limited ("AfNat") whereby AfNat agrees to make available to AXMIN a Loan Facility of up to US$450,000, which has been drawn down by AXMIN in two tranches, the first for US$75,000 on May 17, 2010 and the second for US$375,000 on May 20, 2010. Details of the Loan Facility can be found in the above noted press release.

 

All AXMIN shares issued on conversion of the Loan Facility will be subject to a hold period of four months and a day from the date of the applicable draw downs.

About AXMIN

AXMIN is a Canadian exploration and development company with a strong focus on central and west Africa. AXMIN has projects in Central African Republic, Mali, Sierra Leone and Senegal. For more information regarding AXMIN visit our website at www.axmininc.com.

For additional information please contact AXMIN Inc.:

 

Mario Caron

President & CEO

Direct T: 416 368 0993 ext 223

Judy Webster

Manager Investor Relations

T: 416 368 0993 ext 221

ir@axmininc.com

 

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This press release includes certain "Forward-Looking Statements." All statements, other than statements of historical fact, included herein, including without limitation, statements regarding the completion of the Transaction and the Financing, the anticipated and actual terms and conditions of the Transaction and any definitive agreements entered into in connection with the Transaction 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 Exchange and other regulatory authorities. AXMIN disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law.