News Releases

May 22, 2002

AXMIN DRILLING PROGRAM COMMENCED IN THE CENTRAL AFRICAN REPUBLIC

Toronto, Ontario – AXMIN Inc. (AXMIN) (AXM-CDNX) is pleased to announce that reconnaissance drilling commenced during the first week of May in the Passendro area of the 2,000 square kilometre Bambari permit in the Central African Republic. The 5,000 metre Rotary Air Blast (RAB) drill program is targeting the extensions of the mineralized Main Zone and French Camp prospects delineated in earlier drill programs. It is anticipated that the program will provide the information required to outline gold bearing zones that will subsequently require follow up drilling using Reverse Circulation (RC) and coring techniques.

"Given the prospectivity and size of the targets being tested there is excellent potential to make multi-million ounce discoveries in these prospect areas," commented Jonathan Forster, Chief Executive Officer. "The Passendro area is only one of four areas, currently identified with large zones of anomalous gold in soil on the Bambari permit. With similar underlying geology on each area, the potential of this Archean greenstone belt for major discoveries is enormous."
The successful first drilling programs conducted by AXMIN in 1999 and 2000 discovered continuity of gold mineralization with potentially economic grade over strike lengths of 1,600 metres at the Main Zone prospect, as well as at the French Camp prospect. At both prospects gold mineralization remained open in all directions. It is anticipated that the current program could identify a number of new gold mineralized structures, while extending the existing mineralization, which together could have multi-million ounce potential.

The RAB program is initially being drilled on fences typically 320 metres apart across seven separate gold in soil anomalies (50 ppb threshold), each of which is over 1,000 metres in length. Drilling is being undertaken by the AXMIN owned, highly mobile "Timberjack" mounted RAB rig, with vertical holes set at 20 metre intervals, to a vertical depth of about 25 metres entirely in oxides. This technique was previously utilised very successfully to define the outline of the Main Zone gold mineralization, prior to follow up by RC drilling.

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
AXMIN Inc.
T: +44-1233-665600
F: +44-1233-643728
E-mail: info@axmininc.com