News Releases

May 08, 2002

AXMIN AND CHANNEL ENTER INTO HEADS OF AGREEMENT OVER THE BOUROUM PERMIT 

AXMIN Inc. (AXM-CDNX) and Channel Resources Ltd. ("Channel") (CHU-TSE) are pleased to announce that AXMIN Limited ("AXMIN"), a wholly owned subsidiary of AXMIN Inc., and Channel have now entered into a formal Heads of Agreement ("HOA") over the Bouroum Permit in Burkina Faso, West Africa. Accordingly AXMIN will make payment to Channel of Cdn$55,000 and a second payment of Cdn$75,000 will be due to Channel on the six month anniversary of the first payment.

Under the terms of the HOA AXMIN may earn a 65% undivided beneficial interest in the Bouroum Permit by completing a bankable feasibility study. Should AXMIN decide to proceed with development then AXMIN will buy out the pro rata interest of Channel in the proven and probable reserves. In addition, there is a minimum expenditure of US$250,000 on exploration across the Bouroum Permit by AXMIN within twelve months of signature of the HOA.

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

Hon. D. Ross Fitzpatrick
Chairman and President
Channel Resources Ltd.
T: +1-250-764-7090
F: +1-250-764-7093
E-mail: ir@channelr.com
5445 Lakeshore Road
Kelowna, BC,
V1W 4S5,
Canada