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November 25, 2002


Toronto, Ontario – AXMIN Inc. (AXM-TSX Venture) announces the appointment of Mr. Jean Claude Gandur as Chairman and Dr. Michael Martineau as Deputy Chairman of the Corporation effective December 1, 2002. Dr. Martineau remains President of the Corporation.

Mr. Gandur is Chairman and Chief Executive Officer of The Addax & Oryx Group Ltd. ("AOG") which holds 49.5% of the issued shares of AXMIN. AOG is an integrated African oil business with annual revenues exceeding US$3 billion.

Dr. Martineau is a director of several resource companies including Ashanti Goldfields Company Limited and Eurasia Mining PLC. Both Jean Claude Gandur and Michael Martineau were involved in the successful development of SAMAX Gold Inc. which was sold to Ashanti Goldfields Company Limited for Cdn$213 million in 1998.

Dr. Jonathan Forster, Chief Executive Officer, states "I welcome these appointments and I am confident that AXMIN will benefit greatly from Mr. Gandur's knowledge of and experience in the African mining sector, particularly in the francophone countries of West Africa where AXMIN’s main activities are located."

AXMIN is a mineral 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 further information contact:

Jon Forster   Judith Webster
Chief Executive Officer Manager – Investor Relations
T: +44-1233-665600   Tel: +1-416-368-0993
F: +44-1233-643728    
E-mail: ir@axmininc.com