Home  |  Contact Us

News > 2006 > Nov 27, 2006

News Releases

Nov 27, 2006

Axmin engages debt finance advisor to the Passendro gold project, central african republic

Toronto, Ontario – Nov 27, 2006, AXMIN Inc. (AXM-TSX Venture)is pleased to announce it has engaged Endeavour Financial International Corporation to provide debt finance advice with respect to the project financing of the Passendro Gold Project in the Central African Republic.

Endeavour has one of the largest investment banking teams dedicated exclusively to the mining industry and, having provided financial advisory services to the mining and minerals industries for eighteen years, has significant experience in raising debt finance for mining projects on a global basis, including Africa.

Chief Executive Officer, Dr Jonathan Forster comments "Endeavour’s appointment highlights our confidence in the Passendro Project and will assist in its orderly transition toward the development phase. We believe that Endeavour’s involvement with us will be of great value to both our Company and our shareholders as we arrange the financing for the project."

Endeavour will arrange the financing for the Passendro Gold Project and its initial task will be assisting with the completion and "bankability" of AXMIN’s feasibility study, with a view to evaluating the most efficient financing plan for the project. The Endeavour team will be headed up by David Rhodes, Managing Director, and David Street, Senior Director - Debt Finance, both of whom have worked for many years in major financial institutions and have been involved in many of the major mining finance transactions completed in Africa over the last fifteen years.

The bankable feasibility study for the Passendro Gold Project is headed up by SENET (PTY) Ltd. of South Africa and is scheduled for completion mid-2007. Meanwhile the Company’s wholly owned drill rigs in the Central African Republic continue with resource definition drilling for the purposes of the feasibility study whilst at the same time drilling new areas within a 20 km radius of Passendro from where the discovery of new resources may end up being part of the Passendro Gold Project.

This press release has been reviewed by an in-house qualified person, Dr Jonathan Forster, Fellow of the Institute of Materials, Minerals and Mining in the United Kingdom.

AXMIN is a mineral exploration company with a strong focus on gold in highly prospective properties across central and west Africa. For more information regarding AXMIN visit our website at www.axmininc.com.

Safe Harbour Statement

Certain statements contained herein, as well as oral statements that may be made by the company or by officers, directors or employees of the company acting on the company's behalf, that are not statements of historical fact, may constitute "forward-looking statements" and are made pursuant to applicable and relevant national legislation (including the Safe-Harbour provisions of the United States Private Securities Litigation Reform Act of 1995) in countries where AXMIN is conducting business and/or investor relations. Forward-looking statements, include, but are not limited to those with respect to the price of gold, the estimation of mineral reserves and resources, the realization of mineral reserves estimates, the timing and amount of estimated future success of exploration activities, AXMIN’s hedging practices, currency fluctuations, requirements for additional capital, government regulation of mining operations, environmental risk, title disputes or claims limitations on insurance coverage and the timing and possible outcome of pending litigation. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "does not expect", "is expected", "budget", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or equivalents or variation, including negative variation, of such words and phrases, or state that certain actions, events or results, "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause the actual results of the company to be materially different from the historical results or from any future results expressed or implied by such forward-looking statements. Such risks and uncertainties include, among others, the actual results of current exploration activities, conclusions of economic evaluations, changes in project parameters as plans continue to be refined, possible variations in grade and ore densities or recovery rates, failure of plant, equipment or processes to operate as anticipated, accidents, labour disputes and other risks of the mining industry, delays in obtaining government approvals or financing or in completion of development or construction activities. Although AXMIN has attempted to identify important factors that could cause actual actions, events or cause actions events or results not to be anticipated, estimated or intended, there can be no assurance that forward looking statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Except as may be required by applicable law or stock exchange regulation, the company undertakes no obligation to update publicly or release any revisions to these forward-looking statements to reflect events or circumstances after the date of this document or to reflect the occurrence of unanticipated events. Accordingly, readers should not place undue reliance on forward-looking statements.

# # #

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 AXMIN Inc.:


Jon Forster

Judith Webster

Chief Executive Officer

Manager – Investor Relations



Tel: +44 (0)1233 665600 (UK)

Tel: +1 416 368 0993 (Canada)

Fax: +44 (0)1233 643728 (UK)

E-mail: ir@axmininc.com