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Nov 1, 2010

AXMIN ANNOUNCES NON-BROKERED PRIVATE PLACEMENT OFFERING

Toronto, Ontario – November 1, 2010 – AXMIN Inc. (AXM-TSX Venture) is pleased to announce a non-brokered private placement offering consisting of Units (the “Units”) in the Company at a price of C$0.12, for total gross proceeds of up to C$6 million (the “Offering”). Each Unit consists of one common share, plus one common share purchase warrant. Each whole common share purchase warrant entitles the holder to purchase one additional common share of AXMIN at a price of C$0.18 for a period of twenty four months following the closing of the Offering. AXMIN shall have the right to call the warrants by giving 30 days notice at any time if the common shares of AXMIN trade at $0.23 or higher on a Volume Weighted Adjusted Price (“VWAP”) for a period of 15 consecutive trading days, on days that the common shares of AXMIN actually trade.

AXMIN intends to use proceeds of the Offering primarily for completion of the final feasibility study for its Passendro Gold Project in the Central African Republic (“CAR”) and exploration on its permit areas in CAR that have the potential to increase available resources at Passendro. SENET (PTY) Ltd. of South Africa is heading or will head the revalidation of the Passendro feasibility study based on a 3 million tonne per annum production profile. The revalidation is scheduled for completion in early 2011. Simultaneously, AXMIN has re-engaged Endeavour Financial International Corporation to provide debt finance advice with respect to project financing for the Passendro Project.

Closing of the Placement is subject to approval of the TSX Venture Exchange and will occur as soon as practicable after the receipt of such approval. The Units, common shares, and warrants are subject to a four month hold period from the date of closing.

AXMIN may pay a finder’s fee for that portion of the placement taken up by registered brokers on behalf of certain parties that have indicated their intention to subscribe to the placement.

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, Mozambique, Sierra Leone, Senegal and Zambia. For more information regarding AXMIN visit our website at www.axmininc.com.

For additional information please contact AXMIN Inc.:

George Roach

President & CEO

Direct T:+44 779 626 3999

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 future plans and objectives of AXMIN; and statements regarding the ability to develop and achieve production at Passendro, to revalidate the BFS and to satisfy the terms of the Mining Licence as negotiated, 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 have been disclosed under the heading "Risk Factors" and elsewhere in AXMIN’s 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 resulting from new information, future events or otherwise, except as required by applicable law.