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October 24, 2002


Toronto, Ontario – AXMIN Inc. (AXM-TSX Venture) announces the appointment of Craig Banfield as Secretary to the Corporation effective October 17, 2002. Mr. Banfield, Chief Financial Officer of AXMIN, is a Chartered Accountant with more than 8 years experience in the operation of public markets and finance.

AXMIN Inc. is a mineral exploration company with a strong focus on gold in highly prospective properties across Africa, including the Central African Republic, Burkina Faso, Mali, Ghana, Senegal and Tanzania.

In Burkina Faso, AXMIN is currently working towards the completion of a joint pre-feasibility study with High River Gold Mines Ltd. which is scheduled for the end of the year / early 2003. Initial metallurgical testwork on AXMIN’s Bouroum property has confirmed that gold recoveries using cyanide leach in the oxide, transition and sulphide ore lie in the range of 90-99%. The combination of near surface high grade resources at AXMIN’s Bouroum deposit that are amenable to industry standard cyanide leach techniques provides further encouragement for a positive outcome to the joint pre-feasibility study.

In the Central African Republic, AXMIN is continuing with the reconnaissance rotary air blast (RAB) drilling program focusing on the French Camp Trend and Katsia prospect within the Passendro project area.

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