October 27, 2003

NEW DRILL PROGRAM UNDERWAY IN CENTRAL AFRICAN REPUBLIC

Toronto, Ontario – AXMIN Inc. (AXM-TSX Venture) is pleased to advise that the first two holes of the 15,000 metre drilling program have been completed on the Bambari Permit in the Central African Republic (“CAR”) and a sample preparation lab is being established to reduce the turn-around time for assaying of samples. The increasing tempo of the exploration program in the CAR reflects the confidence of management in the potential of the Bambari Permit.

Objectives of the 15,000 metre Drill Program
The drill program is designed to define resources at the French Camp and Katsia prospects and to test at least four Rotary Air Blast (“RAB”) zones of gold mineralisation that lie within a five kilometre radius. The first core rig began drilling at the French Camp prospect on October 20, 2003. A second core rig is ready for mobilisation from South Africa and plans are being made to access a reverse circulation rig. The objective is to have both additional rigs drilling at the start of 2004.

Meanwhile AXMIN’s own RAB drill rig will shortly commence an additional 1,500 metre program across new targets within the Bambari Permit’s Passendro Project area. RAB drilling has previously proven to be successful and cost effective in delineating gold mineralised structures.

Sample Preparation Lab
An on-site sample preparation facility is being established, which will be operated by the United Kingdom based independent laboratory group Alex Stewart (Assayers) Ltd., the parent of OMAC Laboratories Ltd. (“OMAC”) in Ireland. OMAC currently undertakes gold assays for the project. By conducting sample preparation on-site it is anticipated that the turn-around time for sampling to analysis and associated freight costs will be significantly reduced.

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.