October 31, 2003

BOUROUM-TAPARKO FEASIBILITY STUDY SUBMITTED TO BURKINA FASO GOVERNMENT

Toronto, Ontario – AXMIN Inc. (AXM-TSX Venture)is pleased to announce it has been advised by High River Gold Mines Limited (HRG-TSX) that it has submitted a feasibility study to the Burkina Faso government and High River has taken a positive decision, subject to formal Board approval, to proceed with development of the Bouroum-Taparko gold project.

High River reports that the feasibility study evaluates the construction of a mill and infrastructure on its Taparko permit to process ore from both the Taparko deposit and AXMIN’s Bouroum deposit located 49 kilometres northwest of the Taparko property. The study outlines a combined operation processing one million tonnes per annum and producing approximately 680,000 ounces of gold over a 7½ year mine life. Annual production would average 91,000 ounces with approximately 100,000 ounces in the first few years. It is anticipated that at least 110,000 ounces of reserves will be incorporated from AXMIN’s Bouroum permit. First production could commence in late 2005. The processing facility has been designed with a longer term operation in mind as both AXMIN and High River consider there to be excellent potential to define additional satellite deposits amenable to open pit mining across both properties.

A bankable feasibility study to follow will incorporate the findings of further ongoing optimization studies which could impact certain costs including the total capital costs which may be lower than currently estimated. Definitive operating and capital costs will be determined as part of the bankable feasibility study.

AXMIN looks forward to formalising its joint venture arrangements with High River in anticipation of working together on the future development of the combined Bouroum-Taparko project..

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.