News ReleasesOct 29, 2010 AXMIN REGAINS CONTROL OF MAVITA LICENCES IN MOZAMBIQUE Under the terms of the agreement announced on June 9, 2010, AXMIN will regain 100 percent control of the Mavita licences. All of the data from exploration work completed by Rio Tinto on behalf of the joint venture agreement will be relinquished to AXMIN. President and CEO of AXMIN, Mr. George Roach, comments, “Although we are disappointed that the Mavita project did not make Rio Tinto’s exploration requirements we remain encouraged about the prospectivity of the Mozambique assets. To that end, we are in negotiations with another potential joint venture partner and hope to announce an agreement shortly. AXMIN remains focussed on rapidly advancing it’s revalidation of the Passendro Gold Project feasibility study to include the upside of the current gold prices and our updated mineral resources and reserves. Simultaneously, AXMIN has reopened negotiations, in conjunction with Endeavour Financial, with appropriate parties who will form part of the mine development debt finance consortium and expect to inform our shareholders on its progress in the near future.” About AXMIN For additional information please contact AXMIN Inc.: George Roach Judy Webster 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. |