News Releases

Sep 05, 2006

Drilling continues to intersect high grades at kofi sw zone c, kofi project, mali

Toronto, Ontario – Sep 05, 2006, AXMIN Inc. (AXM-TSX Venture) is pleased to provide an update on the ongoing drill program on the Kofi Project in the Loulo area of western Mali, where infill and extension drilling continues to define near surface high grade intercepts, such as 11.8 g/t Au over 30 metres, 7.5 g/t Au over 41 metres, 2.4 g/t Au over 45 metres and 25.3 g/t Au over 15 metres. True widths of the intersections are estimated to be up to 25 metres. In addition, a new zone of mineralisation has been recognised approximately 150 metres to the south with a strike length of some 240 metres, and currently estimated true widths of up to 15 metres. New intercepts include 14.7 g/t Au over 15 metres, 3.9 g/t Au over 20 metres and 4.6 g/t Au over 10.5 metres.

The 2,700 metre reverse circulation ("RC") drill program at Kofi SW Zone C commenced in July following transfer of the drill rig from the Kofi South prospect located about 8 kms to the east with the onset of the wet season. Significant new drill results have recently been reported (press releases June 27, 06 and August 08, 06) from the Kofi South prospect. Drilling is ongoing with a plan to expand the number of rigs available through the remainder of 2006. The focus being both along strike from known resources and discoveries, and also to depth where warranted by higher grades.

The program at Kofi SW Zone C was designed to both identify new mineralisation in the immediate vicinity and to upgrade the existing inferred resources at Zone C (1.03 Mt grading 5.0 g/t Au, 160,000 contained ounces) to indicated status. The previously announced combined resources at Kofi SW Zones B and C comprise: indicated resource of 45,000 ounces grading 3.2 g/t Au and inferred resource of 245,000 ounces grading 3.8 g/t Au (press release September 27, 2005). Drilling has targeted depths suitable for open pit mining.

Chief Executive Officer, Dr Jonathan Forster comments "We are delighted with the results from the infill and extension programs, with impressive near surface widths and grades continuing to be identified and providing increased confidence in the earlier geological models. In conjunction with the new zone to the south, which also exhibits good grades, there is excellent potential to increase resources at Zone C. Indeed, the results that are emerging from across the Kofi Project continue to impress. Given the recent discovery at Kofi South, the existing resources at Zone B, and the untested mineralisation at Kofi SS, the potential to establish sufficient resources to support a stand alone gold mill remains first rate. In addition there are a substantial number of large soil targets that remain untested."

This program at Zone C has entailed infill drilling on fences typically 40 metres apart within the known envelope of gold mineralisation, from geochemistry and prior drilling to vertical depths of about 100 metres. The new zone of gold mineralisation identified immediately to the south of Zone C has also been drilled on fences of 40 metres separation but so far to vertical depths of about 60 metres. In this new zone drilling and trenching has identified a north-northwest trending gold mineralised structure that dips steeply to the east and has an average true width of about 15 metres and weighted average grade to date, from borehole intercepts, of 4.6 g/t Au. Additional targets based on soil geochemistry and reconnaissance drilling are already identified further to the north along the same structure that contains Zone C and will be tested during the ongoing drill program.

Drilling in the main area at Kofi SW Zone C indicates that mineralisation occurs within at least 3 lenses that roll in the vertical section, with true widths of each estimated at up to 25 metres. The lenses occur within a 75 metre wide corridor over nearly 300 metres strike length.

Below is a table of the RC drill holes from this program:

* Core drilling previously announced October 13, 2005

** 5 m composites resampled on 1 m intervals – results pending

*** Hole ended in gold mineralisation

NSI No significant intercept

Grade calculations are based on a 0.5 g/t Au lower cut off to define the mineralised structure, with no upper cut. Analytical work is being carried out at the independent Abilab Laboratories Ltd. in Bamako, Mali. The drill samples are subject to a full sample preparation followed by a 50 gram fire assay with an AA finish. Blanks, standards and duplicates are being used to monitor laboratory performance during the analysis. Assay of individual one metre samples in mineralised zones is in progress. This press release has been reviewed by in-house qualified person Dr. Jonathan Forster, Fellow of the Institute of Materials, Minerals and Mining in the United Kingdom.

AXMIN is a mineral exploration company with a strong focus on gold in highly prospective properties across central and west Africa. For more information regarding AXMIN visit our website at www.axmininc.com .

Safe Harbour Statement

Certain statements contained herein, as well as oral statements that may be made by the company or by officers, directors or employees of the company acting on the company's behalf, that are not statements of historical fact, may constitute "forward-looking statements" and are made pursuant to applicable and relevant national legislation (including the Safe-Harbour provisions of the United States Private Securities Litigation Reform Act of 1995) in countries where AXMIN is conducting business and/or investor relations. Forward-looking statements, include, but are not limited to those with respect to the price of gold, the estimation of mineral reserves and resources, the realization of mineral reserves estimates, the timing and amount of estimated future success of exploration activities, AXMIN’s hedging practices, currency fluctuations, requirements for additional capital, government regulation of mining operations, environmental risk, title disputes or claims limitations on insurance coverage and the timing and possible outcome of pending litigation. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "does not expect", "is expected", "budget", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or equivalents or variation, including negative variation, of such words and phrases, or state that certain actions, events or results, "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause the actual results of the company to be materially different from the historical results or from any future results expressed or implied by such forward-looking statements. Such risks and uncertainties include, among others, the actual results of current exploration activities, conclusions of economic evaluations, changes in project parameters as plans continue to be refined, possible variations in grade and ore densities or recovery rates, failure of plant, equipment or processes to operate as anticipated, accidents, labour disputes and other risks of the mining industry, delays in obtaining government approvals or financing or in completion of development or construction activities. Although AXMIN has attempted to identify important factors that could cause actual actions, events or cause actions events or results not to be anticipated, estimated or intended, there can be no assurance that forward looking statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Except as may be required by applicable law or stock exchange regulation, the company undertakes no obligation to update publicly or release any revisions to these forward-looking statements to reflect events or circumstances after the date of this document or to reflect the occurrence of unanticipated events. Accordingly, readers should not place undue reliance on forward-looking statements.

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