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September 10, 2003

SHAREHOLDER LOAN

Toronto, Ontario – AXMIN Inc. (AXM-TSX Venture) is pleased to announce that on September 9, 2003 the TSX Venture Exchange accepted for filing a loan agreement dated August 20, 2003 between AXMIN and its major shareholder Addax Mining & Metals Limited ("AMM") pursuant to which AMM has provided a loan to AXMIN of US$1,000,000. The details of this loan are as follows:

  Principal amount: US$1,000,000

  Interest rate: LIBOR (London Inter-Bank Offer Rate) plus 2%


  Repayment date: April 30, 2004
  Conversion feature: AMM has the option to convert the principal outstanding plus any accrued interest into common shares of AXMIN at a price of Cdn$0.355 per share

The proceeds from the loan dated August 20, 2003 will be used to fund AXMIN's working capital requirements.

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.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this press release.

Jon Forster Judith Webster
Chief Executive Officer Manager – Investor Relations
AXMIN Inc. AXMIN Inc.
T: +44-1233-665600 (UK) Tel: +1-416-368-0993 (Canada)
F: +44-1233-643728 (UK) E-mail: ir@axmininc.com