September 29, 04

FIRST INDICATIONS OF SIGNIFICANT GOLD STRUCTURES, POULOUBOU PERMIT, CENTRAL AFRICAN REPUBLIC

Toronto, Ontario – September 29, 2004, AXMIN Inc. (AXM-TSX Venture) is pleased to announce the discovery of a 7,500 metre long gold zone identified from reconnaissance soil sampling at the Pouloubou permit in the Central African Republic.

Chief Executive Officer, Dr Jonathan Forster comments "The results from Pouloubou suggest the discovery by AXMIN of a second major gold district in the Central African Republic. Clearly these previously unexplored greenstone belts share similar characteristics to the better known Archaean belts in the gold rich Kilo-Moto districts of the Democratic Republic of Congo ("DRC"), and with time could become significant gold producers."

The gold anomaly (20 ppb Au threshold, with multiple sample points in excess of 100 ppb Au) occurs along a northeast trending structure drained on both sides by streams containing alluvials which were mined during the Colonial period with over three tonnes of gold extracted. The anomaly is underlain by banded ironstones, schists with alteration similar to that within the Bambari Permits suggesting that the belt is of Archaean age.

Within the 1,000 sq km Pouloubou permit a 90 sq km area has initially been covered by systematic reconnaissance soil geochemical sampling, with samples collected at intervals of 100 metres along lines set 400 metres apart. The 7,500 metre long by 2,000-3,000 metre wide anomaly has a coincident arsenic anomaly and is open to the southwest. Within this broad zone lie three areas with 100 ppb Au threshold each of which are between 1,500-3,000 metres long and up to 1,000 metres wide.

The combination of the large size of the anomaly, coincident structural and lithological controls, proximity to granites and its location, lying between and along the general trend of the Bambari greenstone belt and the gold rich Kilo-Moto district in the DRC, together indicate a potentially major gold target. The Company plans an infill soil sampling and geological mapping program to start in October to be followed by a reconnaissance rotary air blast ("RAB") program early in 2005 to test the source of primary gold mineralisation. In addition, a detailed airborne geophysical program is planned prior to any subsequent reverse circulation ("RC") and core drilling program.

AXMIN Inc.’s wholly owned subsidiary, Aurafrique SARL, was awarded an exclusive exploration permit over the highly prospective Pouloubou greenstone belt in March 2004. The Pouloubou permit is situated 73 km to the southeast of the Bambari permits and covers 1,000 sq km.

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.