Axmin Inc (AXMIF)

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Axmin, Teranga receive exploration permits in Senegal

2018-06-18 16:06 MT - News Release


Ms. Lucy Yan reports

NEW EXPLORATION PERMITS IN SENEGAL WITH TERANGA GOLD CORPORATION (TERANGA)

Axmin Inc. has received confirmation from Teranga that the government of the Republic of Senegal has granted two new exploration permits under the 2016 Senegalese Mining Code for Sounkounkou and Bransan, encompassing the 17 target areas that the company shares an interest in with Teranga.

The initial term of the exploration permits is for a period of four years with a requisite minimum expenditure commitment during this initial period. Thereafter, the exploration permits are renewable two times for consecutive periods not exceeding three years each, provided that Teranga has satisfied its work and expenditure commitments. The Bransan perimeter is 337.3 square kilometres and Sounkounkou is 291.7 square km, which together cover roughly 90 per cent of the prior permit areas.

Axmin chairman Lucy Yan said, "The issuance of exploration permits for the additional targets, upon which Axmin has a [net smelter return] royalty of 1.5 per cent, is very good news for our company."

About Axmin Inc.

Axmin is a Canadian exploration and development company with a strong focus on the African continent. Axmin continues to closely monitor the political situation at its feasibility-stage Passendro gold project in the Central African Republic.

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