Replies to post #64 on Gold Exploration in West Africa

[Ed Monton]

AXMIN NEWS:

NEWS RELEASE TRANSMITTED BY CCNMatthews
FOR: AXMIN INC.
TSX VENTURE SYMBOL: AXM

APRIL 10, 2003 - 09:25 EST
AXMIN Inc.-Exploration Update, March 2003
TORONTO, ONTARIO--

Highlights

- In the Central African Republic an initial 3,000 metre core
drill program is scheduled for the second quarter with the
objective being to commence resource definition at Main Zone and
French Camp prospects.

- In Burkina Faso the joint pre-feasibility study will be
completed shortly; fast track to feasibility study anticipated.

- In Mali a drill program is planned across new targets as first
step in the further increase in gold resources at the Kofi
permit.

- In Senegal a reconnaissance RC program is planned to test four
new targets from which surface grab samples have included nine in
the range of 3 g/t Au to 77 g/t Au.

AXMIN Inc. (AXM-TSX Venture) is pleased to be able to provide a
summary of its exploration programs completed during 2002 and the
first quarter of 2003. Recent positive political developments in
the Central African Republic have enabled AXMIN to proceed with
the mobilisation of a core drill rig into the Bambari Permit
while activities in Mali and Senegal have identified new gold
mineralised structures. In addition the joint pre-feasibility
study in Burkina Faso is continuing with results expected
shortly.

Chief Executive Officer, Dr Jonathan Forster comments "With
drilling programs planned for the coming quarter, as well as
results due for the Bouroum-Taparko pre-feasibility study, the
next few months should be an exciting time for AXMIN. We are
looking for the resource base to increase, new targets to be
generated and the potential of the Passendro project area to
become much clearer."

In the Central African Republic, political unrest at the end of
2002 carried through into the first quarter of the year. An
almost bloodless coup d'etat in March, in conjunction with the
recent announcement of a new all party government, has seemingly
been welcomed by the general population in the country. AXMIN is
optimistic that its planned initial 3,000 metre core drilling
program can now proceed unhindered at the Bambari Permit, with
the drill rig scheduled for arrival in country at the end of
April. The drill program will initially focus on the French Camp
and Main Zone prospects within the Passendro project area of the
Bambari Permit, to test for continuity of gold mineralisation at
depth and along strike.

In 2002, AXMIN completed 5,100 metres of Rotary Airblast ("RAB")
drilling at the Passendro project area which successfully
delineated seven substantial gold targets over a combined strike
length in excess of 8,000 metres. This program extended the Main
Zone and Main Zone South mineralisation to a possible 2,000
metres of strike length, and extended the French Camp Zone to the
north for a possible strike length of 500 metres. In addition,
four new gold zones each with potential strike lengths in excess
of 1,000 metres were clearly delineated by the RAB program. The
most exciting being the Katsia prospect, where drilling indicates
gold mineralisation over at least 1,100 metre strike within a
1,500 metre long gold in soil anomaly.

In Burkina Faso, the pre-feasibility study reviewing the combined
Bouroum-Taparko project of AXMIN and High River Gold Mines Ltd
(HRG-TSX) is progressing well, with the process engineering and
infrastructure study being undertaken by Metallurgical Design and
Management of South Africa and the mine scheduling by SRK
Consulting (Canada). The results of the study should be available
shortly and assuming a positive result both parties would wish to
rapidly progress towards feasibility study.

On February 11, 2003 AXMIN announced a revised resource estimate
at the Bouroum deposit that increases the gold content in the
measured and indicated category by 56%. The measured and
indicated resource now stands at 3.9 million tonnes with a grade
of 2.8 g/t Au (351,000 ounces of contained gold); in addition
there is a further 1.6 million tonnes with a grade of 2.2 g/t Au
(113,000 ounces of contained gold) in the inferred category. Both
estimates are calculated using a 1 g/t Au cut-off grade. Within
this occurs a high grade measured and indicated resource of 1.0
million tonnes with a grade of 6.0 g/t Au (193,000 ounces of
contained gold) at a 3 g/t Au cut-off grade. AXMIN considers this
high grade resource the key to yielding a rapid payback of the
project's capital and funding. All resources are near surface and
exploitation will be considered by way of an open pit.

In Mali, a 7,000 metre RC drill program completed in mid-2002
identified the first resources at the Kofi project. On August
14, 2002 AXMIN announced an inferred resource of 1.4 million
tonnes with a grade of 2.3 g/t Au (106,000 ounces of contained
gold) at a 1 g/t Au cut-off grade at Kofi SW Zones B and C. The
next phase of drilling is designed to increase the number of
drill discoveries in the Kofi area, enabling a follow-up resource
drilling campaign to be planned. At least ten further targets
await first pass reconnaissance drilling.

Currently work has focused on preparation for a drill program in
the Kofi project area, with detailed geological mapping and
selective infill soil sampling completed. Initially three areas
have been targeted for the forthcoming program:

- Kofi South East; previous reconnaissance drilling tested a gold
bearing structure over 500 metres of a 1,000 metre long soil
anomaly, with results including 9.0 g/t Au over 6 metres. Further
drilling will be undertaken to infill and test the extensions of
this structure as well as test parallel structures;

- Soundou prospect; located about 3 km west of Kofi South East
and comprising a 900 metre long soil anomaly, 200-350 metres wide
at a threshold of 100 ppb Au. Artisanal workings at various
locations along the anomaly demonstrate the presence of a quartz
stockwork in greywackes, with a width in places of 50 metres; and


- Kofi South South; located about 12 km south of Kofi South East
and comprising a north-northeast trending 3,000 metre long soil
anomaly, with a threshold at 100 ppb Au. Occasional exposure
reveals a sheared phyllite with thin interfoliated quartz veins
across a surface width of some 60 metres. A single grab sample
returned 7.1 g/t Au.

The timing of this drill program will be dependent upon the
availability of an appropriate drill rig.

In Senegal, surface follow-up has been completed across selected
areas within targets generated by last season's reconnaissance
soil geochemistry program. At the Sounkounko Permit (located
about 80 km west of the Kofi project in Mali), infill soil
sampling and mapping, supplemented by limited float sampling has
identified initial drill targets. One target includes an
abandoned artisanal excavation on a quartz vein from which a grab
sample yielded 17 g/t Au, while a silicified wall rock sample
yielded 13 g/t Au. At the second target (Diabougou) soil sampling
(200 x 50 metre grid) has identified a northwest trending anomaly
at 100 ppb Au threshold of at least 1,400 metre strike length.
The area is underlain by a complex of felsic volcanics, basic
intrusives and sediments within which occur zones of
silicification and quartz veins trending northeast. Grab samples
of quartz vein and silicified felsitic surface float within, and
adjacent to the anomaly give results that include: 77 g/t Au, 17
g/t Au, 10 g/t Au, 5.7 g/t Au, 4.7 g/t Au and 3.5 g/t Au as well
as 5 further samples lying in the range of 0.5 to 1.3 g/t Au.

At the nearby Sabodala North West Permit, a zone of quartz
stockworks of at least 12 metre width has been identified within
a zone of abandoned artisanal workings occurring over a 120 metre
strike length within a 1,500 metre long soil anomaly (50 ppb Au
threshold.). A grab sample of weathered and altered granodiorite,
presumed to represent wallrock graded 3.6 g/t Au while a float
sample of the quartz vein material graded 22 g/t Au. These
structures are targeted for reconnaissance drilling scheduled for
the second quarter.

AXMIN is a gold exploration company with a strong focus on gold
in highly prospective properties across Africa, principally in
the Central African Republic, Burkina Faso and Mali.

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FOR FURTHER INFORMATION PLEASE CONTACT:
AXMIN Inc.
Jon Forster
Chief Executive Officer
[phone] (UK)
[phone] (UK) (FAX)
or
AXMIN Inc.
Judith Webster
Manager - Investor Relations
[phone] (Canada)
E-mail: [e-mail]
www.axmin.com
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this press
release.