TORONTO, ONTARIO--(Marketwire - June 13, 2011) - AXMIN Inc. (News - Market indicators) is pleased to announce that Teranga Gold Corporation (TSX:TGZ) ("Teranga"), formerly Mineral Deposits Limited, has released an exploration update on AXMIN's Senegal Permits, which are the subject of a joint venture between Teranga and AXMIN. Complete results of the exploration program can be found on Teranga's website at www.terangagold.com. Highlights of the release include:

• Encouraging early stage results prompt significant ramp-up in exploration activity with nine drill rigs currently active and additional rigs due to site shortly. 
• Drilling at Gora continues to return high-grade gold intersections which remain open in all directions; the project is moving towards its development stage.
• Additional promising target identified at Toumboumba, located on AXMIN's Sabodala NW licence, has returned significant widths of ore grade rotary air blast ("RAB") and reverse circulation ("RC") results; follow-up drilling is planned.
• Systematic drill programs at a large exploration target, the Donut, located on AXMIN's Sounkounkou Licence, has produced encouraging RAB and RC intersections.

The Gora project is located on AXMIN's wholly-owned Senegal gold permits (Sounkounkou, Heremakono and Sabodala NW) where its joint venture partner and operator, Teranga has earned a 51% interest by spending US$2.5 million. AXMIN has elected not to participate in further expenditure on a pro rata basis, and thus, once Teranga has spent a further US$3.5 million, AXMIN's interest in the licence will be diluted to 20%.

Gora Project (Sounkounkou Licence, located 22 km northwest from Sabodala Mill)

Teranga announces that it is advancing the Gora Project towards production as early as late 2012 with high-grade drill intersections continuing to expand the potential footprint of the deposit. In order to develop Gora as quickly as possible, the on-going exploration program, permitting, equipment selection and a pre-feasibility level economic analysis programs are running in parallel.

The exploration drilling program is continuing to deliver excellent results. With an expanded budget the program will test for the limits of the Gora vein system along strike and at depth and include sufficient close spaced drilling to understand the short range variability of the gold grades within the deposit. Program completion is scheduled for late summer 2011.

Drilling on the Gora deposit, where Teranga had already identified an inferred resource of plus 100,000 ounces of gold at 6 g/t Au continues to return very high grades. The latest results include 5 metres at 33.7 g/t Au from SKRCDD0031, 2 metres at 61.3 g/t Au from SKRCDD0027 and 3 metres at 26.7 g/t Au and 3 metres at 47.7 g/t Au both from SKRCD002. Significant quantities of visible gold have now been observed at Gora indicating the presence of a high-grade shoot.

Based on the positive drill results, the drill program has been expanded by an additional 4,500 metres. As a result, 6,000 metres of RC and 4,000 metres of core drilling remain to be complete the current phase of this program. The current drill program is designed to evaluate the size of the deposit to a vertical depth of 120 to 130 metres and along strike, where it is currently open in all directions. In addition, a 60-line km Induced Polarization survey ("IP") has commenced over the Gora deposit. The survey will cover approximately 4,000 x 6,000 metres with the deposit located in the centre. This will ensure significant coverage along the projected strike extent of the structure to the north and south and also allow searching for parallel structures to the east and west of the deposit.

Diegoun Prospect ("the Donut" Sounkounkou Licence, located 25 km northwest of Sabodala Mill)

Teranga considers this a very large geochemical anomaly of 7 km by 4 km where results of first pass drilling, spaced on 400 metre fences, have been very encouraging. Currently two portions of the Donut anomaly have been drilled, Jam and Honey anomalies (50 RC holes, 8,000 metres) and Cinnamon anomalies (700 RAB holes, 11,000 metres), as well, an IP survey totalling 35-line km is planned for the Jam portion of the anomaly. Initial results from the Jam and Honey anomalies indicate a wide gold-bearing zone of extensive carbonate-silica-pyrite-hematite alteration in granodiorite associated with a major northeast trending structure, with intersections of up to 18.9 g/t Au over 2 metres, with the structure continuing for another 3 km north before running through the eastern portion of the Cinnamon anomaly. Results for the RAB drilling at the Cinnamon anomaly are pending. Once completed further systematic drill testing is planned for this prospect.

Toumboumba (Sabodala NW Licence located 10 km northwest of Sabodala Mill)

The Toumboumba prospect is the newest target at which early stage drilling has produced promising results. AXMIN's previous exploration indicated scattered gold anomalies from surface sampling over a 2 km by 600 metre area. During April and May 2011 a total of 574 RAB holes, 26,000 metres were completed over a 100 metre by 50 metre grid. Results from the RAB drilling indicate significant widths of ore grade mineralisation including 6 metres at 27.7 g/t Au from SNWRB0036, 8 metres at 5.45 g/t Au from SNWRB0064 and 10 metres at 2.35 g/t Au from SNWRB0055. Drilling to date has identified a zone of oxide mineralisation up to a 50 metre depth and if this material is found to be heap leachable it could be fast tracked into production without displacing any material from the Sabodala mill. Results from the Initial follow-up RC drilling of this zone (8 holes, 1,100 metres) include, 3 metres at 6.13 g/t Au and 3 metres at 11.99 g/t Au from SNWRC002 and 2 metres at 21.44 g/t Au from SNW003.

This press release has been reviewed by François Auclair, M.Sc., PGeo, AXMIN VP Exploration, Member of Ordre des Géologues du Québec, Fellow of Geological Association of Canada.

About AXMIN

AXMIN is a Canadian exploration and development company with a strong focus on central and West Africa. AXMIN has projects in Central African Republic, Mali, Mozambique, Sierra Leone and Senegal. AXMIN is positioned to grow in value as it progresses its Passendro Gold Project towards development and builds on its project pipeline focusing on transitioning from an explorer to producer. For more information regarding AXMIN visit our website at www.axmininc.com.

This press release includes certain "Forward-Looking Statements." All statements, other than statements of historical fact included herein, including without limitation, statements regarding future plans and objectives of AXMIN; and statements regarding the ability to develop and achieve production at Passendro, to revalidate the BFS and to satisfy the terms of the Mining Licence as negotiated, are forward-looking statements that involve various risks and uncertainties.

There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from AXMIN's expectations have been disclosed under the heading "Risk Factors" and elsewhere in AXMIN's documents filed from time-to-time with the TSX Venture Exchange and other regulatory authorities. AXMIN disclaims any intention or obligation to update or revise any forward-looking statements whether resulting from new information, future events or otherwise, except as required by applicable law.