TORONTO, ONTARIO--(Marketwired - July 29, 2013) - AXMIN Inc. (News - Market indicators) ("AXMIN" or the "Company") is pleased to update its shareholders on the Passendro gold project following Dickson's representatives meetings in South Africa and the Central African Republic ("CAR") and its subsequent Board of Directors meeting on July 25, 2013.
In early July, on behalf of the Company's new management team, Dickson representatives and mine development team travelled to South Africa as part of its extensive review of the Company's operations in the country and the status of the work on its major project. Subsequently, AXMIN's senior management and the Dickson representatives travelled to CAR to meet with President Michel Djotodia, the Minister of Mines and the Minister of Transportation to discuss the best way forward to ensure that the Passendro project is developed as expeditiously and economically as possible. During the meeting in the CAR, the government representatives reinforced their commitment to honour AXMIN's agreements with the State and to create a safe and stable environment at the Passendro Project so that the Company can resume its operations and properly secure the site. AXMIN in turn stated its commitment to focus its capital and its resources to advancing the project towards development.
AXMIN's Chairman and Interim CEO, Lucy Yan comments, "The new management of AXMIN looks forward to working with the government of the CAR to build a relationship of trust, opening all lines of communication in order to address any outstanding issues relating to the Passendro project. In these challenging markets it is also imperative that the Company reduces its costs in both the Toronto and South African offices to ensure over the long-term it remains a viable entity and can develop the CAR's first modern gold mine."
Following the Board of Directors meeting on July 25, 2013, given the current market environment and the fiscal situation of AXMIN, the Company has made commitments to lower costs and to redirect its focus specifically on building value at its major asset, the Passendro gold project in the CAR. After extensive review by management, directors and Dickson representatives of both the Toronto and South African operations and in-light of the Company's primary objective to reduce costs, AXMIN's management has made the decision to reduce the operations in these locations and to terminate the following employees: Graham Hill, Chief Operating Officer effective July 25, 2013, Janina Dusza, Chief Financial Officer ("CFO"), effective July 26, 2013 and Judy Webster, VP Investor Relations, effective July 19, 2013. Moving forward, the Company will maintain two offices: its corporate head office as well as its project office in the CAR. While these were difficult decisions for the Company, they have significantly reduced the expenses of the Company and will allow it to focus its capital on the development of the Passendro Project. The Company looks forward to the possibility of working with Mr. Hill, Ms. Dusza, and Ms. Webster in the future.
AXMIN also announces today that the Board of Directors has appointed Ms. Terry Wong as the Company's CFO on an interim basis effective immediately.
Ms. Wong is a Certified Management Accountant. She has over 8 years of financial experience working for both, private and public companies. She has also worked closely with companies and professionals within the finance, mining, and energy industries. Ms. Wong has advanced knowledge of Canadian GAAP and IFRS regulations. From July 2008 to April 2011, Ms. Wong acted as the Financial Controller of Resinco Capital Partners Inc. ("Resinco"), a TSX listed Investment Company, and since then, has acted in numerous financial roles in companies, including as a CFO of a capital pool companies on the TSX Venture Exchange. Ms. Wong received her BCOMM from the University of British Columbia.
AXMIN's Chairman and Interim CEO, Lucy Yan comments, "We are pleased to welcome Terry to our senior management team. We are confident that Terry's expertise with both international and Canadian capital and public markets will service AXMIN well as it works to develop the Passendro gold project. Considering the Company has no firm timeline when operations at Passendro can resume, it is prudent that AXMIN reduces its expenses to conserve cash. As we move through the remainder of this year I plan to update our shareholders on our activities and progress as we work to develop this important asset."
About AXMIN:
AXMIN is a Canadian exploration and development company with a strong focus on central, east and West Africa. AXMIN has projects in Central African Republic, Mozambique and Senegal. AXMIN is positioned to grow in value as it progresses its Passendro Gold Project towards development focusing on transitioning from an explorer to producer. For more information regarding AXMIN visit our website at www.axmininc.com.
About Dickson:
Dickson Resources Limited is an international private resources firm backed by the private capital of its founders. The company is a BVI registered company headquartered in Hong Kong. Having a team of geological and financial experts, Dickson is committed to investing internationally in the exploration and mining of natural resources. Meanwhile Dickson's scope of business reaches beyond the mining sector to international trade, marketing and advisory services which are all part of its business expertise.
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 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.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
