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AXMIN Inc.: Passendro Exploration Program Targets Pit Extensions and Further Resource Development of the Bambari Greenstone Belt
Published : March 17, 2011
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Mots clés associés :   Canada | Mali | Mozambique | Sierra Leone |

TORONTO, ONTARIO--(Marketwire - March 17, 2011) - AXMIN Inc. (News - Market indicators) is pleased to announce the key objectives of the 2011 exploration program. These are:

  • The enhancement of AXMIN's resource base at Passendro, targeting untested strike and depth extensions which are situated within or at close proximity of the newly defined reserve, with the goal of connecting existing pits and increasing the in camp mineral resource;
  • Drill five targets that have been selected by AXMIN in the region of Passendro and within the Mining Licence, that demonstrate favourable structural and geochemical signatures; and
  • Explore several high priority targets delineated from previous AXMIN exploration work along the Bambari greenstone belt and within the Bambari I and 2 exploration licences.

The program will include up to 20,000 metres of reverse circulation ("RC") and core diamond drilling, of which 30 RC holes totalling 5,000 metres will focus on targets in and around the Passendro ore bodies.

President and CEO of AXMIN, Mr. George Roach, comments, "We are aiming to expand our resource base with the planned exploration program at Passendro. With focused drilling on data gaps, we hope to close out open-ended mineralization and mineralised targets, potentially simplifying and combining open pits. It is our goal to ensure that the first three year production rate of 205,000 ounces per annum at a cash cost of US$437/oz, (see news release dated January 31, 2011), will be maintained for the life of the mine. Armed with an understanding of the geological controls on gold mineralization, AXMIN's second phase of its 2011 exploration program will focus on the most prospective regional targets along the 90 km long Bambari greenstone belt. We expect that this program will confirm that we are dealing with a very large gold district which has the capability of meeting our objective of extending our mine life at Passendro and also establish the potential of the belt to be as prospective as the neighbouring belts in the DRC and Tanzania."

Venmyn Prospectivity Report

The program was based on recommendations in a prospectivity report completed in late 2010 by Venmyn, a South African Geological and Mining Consultancy Group. Venmyn made a comprehensive study of all of AXMIN's exploration programs to date. The report noted that the presence of large scale lineaments, together with tourmaline quartz veining and wallrock alteration with brecciation add to the prospectivity of the belt to host large economic deposits similar to those hosted in the Lake Victoria goldfields in Tanzania. As such, AXMIN intends to conduct a structural analysis across the permits using satellite imagery, with the objective of locating more precisely the structural elements controlling mineralisation, and identifying new zones of favourable strain regime that may not necessarily be associated with surface geochemisty and thus overlooked.

Exploration Manager

The program and the prospectivity report by Venmyn have been reviewed by AXMIN's newly appointed CAR Exploration Manager Denis Spector. Denis is a French speaking, South African geologist with over 20 years of international mineral exploration experience, predominantly in Sub-Saharan Africa. Denis joined AXMIN in December 2010 as part of AXMIN's ongoing recruitment of its Passendro mine development team. In addition, AXMIN is currently tendering drilling bids for a minimum 2 to 3 year program in CAR and expects to be in a position to announce drill mobilization to site shortly. 

This press release has been reviewed by an in-house qualified person, François Auclair, M.Sc., Member of the Ordre des Géologues du Québec and 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.

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.

AXMIN Inc.
George Roach
President & CEO
+44 779 626 3999
or
AXMIN Inc.
Judy Webster
Manager Investor Relations
416 368 0993 ext 221
ir@axmininc.com
Données et statistiques pour les pays mentionnés : Canada | Mali | Mozambique | Sierra Leone | Tous
Cours de l'or et de l'argent pour les pays mentionnés : Canada | Mali | Mozambique | Sierra Leone | Tous

Axmin Inc.

EN DÉVELOPPEMENT
CODE : AXM.V
ISIN : CA05461V2012
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Axmin est une société développant des projet miniers d'or basée au Canada.

Axmin détient divers projets d'exploration au Canada, au Ghana, au Mali, en Republique Centrafricaine, en Sierra Leone et en Tanzanie.

Ses principaux projets en développement sont KOMAHUN en Sierra Leone et PASSENDRO en Republique Centrafricaine et ses principaux projets en exploration sont BAMBARI PERMIT ( PASSENDRO), POULOUBOU et BAMBARI (ROANDJI GOLD) en Republique Centrafricaine, KOFI au Mali et SIGA HILL AND MAGAMBA en Tanzanie.

Axmin est cotée au Canada et aux Etats-Unis D'Amerique. Sa capitalisation boursière aujourd'hui est 2,0 millions CA$ (1,4 millions US$, 1,3 millions €).

La valeur de son action a atteint son plus haut niveau récent le 03 août 2007 à 9,90 CA$, et son plus bas niveau récent le 01 janvier 2016 à 0,01 CA$.

Axmin possède 130 497 381 actions en circulation.

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Rapports annuels de Axmin Inc.
2006 Annual Report
Financements de Axmin Inc.
25/03/2011Announces Issuance of Shares for Consulting Services
Nominations de Axmin Inc.
28/10/2013Announces Changes to Management and Board of Directors
04/07/2013Announces Appointment of Lucy Yan as Chairman and Interim Ch...
19/04/2013Announces Board Appointments
30/10/2012Accepts Resignation from Its Chairman
Rapports Financiers de Axmin Inc.
30/04/2013-Files 2012 Financial Statements and Debt Mandate Update
Projets de Axmin Inc.
22/08/2014Rebel-held mine collapses in Central African Republic, killi...
29/07/2013(Passendro)Update on the Passendro Project and Changes to Management
29/06/2011(Komahun)Phase I Drilling Program Indicate Open Pit Potential at Koma...
01/06/2011(Komahun)Initial Drilling at AXMIN's Komahun Project Indicate Resourc...
27/01/2008(Komahun)Corporate report on projects
Communiqués de Presse de Axmin Inc.
24/11/2014AXMIN ANNOUNCES PRIVATE PLACEMENT
21/11/2014AXMIN Announces Private Placement
10/09/2014AXMIN Announces Results of the 2014 Annual and Special Meeti...
26/08/2014AXMIN Comments on Reports of Mine Collapse in the Central Af...
22/08/2014Mine collapse in Central African Republic kills 25
29/07/2014Gold, diamonds feed C. African religious violence
09/07/2014AXMIN Announces Shareholder Loan
16/03/2014AXMIN ANNOUNCES CHANGE OF AUDITOR
16/09/2013-Update on the Central African Republic Operations
26/06/2013Comments on Reports of Mine Collapse in the Central African ...
07/06/2013Announces Results of Annual and Special Meeting of Sharehold...
04/06/2013Notice of Annual and Special Meeting of Shareholders on Frid...
24/05/2013Closes Final Tranche of the Offering With Dickson Resources ...
23/05/2013Announces Shareholder Support for Control Person Resolution ...
10/04/2013Closes First Tranche of the Offering With Dickson Resources ...
02/04/2013CAR's Transitional Government Confirms it Will Honour AXMIN'...
27/03/2013Amends Subscription Agreement With Dickson Resources Limited
26/03/2013Monitors Events in the Central African Republic
25/03/2013Enters Into Subscription Agreement With Dickson Resources Li...
20/07/2011Executes Mandate Letter With the Standard Bank to Arrange an...
13/07/2011Senegal Joint Venture Continues to Intersect High Grades at ...
13/06/2011Senegal Joint Venture Continues to Intersect High Grades at ...
10/06/2011Announces Definitive Agreement for the Sierra Leone Asset Sp...
11/05/2011Announces Issuance of Shares for Consulting Services
09/05/2011Strengthens Mine Development Team With Appointment of Chief ...
05/05/2011Joint Venture Partner Teranga Gold Announces High Grade Gora...
17/03/2011(Passendro)Files NI 43-101 Technical Report Passendro Gold Project Reva...
17/03/2011(Passendro)Passendro Exploration Program Targets Pit Extensions and Fur...
01/03/2011Spins Off Sierra Leone Assets Into New Public Company
17/02/2011Announces Mine Development Advisory Agreement and President ...
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