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Abstract
Toronto, Ontario - March 12, 2009 AXMIN Inc. (TSX VENTURE:AXM) is pleased to announce the results of a Preliminary Economic Assessment or Scoping Study (the "Scoping Study") for its Komahun Gold Project, Nimini Hills Joint Venture located in east-central Sierra Leone. The report has demonstrated that the Komahun Gold Project has potential for development as an underground gold mine with target production levels of about 50,000 ounces per annum. In addition, economics for the project could be substantially enhanced by future exploration success that is targeting the immediate vertical extensions to the orebody which remain open beyond the currently known depth of 350 metres beneath surface. Previous drilling highlight the exploration upside at depth as announced in press release on August 6, 2008 where intercepts include 24 metres grading 5.6 g/t Au (NWKD 161) and 7.2 metres grading 6.4 g/t Au (NWKD 162) at vertical depths between 250-350 metres.
The Scoping Study used a base case of a 6 year, 350,000 tonne per annum ("tpa") throughput, with a gold price of US$750/oz, and utilising the existing indicated mineral resource of 110,000 oz (0.37 Mt grading 9.1 g/t Au) and an inferred mineral resource of 435,000 oz (3.10 Mt grading 4.7 g/t Au). The Scoping Study's main objective was to facilitate exploration planning, whilst project sensitivities were completed to provide guidance on the upside potential in the event of resource expansion from exploration below the current resource level. Further upside may also be obtained should a hydro electric scheme currently being considered at the national level be implemented to serve the region of Komahun.
This press release includes certain "Forward-Looking Statements." All statements, other than statements of historical fact, included herein, including without limitation, statements regarding potential mineralization and reserves, exploration results and future plans and objectives of AXMIN, 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 are disclosed under the heading "Risk Factors" and elsewhere in AXMIN documents filed from time-to-time with the TSX Venture and other regulatory authorities. AXMIN disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law.