AXMIN Announces Amendments to the Non-Brokered Private Placement Announced on May 12, 2008

TORONTO, ONTARIO, May 20 (MARKET WIRE) --
AXMIN Inc. (TSX VENTURE: AXM) is pleased to announce that as a result of
further discussions the Company's major shareholder AOG Holdings BV
("AOG"), a wholly owned subsidiary of The Addax & Oryx Group Limited, has
agreed in principle to changes in the terms of the non-brokered private
placement of 15,000,000 Units in the Company at a price of Cdn$0.40 per
Unit, for total gross proceeds of Cdn$6 million (the "Placement"), as
announced on May 12, 2008. Accordingly each Unit now consists of one
common share plus one-half of a common share purchase warrant. Each whole
common share purchase warrant entitles the holder to purchase one
additional common share of AXMIN at a price of Cdn$0.57 for a period of
twenty four months following the closing of the Placement. The closing of
the Placement is subject to approval of the TSX Venture Exchange and the
closing will occur as soon as practicable after the receipt of such
approval.

President and Chief Executive Officer, Mario Caron comments "We are
pleased that further discussions with our major shareholder has resulted
in financing terms that better reflect the current market conditions."

Common shares acquired under the Placement are subject to a four month
hold period from the date of closing of the Placement.

The net proceeds of the Placement will be used for ongoing development
and exploration programs and for general corporate purposes.

As at the date of this announcement and prior to completion of the
Placement AOG holds 80,108,237 common shares in the Company, representing
approximately 37.2% of AXMIN's issued and outstanding common shares. Post
completion of the Placement AOG will hold 95,108,237 common shares and
7,500,000 common share purchase warrants, representing approximately
43.1% of AXMIN's issued and outstanding common shares on an undiluted
basis assuming that the common share purchase warrants are exercised in
full.

Post completion of the Placement AXMIN will have a total of 230,613,234
common shares issued and outstanding.

About AXMIN

AXMIN is a Canadian gold and iron ore exploration and development company
with a strong focus on central and west Africa. AXMIN's goal is to begin
production at its Passendro Gold Project, Central African Republic in the
third quarter of 2010. AXMIN is well positioned to grow in value as it
develops its project pipeline of gold and iron ore projects in parallel
pursuing new opportunities to increase its asset base. 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 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.

Contacts:
AXMIN Inc.
Mario Caron
President & CEO
Direct: (416) 304-6608

AXMIN Inc.
Judy Webster
Manager Investor Relations
(416) 368-0993
Email: ir@axmininc.com
Website: www.axmininc.com

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