AXMIN Reports High Grade Intersections at Kofi Project, Mali

TORONTO, ONTARIO, Jul 23 (MARKET WIRE) --
AXMIN Inc. (TSX VENTURE: AXM) is pleased to announce that Mali continues
to deliver strong results from its second quarter field activities at the
Kofi Project in the Kenieba District of western Mali. Highlights include:

Kofi SW Zone C

- Selective infill RC drilling further strengthens the geological model,
assays include 34 metres at 4.8 g/t Au, 14 metres at 5.3 g/t Au and 14
metres at 3.0 g/t Au

- Exploration identifies a new zone, 2 km west of Zone C, the zone has
potential strike length of over 500 metres, with drill results including
19 metres at 3.6 g/t Au

Kofi SW Zone A

- Selective infill and extension drilling (3 RC holes) completed, results
include 7 metres grading 5.3 g/t Au

Betea

- Infill RC drilling includes 30 metres at 3.2 g/t Au, 8 metres at 22.4
g/t Au and 12 metres at 2.2 g/t Au.

- Gold mineralised lenses have been traced for 2,600 metres strike
length; drilling identifies new zone 400 metres northwest of Beata with a
potential 600 metre strike length

President and Chief Executive Officer, Mario Caron states "The 2008
program at Kofi has been successful in delineating higher grade
structures at both the Kofi SW C and Betea zones and we expect that it
these results will have a positive impact on the projects ongoing
resource prospects. In addition, exploration has been rewarded by the
discovery of new zones, one to the west of Zone C and one to the west of
Betea. These, and recently identified targets will be scheduled for
follow up after a break for the wet season."

Kofi SW Zone C

A short core program has recently been completed selectively targeting
the strike and near surface expression of the western, hanging wall zone
previously discovered at depth (press release, May 1st 2008). Results
received to date confirm that the mineralisation continues towards the
southern end of Zone C, justifying further drilling next season. In
addition, four new RC holes were completed in the main structure to
facilitate geological and resource modeling, with gold mineralisation
intersected as planned.

Hole Azimuth North East Dip From To Interval Grade
Co-ord Co-ord (deg) (m) (m) (m) (g/t Au)

KWCD0174 270 1457065 242260 -55 24.0 29.0 5.0 2.0
and 92.0 106.0 14.0 3.0
and 114.0 121.0 8.0 3.3
KWCC0686 270 1457210 242275 -55 12.0 25.0 13.0 1.2
KWCC0687 270 1457145 242252 -55 17.0 31.0 14.0 5.3
KWCC 685 270 1457065 242344 -55 4.0 16.0 12.0 1.6
and 24.0 29.0 5.0 2.1
KWCC 688 270 1457260 242328 -50 2.0 36.0 34.0 4.8
incl 20.0 22.0 2.0 46.7

Intercept lengths are core lengths.

New Zone - Agri

The new Agri zone of mineralisation was discovered approximately 2 km
west of Zone C, where a coincident soil geochemical anomaly (greater than
100 ppb Au threshold) and induced polarisation ("IP") (chargeability)
anomaly define a 500 metre long structure. Two RC fences about 160 metres
apart confirm that the structure is mineralised, with shallow trenching
and rotary air blast holes suggesting that gold mineralisation may extend
along much of the 500 metre length. Further drilling is being planned for
the new season.

Hole Azimuth North East Dip From To Interval Grade
Co-ord Co-ord (deg) (m) (m) (m) (g/t Au)

WAC0001 270 1457380 240345 -55 17.0 20.0 3.0 1.0
WAC0002 270 1457380 240375 -55 50.0 59.0 9.0 2.0
WAC0006 270 1457220 240350 -55 42.0 61.0 19.0 3.6
incl 42.0 46.0 4.0 9.7

Intercept lengths are core lengths.

Kofi SW Zone A

A three hole RC program successfully targeted Zone A mineralisation with
the objective of better understanding the geological model. Zone A is
located 3 km north of Kofi SW Zone C along the same structure. To date
the structure has been traced for a strike length of about 300 metres and
is seen to comprise 2-3 closely spaced individual zones of gold
mineralisation.

Hole Azimuth North East Dip From To Interval Grade
Co-ord Co-ord (deg) (m) (m) (m) (g/t Au)

KWAC0123 90 1460885 243860 -55 45.0 52.0 7.0 5.3
KWAC0124 90 1460800 243752 -55 17.0 23.0 6.0 1.5
and 48.0 54.0 6.0 2.0

Intercept lengths are core lengths.

Betea

Infill drilling at Betea on selective fences spaced 80 metres
apart, continue to delineate and improve the down-dip correlation of
multiple north-south striking gold lenses, confined within a 100-150
metre wide structure. In addition, systematic drilling on fences varying
from 80-160 metres has traced mineralisation for an additional 600 metres
to the south, extending the gold mineralised zone to approximately 2,600
metres strike length.

A new target was identified some 400 metres northwest of Betea. The
north-south trending structure outlined at surface by a 600 metre long
coincident soil geochemical (greater than 100ppbAu threshold) and IP
(resistivity) anomaly was successfully tested (hole KWCC 735, which gave
5 metres at 1.9 g/t Au) by one fence of RC drill holes. Further drilling
will be planned for the new season.

Hole Azimuth North East Dip From To Interval Grade
Co-ord Co-ord (deg) (m) (m) (m) (g/t Au)

KSC0659 90 1455440 251442 -55 1.0 10.0 9.0 2.9
KSC0669 90 1454320 251334 -60 15.0 19.0 4.0 1.4
and 78.0 81.0 3.0 1.2
KSC0671 90 1454320 251435 -55 30.0 35.0 5.0 1.1
KSC0675 90 1454160 251491 -55 66.0 69.0 3.0 4.1
KSC0676 90 1454160 251521 -55 13.0 15.0 2.0 51.8
and 24.0 29.0 5.0 1.4
KSC0677 90 1454240 251477 -55 22.0 27.0 5.0 3.3
KSC0680 90 1454080 251465 -60 67.0 72.0 5.0 3.7
and 122.0 125.0 3.0 7.5
KSC0684 90 1454000 251365 -55 35.0 40.0 5.0 1.9
KSC0687 90 1453800 251423 -65 84.0 92.0 8.0 3.3
incl 85.0 86.0 1.0 11.0
KSC0687 90 1453800 251423 -65 99.0 111.0 12.0 2.2
incl 101.0 102.0 1.0 16.1
KSC0688 90 1453760 251525 -55 16.0 19.0 3.0 1.5
KSC0691 90 1453680 251418 -55 20.0 33.0 13.0 1.5
and 82.0 93.0 11.0 1.1
and 113.0 119.5 6.5 1.7
KSC0736 90 1454120 251306 -55 70.0 100.0 30.0 3.2
incl 95.0 100.0 5.0 15.5
KSD0094 90 1454160 251375 -55 9.0 11.0 4.0 1.4
and 41.0 49.0 8.0 22.4
incl 41.0 42.0 1.0 100.0
incl 48.0 49.0 1.0 73.4
and 191.0 192.0 1.0 28.1
KSD0095 90 1454000 251424 -60 122.0 127.0 5.0 1.1
and 132.0 137.0 5.0 2.8
and 143.0 146.0 3.0 3.6
and 174.0 177.0 3.0 3.1
KSD0096 90 1453840 251360 -55 149.0 155.0 6.0 1.2
and 215.0 219.0 4.0 1.3
KSC0692 90 1453440 251297 -55 75.0 81.0 6.0 1.7
KSC0697 90 1453360 251370 -55 41.0 44.0 3.0 4.5
KSC0698 90 1453280 251307 -55 5.0 15.0 10.0 1.3
KSC0702 90 1453200 250938 -55 0 15.0 5.0 1.1
KSC0711 90 1452880 251226 -55 15.0 25.0 10.0 2.1
KSC0735 90 1455620 250993 -55 45.0 50.0 5.0 1.9

Intercept lengths are core lengths.

Drill grade calculations are based on a 0.5 g/t Au lower cut off to
define the mineralised structure, with no upper cut. Assays are in the
main from 1 metre samples. Analytical work is being carried out at the
independent Abilab Laboratories Ltd. in Bamako, Mali. Drill samples are
subject to a full sample preparation followed by a 50 gram fire assay
with an AA finish. Blanks, standards and duplicates are being used to
monitor laboratory performance during the analysis. This press release
has been reviewed by in-house qualified person Dr. Jonathan Forster,
Fellow of the Institute of Materials, Minerals and Mining in the United
Kingdom.

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 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 exceptional 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 T: (416) 304-6608

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

Copyright 2008, Market Wire, All rights reserved.

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