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To: LoneClone who wrote (28352)	11/3/2008 9:39:20 PM
From: LoneClone	Read Replies (1) \| Respond to of 193231

Mineral Deposits to Spend US$2.5 Million to Earn 51% Interest in AXMIN's Senegal Permits Mon Nov 3, 11:08 AM ca.news.finance.yahoo.com TORONTO, ONTARIO--(Marketwire - Nov. 3, 2008) - AXMIN Inc. (TSX VENTURE: AXM.V) is pleased to report that it has concluded a joint venture with Sabodala Mining Company SARL, a wholly owned subsidiary of Mineral Deposits Limited (TSX: MDL.TO) whereby Mineral Deposits may earn a 51% interest in AXMIN's wholly owned gold exploration permits, Sounkounko, Heremokono and Sabodala NW located in the Birimian belt of Eastern Senegal. Mineral Deposits must spend US$2.5 million over three years to complete the earn-in, thereafter AXMIN may elect to participate in further expenditure on a pro rata basis, or dilute its interest to 20% in return for Mineral Deposits expending a further US$3.5 million over the subsequent three year period. The JV is subject to the approval of the Minister of Mines, Republic of Senegal. President and CEO Mario Caron comments "AXMIN is pleased to introduce Mineral Deposits as a partner to the Senegal project allowing the Company to focus its efforts on enhancing its projects in CAR, Sierra Leone and Mali. The exploration and operating expertise gained by Mineral Deposits from the development of its nearby Sabodala Gold Mine will ensure that future exploration at the Senegal projects will be actively pursued and that any resource discovered may be considered for treatment through the new gold plant. A number of targets identified at Sounkounko during the last round of exploration will be a priority for Mineral Deposits program." The Sounkounko and Heremokono permits share a common boundary, whilst Sabodala NW lies approximately 15 km to the west. Together, the permits all lie within 20-30 km from Mineral Deposit's 2 million tonne per annum Sabodala Gold Mine, which is currently under construction. Each permit is underlain by sediments and volcanic rocks of Birimian age, and has previously been the subject of extensive soil sampling and some 10,000 metres of reconnaissance drilling by AXMIN, much of which was shallow rotary air blast ("RAB"). Gold mineralised structures have been identified and will initially be the focus of the planned work program. The terms of the joint venture with Mineral Deposits include: a) Mineral Deposits must spend a total of US$ 2.5 million over three years to earn a 51% interest in each permit, with a minimum expenditure of US$0.5 million in year one, US$0.8 million in year two and US$1.2 million in year three. There is a minimum expenditure of US$0.8 million before it may contemplate withdrawing from the JV. b) Following earn-in, AXMIN may elect to maintain its 49% interest by funding future expenditure on a pro rata basis, or it may elect to dilute further to 20% in return for Mineral Deposits spending a further US$3.5 million over an additional three year period. At this stage AXMIN may elect to participate or transfer its residual interest to Mineral Deposits in return for a 1.5% royalty. Exploration will be managed by Mineral Deposits, freeing up AXMIN to focus on its Kofi Project in Mali, which lies some 120 km to the east of Sounkounko, across a national border. Here AXMIN has decided to defer completion of a resource update until mid 2009 due to a curtailed drill program during the 2008 dry season. About AXMIN AXMIN is a Canadian exploration and development company with a strong focus on central and west Africa. AXMIN's goal is to move its Passendro Gold Project in the Central African Republic towards production. AXMIN is positioned to grow in value as it develops its project pipeline 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. 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. The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. Contacts Mario Caron AXMIN Inc. President & CEO Direct T: (416) 368-0993 ext 223 Judy Webster AXMIN Inc. Manager Investor Relations (416) 368-0993 ext 221 Email: ir@axmininc.com Website: www.axmininc.com