Press release from Marketwire
AXMIN's Joint Venture Company-Nimini Holdings Limited ("Nimini") Commences 5,000 Metre Drill Program at the Komahun High Grade Gold Project, Sierra Leone
Thursday, October 20, 2011
AXMIN's Joint Venture Company-Nimini Holdings Limited ("Nimini") Commences 5,000 Metre Drill Program at the Komahun High Grade Gold Project, Sierra Leone09:32 EDT Thursday, October 20, 2011TORONTO, ONTARIO--(Marketwire - Oct. 20, 2011) - AXMIN Inc. (TSX VENTURE:AXM) ("AXMIN" or the "Company") is pleased to announce that Nimini has initiated its Phase II drilling program at its 100%-owned Komahun project. In September, AXMIN completed the sale of 51% of the shares of its wholly-owned subsidiary, Nimini, which holds the Company's Sierra Leone assets, to Polo Resources Limited (AIM:POL)(TSX:POL) ("Polo") for a cash consideration of US$7.5 million (see press release September 28, 2011). The scheduled 5,000 metre program at the Komahun Main Zone will include both in-fill and depth extensions of the existing deposit together with drilling to define the strike and depth extensions of the newly discovered Western Extension where limited drilling in early 2011 indicated economic grades and widths near-surface. Exploration drilling is also taking place over the Sendekor prospect which covers a four kilometre strike area hosted in favourable Banded Iron Formation and Amphibolites.Nimini also plans an exploration drilling program at its 100%-owned Matotoka Licence where previous exploration yielded promising results from soil sampling, pitting and trenching, and where a number of combined geophysical and geochemical anomalies have been identified. Matotoka is located in central Sierra Leone on the northern border of Cluff Gold's 1.5 million ounce Baomahun gold deposit. Cluff Gold is planning to start construction at Baomahun in 2012.AXMIN has a joint venture agreement with Polo with respect to the Sierra Leone assets (Nimini East and West and Matotoka Licences). AXMIN previously completed a 5,077 metre resource drilling program consisting of 34 core drill holes, plus trenches, which focused primarily on Komahun Main Zone and the newly discovered Western Extension, thought to be the faulted extension of Main Zone. Both the drilling and trenching results confirmed the potential for near-surface economic gold mineralisation at Komahun and strengthen the possibility that the deposit is open along strike to the east and down dip. Previously announced, intersections included 6.08 g/t of gold over 24.8 metres and 4.39 g/t of gold over 13.5 metres (see press release June 1st and 29th, 2011). President and CEO of AXMIN, Mr. George Roach, comments, "Following the completion of the JV agreement with Polo in September, the partners moved rapidly to approve Nimini's next phase of exploration in order to advance this tremendous asset. AXMIN is excited to continue the drilling program at Komahun where results from Phase I drilling indicated potential for open pit resources at Main Zone and near-surface mineralisation at the Western Extension. It is our expectation that if the positive results continue in the next phase of drilling we will see an increase in resources at Komahun and be in a position to further develop the project upside at Western Extension and Sendekor prospects."This press release has been reviewed by an in-house qualified person, François Auclair, M.Sc., AXMIN VP Exploration, Member of the Ordre des Géologues du Québec and Fellow of the Geological Association of Canada, Qualified Person under the National Instrument 43-101.About PoloPolo is a natural resource Investment Company focused on investing in undervalued companies and projects with strong fundamentals and attractive growth prospects. For complete details on Polo: www.poloresources.comAbout AXMINAXMIN is a Canadian exploration and development company with a strong focus on central and West Africa. 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.FOR FURTHER INFORMATION PLEASE CONTACT: George RoachAXMIN Inc.President & CEO+44 779 626 3999ORJudy WebsterAXMIN Inc.Manager Investor Relations416 368 0993 ext email@example.comNeither 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.