TORONTO, ONTARIO -- (Marketwire) -- 10/29/10 -- AXMIN Inc. (TSX VENTURE: AXM) announces that it has regained control of its Mavita Copper-Nickel-Cobalt Project in Mozambique following the withdrawal of Rio Tinto Minerals Development Limited ('Rio Tinto'), a wholly owned subsidiary of Rio Tinto Plc (LSE: RIO) from a joint venture over these permits. The Mavita project consists of two prospecting licences (PL1045L and PL1046L) covering 354 sq km, located on the eastern edge of the Zimbabwe Craton. Reconnaissance exploration followed by airborne and detailed ground geophysical programs, completed by AXMIN have defined several anomalous lithologies and 16 priority targets.
Under the terms of the agreement announced on June 9, 2010, AXMIN will regain 100 percent control of the Mavita licences. All of the data from exploration work completed by Rio Tinto on behalf of the joint venture agreement will be relinquished to AXMIN.
President and CEO of AXMIN, Mr. George Roach, comments, 'Although we are disappointed that the Mavita project did not make Rio Tinto's exploration requirements we remain encouraged about the prospectivity of the Mozambique assets. To that end, we are in negotiations with another potential joint venture partner and hope to announce an agreement shortly. AXMIN remains focussed on rapidly advancing it's revalidation of the Passendro Gold Project feasibility study to include the upside of the current gold prices and our updated mineral resources and reserves. Simultaneously, AXMIN has reopened negotiations, in conjunction with Endeavour Financial, with appropriate parties who will form part of the mine development debt finance consortium and expect to inform our shareholders on its progress in the near future.'
About AXMIN
AXMIN is a Canadian exploration and development company with a strong focus on central and West Africa. AXMIN has projects in Central African Republic, Mali, Mozambique, Sierra Leone, Senegal and Zambia. 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.
Neither 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.
Contacts:
AXMIN Inc.
George Roach
President & CEO
Direct T: +44 779 626 3999
AXMIN Inc.
Judy Webster
Manager Investor Relations
416 368 0993 ext 221
ir@axmininc.com
