Wednesday, December 12th, 2007
Axmin Inc is pleased to report on a resource update for its near surface gold mineralisation at the Kofi Gold Project in western Mali, where exploration drilling during the period of January-July 2007 has resulted in a 25% increase to the Mineral Resource estimate, when combining both indicated and inferred ounces. Indicated ounces have more than doubled to 293,000 ounces (3.60Mt at a grade of 2.5 g/t Au) and Inferred ounces remain essentially unchanged at 368,000 ounces (5.26Mtat a grade of 2.2 g/t Au). The Mineral Resources occur within a 10 km radius in six separate prospects within the Kofi Project Area, with most typically within 140 metres from surface, making them potentially amenable to open pit extraction.
Chief Executive Officer, Jonathan Forster comments “I am pleased to be able to report a 25% increase in total resources which represents an important step in realizing our exploration target to add sufficient resources to warrant scoping engineering studies for a stand-alone development project. With a large drilling program recommencing in the new year, both to test depth and strike extensions to these new resources and also to continue our near surface expansion along the known structural domains, the coming exploration season could prove to be very significant for the project. The results from this year re-enforce our belief that these structures, which extend from the 11 million ounce resource of Randgold’s Loulo Mine, continue to represent highly prospective targets.”
The 2008 program has budgeted for some 30,000 metres of reverse circulation drilling supported by 14,000 metres of reconnaissance rotary air blast drilling and 5,000 metres of core drilling. It is anticipated that at least four new target areas will be explored as well as follow up at depth on high grade shoots interpreted to exist within the existing resource blocks.
The in-situ Mineral Resource estimate at a 1 g/t Au cut off was undertaken by independent consultant, SRK Consulting (UK) Ltd, using robust three dimensional interpretations with grade interpolation carried out using Ordinary Kriging. The estimates have been prepared under the guidelines of National Instrument 43-101 and accompanying documents 43-101.F1 and 43-101.CP.
Type, Tonnage(tonnes), Grade(g/t Au), Ounces(‘000)
Indicated Mineral Resources
Oxide 921,000 2.4 71
Transition 344,000 2.4 27
Sulphide 2,337,000 2.6 195
Total 3,602,000 2.5 293
Inferred Mineral Resource
Oxide 1,515,000 2.2 108
Transition 702,000 1.9 43
Sulphide 3,042,000 2.2 218
Total 5,259,000 2.2 368
The Indicated Mineral Resources were derived almost equally from the three prospects, Kofi SW Zones B and C, and Kofi South (Betea), whilst the three new prospects (Kofi SW Zone A, Blanaid, Dabara) and the southern extension to Betea account for nearly 50% of the Inferred Mineral Resources.
For further information visit: www.axmininc.com