AXMIN Sells 51% Interest in Its Sierra Leone Assets to Polo Resources for US$7.5 Million

TORONTO, ONTARIO -- (Marketwire) -- 08/02/11 -- AXMIN Inc. (TSX VENTURE: AXM) ('AXMIN' or the 'Company') is pleased to announce that it has entered into an agreement (the 'Agreement') with Polo Resources Limited (TSX: POL)(AIM: POL) ('Polo') whereby Polo will acquire a 51% interest in a wholly owned subsidiary of AXMIN, which owns AXMIN's Sierra Leone assets, with AXMIN retaining a 49% interest ('the Project') for a cash consideration of US$7.5 million. The Agreement pertains to the Nimini East, Nimini West and Matotoka exploration licences in Sierra Leone.

Under terms of the Agreement, Polo is to solely fund the first US$2 million of the Project exploration expenditures after which both parties are to jointly fund exploration expenditures on a pro rata basis. Parties who elect not to participate will face dilution of their respective interest in the Project.

Closing is subject to a technical and legal due diligence undertaken by Polo, which is to be completed no later than 60 days from the date of the Agreement. At the closing AXMIN and Polo intend to enter into a shareholder's agreement to govern their joint venture. Concurrent with the finalization of the Agreement, AXMIN is obligated to pay Fuller Capital Corp ('FCC') a break-fee of US$200,000 in relation to the termination of its Definitive Agreement with FCC announced on June 10, 2011.

President and CEO of AXMIN, Mr. George Roach, comments, 'This Agreement ensures that AXMIN's shareholders will continue to have exposure to the Project's upside through its 49% interest, while generating cash to assist with the development of Passendro. Given their experience and leadership, we are very excited to be working together with the Polo team to advance this tremendous asset which we believe has substantial upside potential. The funds AXMIN will receive from the partial divestiture will greatly benefit AXMIN as we direct the focus of our resources toward the finalization of the debt facility negotiations for the Passendro Gold Project in the Central African Republic.'

About Polo Resources

Polo Resources is natural resource Investment Company focused on investing in undervalued companies and projects with strong fundamentals and attractive growth prospects. The Company will primarily invest in companies with producing assets and/or resources and reserves that have been verified under internationally recognised reporting standards. For complete details on Polo Resources: www.poloresources.com

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 and Senegal. 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.

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

44 779 626 3999


AXMIN Inc.

Judy Webster

Manager Investor Relations

416 368 0993 ext 221
ir@axmininc.com
www.axmininc.com