AXMIN Signs Mandate Letter With IFC for Potential US$50 Million Debt Financing

TORONTO, ONTARIO -- (Marketwire) -- 03/09/12 -- AXMIN Inc. (TSX VENTURE: AXM) ('AXMIN' or the 'Company') is delighted to announce that over and above our previously announced US$185 million mandated senior debt (see press release July 20, 2011 and January 26, 2012) a further US$25 million in senior debt and US$25 million in subordinated convertible debt has been mandated with the International Finance Corporation ('IFC') for the purposes of partially funding the development of the Passendro gold project in the Central African Republic ('CAR').

IFC has provided an indicative term sheet where it will play a lead role in coordinating the overall debt package for the Development Finance Institutions ('DFIs'). The IFC commitment to arrange financing is subject to satisfactory technical, legal and environmental due diligence, execution of acceptable terms and documentation and obtaining final credit and board approvals.

President and CEO of AXMIN, Mr. George Roach, comments, 'The support of IFC and this vote of confidence in Passendro and CAR reaffirms both the merits of the project and AXMIN's ability to build the Country's first modern gold mine. To that end, AXMIN, with the assistance of Endeavour Financial, will be working hard to satisfy the requirements set out in the banking syndicates' indicative term sheets, to achieve drawdown as soon as possible.'

In connection with the Mandate Letter, AXMIN will issue to IFC, subject to all regulatory and TSX Venture Exchange approvals, 500,000 common share purchase warrants (the 'Warrants') within 10 days of IFC notifying AXMIN that IFC has completed its appraisal trip to CAR, currently scheduled for the week of March 19th, 2012. Each Warrant will have an exercise price of C$0.63 for a period of three years from the date of issuance. The Warrants will be subject to a hold period of 4 months and one day from the date of issue and any shares issuable during such time period on the due exercise of the Warrants will be subject to a hold period of 4 months and one day from the date of issue of the shares.

About IFC

IFC, a member of the World Bank Group, creates opportunity for people to escape poverty and improve their lives. IFC fosters sustainable economic growth in developing countries by supporting private sector development, mobilizing capital for private enterprise, and providing advisory and risk mitigation services to businesses and governments. For more information, visit www.ifc.org.

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, Mozambique 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

Vice President Investor Relations

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