AXM AXMIN INC

AXMIN Inc. (TSX VENTURE:AXM) ("AXMIN" or the "Company") further to the Company's
July 20, 2011 press release, AXMIN is pleased to announce that it has entered
into an amendment to the original Fee Letter in connection with the Mandate
Letter entered into on July 19, 2011 with The Standard Bank of South Africa
Limited ("SBSA"), pursuant to which SBSA is appointed as the Mandated Lead
Arranger ("MLA") to arrange and underwrite a US$100 million Export Credit
Insurance Corporation of South Africa Limited ("ECIC") backed term loan facility
for the purposes of partially funding the development of the Passendro Gold
project in the Central African Republic (the "Project"). 


Under the terms of the original Fee Letter, SBSA was entitled to 25 million
common share purchase warrants (the "Warrants"). The 25 million Warrants were
not issued and lapsed as a result of certain conditions not having been met
under the terms of the original Fee Letter. Pursuant to the amendment to the
original Fee Letter, AXMIN has agreed to issue 1 million Warrants to SBSA, with
each such Warrant exercisable into a common share of AXMIN at an exercise price
of $0.63 per common share for a period of three years from the date of vesting. 


The Warrants will vest and become exercisable on the date that (a) SBSA receives
credit approval for the Project, and (b) ECIC board approval is received for the
Project. 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 Warrants. 


Passendro Project Update

The Lenders' due diligence and AXMIN's pre-production planning and
infrastructural upgrades are progressing, highlights include:




--  The additional information required for the Environmental and Social
    Impact Assessment ("ESIA"), due to changes to the International Finance
    Corporation's ("IFC") Performance Standards, is being completed by
    Golder Associates and other specialist consultants. The final ESIA is
    expected in Q4 2012; 
--  Contract for the preferred Engineering, Procurement, Construction and
    Management ("EPCM") is waiting final sign-off from SBSA and legal
    counsel; 
--  Power supply tenders are being adjudicated, meetings are planned for
    late August; Consultant is on-site carrying out investigations into most
    appropriate alternative sustainable energy sources, the report is
    nearing completion; 
--  Fuel supply and Logistics bids are being adjudicated by preferred EPCM
    contractor; 
--  Road up-grade work is well advanced but is expected to be on hold in
    September until November due to rainy season; 
--  The relocation of the Roandji village is close to being finalized and
    planned relocation on target for Q4 2012; 
--  Geotechnical drilling for the bridge over the Baidou river and plant
    site is completed; 
--  Exploration drilling has been suspended to allow for hydrogeological
    drilling testwork to assist in the Water Management Plan being developed
    by AMEC. Completion of the testwork is expected in mid-Q4 after which
    both rigs will be devoted to exploration drilling; and 
--  Updated review of cyanide management plan, metallurgical testwork audit
    and operating and capital costs optimisation is underway. 



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 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.

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