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AXMIN Announces Amendments to the Non-Brokered Private Placement Announced on May 12, 2008

AXMIN Announces Amendments to the Non-Brokered Private Placement Announced on May 12, 2008

TORONTO, ONTARIO -- (MARKET WIRE) -- 05/20/08 -- AXMIN Inc. (TSX VENTURE: AXM) is pleased to announce that as a result of further discussions the Company's major shareholder AOG Holdings BV ("AOG"), a wholly owned subsidiary of The Addax & Oryx Group Limited, has agreed in principle to changes in the terms of the non-brokered private placement of 15,000,000 Units in the Company at a price of Cdn$0.40 per Unit, for total gross proceeds of Cdn$6 million (the "Placement"), as announced on May 12, 2008. Accordingly each Unit now consists of one common share plus one-half of a common share purchase warrant. Each whole common share purchase warrant entitles the holder to purchase one additional common share of AXMIN at a price of Cdn$0.57 for a period of twenty four months following the closing of the Placement. The closing of the Placement is subject to approval of the TSX Venture Exchange and the closing will occur as soon as practicable after the receipt of such approval.

President and Chief Executive Officer, Mario Caron comments "We are pleased that further discussions with our major shareholder has resulted in financing terms that better reflect the current market conditions."

Common shares acquired under the Placement are subject to a four month hold period from the date of closing of the Placement.

The net proceeds of the Placement will be used for ongoing development and exploration programs and for general corporate purposes.

As at the date of this announcement and prior to completion of the Placement AOG holds 80,108,237 common shares in the Company, representing approximately 37.2% of AXMIN's issued and outstanding common shares. Post completion of the Placement AOG will hold 95,108,237 common shares and 7,500,000 common share purchase warrants, representing approximately 43.1% of AXMIN's issued and outstanding common shares on an undiluted basis assuming that the common share purchase warrants are exercised in full.

Post completion of the Placement AXMIN will have a total of 230,613,234 common shares issued and outstanding.

About AXMIN

AXMIN is a Canadian gold and iron ore exploration and development company with a strong focus on central and west Africa. AXMIN's goal is to begin production at its Passendro Gold Project, Central African Republic in the third quarter of 2010. AXMIN is well positioned to grow in value as it develops its project pipeline of gold and iron ore projects in parallel pursuing new opportunities to increase its asset base. 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 potential mineralization and reserves, exploration results and future plans and objectives of AXMIN, 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 are disclosed under the heading "Risk Factors" and elsewhere in AXMIN documents filed from time-to-time with the TSX Venture and other regulatory authorities.

Contacts:
AXMIN Inc.
Mario Caron
President & CEO
Direct: (416) 304-6608

AXMIN Inc.
Judy Webster
Manager Investor Relations
(416) 368-0993
Email: [email protected]
Website: www.axmininc.com

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