TORONTO, ONTARIO, Sep 18, 2008 (MARKET WIRE via COMTEX) -- AXMIN Inc. (CA:AXM: news, chart, profile) is pleased to report significant increase in mineral resource ounces and grade at the Komahun Gold Project, Nimini Hills JV, Sierra Leone. In addition for the first time the mineral resource estimate includes an Indicated Mineral Resource of 370,000 tonnes grading 9.1 g/t Au (110,000 ounces) and an Inferred Mineral Resource of 3.1 million tonnes grading 4.3 g/t Au (435,000 ounces). This compares to the previous Inferred Mineral Resource estimate of 4.9 million tonnes grading 2.5 g/t Au (392,000 ounces) (press release October 5, 2006).
Mario Caron, President and Chief Executive Officer comments "The increase in both global resources and in particular the grade at Komahun will have a significant impact on the potential for future development as an underground mining project. Development should also be facilitated by mineralised widths which mostly range from 2.5 to 7 metres and the steep surface topography which can be beneficial for easy access by adit and decline. AXMIN has initiated a third party scoping study that will investigate production levels in the range of 60,000 to 80,000 ounces per annum and in addition will help to guide the next round of exploration."
The mineral resource estimate has utilized all drilling to date totaling 168 core holes, for a total of 22,370 metres. The bulk of the resource lies within the central 300 metres strike length of the Komahun structure where modeling has been taken to depths of up to 400 metres from surface. To view the Geology and Collar Plan of the Komahun Project, please visit the following link: http://media3.marketwire.com/docs/axminb.jpg.
In this central zone, the mineralisation occurs within three sub-vertical structures with modeled widths ranging from 1.5 to 12 metres, but typically within the range of 2.5 to 7 metres and is open at depth. Gold is associated with quartz-sulphide veins and disseminated sulphides within a 50 metre wide, northeast-southwest trending shear zone located predominantly in Archaean age amphibolites, banded ironstones and talc schists. Correlation of the sub-vertical lithologies is facilitated by the thin banded ironstone units that form well defined markers. Mineralisation is sub-parallel to lithology and consists of predominantly unweathered sulphide material. Preliminary metallurgical testwork on the sulphide mineralisation suggests that recovery levels in excess of 90% may be achievable (see press release August 27, 2007).
The in situ mineral resource estimate at a plus 1.8 g/t Au cut off was undertaken by independent consultant, SRK Consulting (UK) Ltd ("SRK"), using robust three dimensional interpretations with grade interpolation carried out using Ordinary Kriging. The cut off grade reflects modeling parameters suitable for underground mining. The estimates have been prepared under the guidelines of National Instrument 43-101 and accompanying documents 43-101.F1 and 43-101.CP.
http://www.marketwatch.com/news/story/axmin-inc-komahun-project-sierra/story.aspx?guid=%7BACC0D140-4A43-4AF4-B02D-6BE8643B37C6%7D&dist=hppr
Friday, September 19, 2008
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