AXMIN Learns of an Amending Decree From the Government of the Central African Republicadmin
Friday, August 29th 2008
AXMIN Inc. announces that, earlier today, its wholly owned subsidiary Aurafrique SARL, heard on the local radio that a Decree dated August 22, 2008 purporting to amend Article 2 of the Bambari 1 and 2 permits located in the Central African Republic has been issued. These permits were last renewed on June 29, 2007 and are valid until June 29, 2010. Prior to the Amending Decree the Bambari 1 and 2 permits were valid for gold, silver, copper, nickel, lead, zinc and iron. The Amending Decree now purports to amend the Bambari 1 and 2 permits to limit the mineral rights to gold only.
The Amending Decree does not affect the Passendro Gold Project. AXMIN and its subsidiary Aurafrique are continuing discussions with the Government of CAR with respect to the issuing of the Mining License for the Passendro Gold Project.
Mario Caron, the President and CEO of AXMIN comments, “The government of CAR has not explained to us why the Amending Decree, revoking our rights to minerals other than gold on the Bambari 1 and 2 permits was necessary. We are extremely disappointed that the impact of the Amending Decree will be to delay our lawful access to the iron belt contained in the Topa Iron discovery located within the Bambari 1 and 2 permits.”
AXMIN and its subsidiary Aurafrique intend to use all means at their disposal to immediately pursue their rights with respect to the Bambari 1 and 2 properties under the June 29, 2007 permits.
AXMIN will provide further updates as warranted.