AXMIN Accepts Resignation from Its Chairman

AXMIN Inc. (TSX VENTURE:AXM) ("AXMIN" or the "Company") announces the
resignation of its Chairman, Robert Metcalfe from its board of directors,
effective October 29, 2012. Today the board has appointed David de Jongh Weill
as Chairman. Mr. Weill has been a director of AXMIN since June 29, 2010 and is
presently the Chairman of the Audit Committee. The Board would like to thank Mr.
Metcalfe for his service and contribution to the Company. 


AXMIN Update:

As of March 2012, AXMIN had executed Mandate Letters for a total of US$235
million in debt facility which is a mix of senior and subordinate convertible
debt with a number of development agencies and commercial banks from Europe and
South Africa. From that date, the Lenders agreed to work as a syndicate to
complete the required technical, legal and environmental due diligence. At this
time, the due diligence process is ongoing, it is expected that the Lenders'
will be in the position to finalize debt terms in the first quarter of 2013. In
anticipation of this, AXMIN's management is negotiating with parties for the
remainder of its capital requirements to build Passendro in addition to a
potential smaller bridge financing to ensure that the due diligence remains on
track. 


For more information regarding AXMIN visit our website at www.axmininc.com. 

George Roach, President & CEO 

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.


FOR FURTHER INFORMATION PLEASE CONTACT: 
AXMIN Inc.
Judy Webster
Vice President Investor Relations
ir@axmininc.com
www.axmininc.com

AXMIN (TSXV:AXM)
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