AXMIN Inc V.AXM.H

Alternate Symbol(s): AXMIF

Metals & Mining Gold

AXMIN Inc. is a Canadian exploration and development company with a focus on Central and West Africa. The Company, through its wholly owned subsidiaries, has exploration projects in the Central African Republic (CAR) and Senegal. The Company’s primary asset is the Passendro Gold Project situated in the CAR. It holds a 100% interest in the Bambari properties, which consists of a mining license (355 square kilometers) and two exploration licenses, Bambari 1 and 2 (1,240 square kilometers). The Passendro Gold Project is situated in the center of the mining license, which is ring-fenced by the two Bambari exploration licenses. The Company, through its joint venture partner and manager, Sabodala Mining Company SARL (SMC) owns approximately 20% interest in Sounkounkou, Heremokono and Sabodala NW exploration licenses (the Project) located in the Birimian belt of eastern Senegal. The Company's subsidiaries include AXMIN Limited (BVI), Aurafrique SARL (CAR), SOMIO Toungou SA (CAR), and others.

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AXMIN Inc

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Comment by baystock1on Jul 14, 2011 9:06pm

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Post# 18833570

RE: Axmin sold his stake of Avion...?!

The $3 million raised from this sale of Avion shares means they now have enough cash to last them thru the end of this year. This assumes a cash burn rate going forward of $3 million per quarter, which is approx. the cash used in the most recent quarter for which financials are available (quarter ending march 31). The sale of their 20% stake in the Senegal JV with Teranga might buy them an extra quarter beyond this. If one includes the sale of their 40% stake in the Sierra Leone spin off then it appears that Axmin has enough cash to keep going for another 12 more months from now, before they have to do another financing. Hopefully the debt financing will be in place well before this 12 months is up.

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