Axmin tallies Sierra Leone gold resource (October 05, 2006)

Axmin (AXM-V) has released an initial resource estimate for its grassroots Komahun prospect, which forms part of its Nimini Hills project in Sierra Leone.

According to a study by the U.K. office of consultants SRK Consulting, inferred resources at Komahun total 4.9 million tonnes grading 2.5 grams gold per tonne, or 392,000 contained oz. gold, mostly consisting of sulphide material.

The National Instrument 43-101-compliant estimate is based on 3,200 metres of drilling that targetted the central portion of the shear zone, and does not take into account the known and previously reported parallel structures which are the subject of a current drill program.

“With Passendro in the Central African Republic in feasibility study, resources at Kofi Project in Mali anticipated to continue to expand, and now resource success at Komahun in Sierra Leone, we believe we have strong foundations for future growth,” said Axmin CEO Jonathan Forster in a release.

AXMIN says its has started drilling on two high-grade veins on the Eastern Structure, where previous drilling intersected 47.5 grams gold over 3 metres and 66 grams gold over 2 metres in separate veins.

A single previous reconnaissance hole drilled into the Western Structure cut 4.2 grams gold over 3.9 metres.

Axmin holds five licence areas in Sierra Leone covering over 600 sq. km. The company can earn a 60% interest in the Nimini Hills project from a subsidiary of Eldorado Gold (ELD-T) by spending US$2.25 million over three years, and has fulfilled its minimum expenditure payment of US$0.5 million in the first year.

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