AXMIN Closes Sale of Remaining Interest in Sierra Leone Joint Venture to Polo Resources Limited for US$9 Million
TORONTO, ONTARIO -- (Marketwire) -- 12/19/11 -- AXMIN Inc. (TSX VENTURE: AXM) ('AXMIN' or the 'Company') is pleased to announce today that it has closed the sale of its remaining 49% interest in Nimini Holdings Limited ('Nimini') to Polo Resources Limited (AIM: POL)(TSX: POL) ('Polo') for a cash consideration of US$9 million. Polo will now hold 100% interest in the Nimini East, Nimini West and Matotoka exploration licences, through its wholly-owned subsidiary Nimini.
President and CEO of AXMIN, Mr. George Roach comments, 'In consideration for AXMIN's 100% interest in Nimini, Polo has paid AXMIN US$16.5 million during the third quarter of 2011. This amount will ensure that AXMIN enters 2012 with a much stronger balance sheet as we focus our resources on advancing the Central African Republic assets.'
About Polo
Polo is a natural resource Investment Company focused on investing in undervalued companies and projects with strong fundamentals and attractive growth prospects. For complete details on Polo: www.poloresources.com.
About AXMIN
AXMIN is a Canadian exploration and development company with a strong focus on central and West Africa. AXMIN is positioned to grow in value as it progresses its Passendro Gold Project towards development and builds on its project pipeline focusing on transitioning from an explorer to producer. For more information regarding AXMIN visit our website at www.axmininc.com.
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, objectives and growth of AXMIN and 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.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
AXMIN Inc.
George Roach
President & CEO
+44 779 626 3999
AXMIN Inc.
Judy Webster
Manager Investor Relations
416 368 0993 ext 221
ir@axmininc.com
www.axmininc.com
