Vancouver, British Columbia--(Newsfile Corp. - June 18, 2018) - AXMIN Inc. (TSXV: AXM) ("AXMIN" or the "Company") announces that it has received confirmation from Teranga that the Government of the Republic of Senegal has granted two new exploration permits under the 2016 Senegalese Mining Code for Sounkounkou and Bransan, encompassing the 17 target areas that the Company shares an interest in with Teranga.
The initial term of the exploration permits is for a period of 4 years with a requisite minimum expenditure commitment during this initial period. Thereafter, the exploration permits are renewable two times for consecutive periods not exceeding three years each, provided that Teranga has satisfied its work and expenditure commitments. The Bransan perimeter is 337.3km2 and Sounkounkou is 291.7km2, which together cover roughly 90% of the prior permit areas.
AXMIN Chairman Lucy Yan said, "The issuance of exploration permits for the additional targets, upon which AXMIN has a NSR royalty of 1.5%, is very good news for our company."
AXMIN is a Canadian exploration and development company with a strong focus on the African continent. AXMIN continues to closely monitor the political situation at its Feasibility Stage Passendro Gold Project in the Central African Republic. For more information regarding AXMIN, visit our website at www.axmininc.com.
For additional information, please contact AXMIN Inc.:
Chairman and CEO
Chief Financial Officer and Corporate Secretary
This press release includes certain "forward-looking information" within the meaning of applicable Canadian securities legislation. All information, other than statements of historical fact included herein, including without limitation, information regarding the future option grant plans and objectives of AXMIN, are forward-looking information that involves various risks and uncertainties.
There can be no assurance that such information will prove to be accurate and actual results and future events could differ materially from those anticipated in such information. 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 information 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.