|By Marketwired .||
|August 26, 2014 09:11 AM EDT||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 08/26/14 -- AXMIN Inc. (TSX VENTURE: AXM) ("AXMIN" or the "Company") comments today on a recent news report from Bangui, Central African Republic ("CAR") that there have been at least 25 deaths reported from a collapse of a pit, during heavy rains in Ndassima, CAR, which is located in the area of the Company-owned Passendro Gold Project. This is the second time that there has been a mine collapse since the Company declared a state of Force Majeure at its Passendro Gold Project; the previous report occurred during the rainy season in June 2013. The greatest risk associated with illegal artisanal mining activities is safety, where miners build tunnels and deep pits in unstable conditions.
On December 24, 2012, AXMIN declared a state of Force Majeure with the State of CAR due to the escalating sectarian violence in the country and suspended all operations at the operating camp of the Passendro Gold Project. Since that time, AXMIN has not had access to its Passendro Gold Project and has been unable to directly confirm the news reports regarding the mine collapses; however; the Company continues to maintain a presence in the CAR through its administrative office and permanently stationed employees in the capital city of Bangui. Prior to the Force Majeure, the Company's operations at the Passendro Gold Project were exploration and pre-development in nature, including resource and geotechnical drilling and pre-production infrastructural upgrades of the road system.
AXMIN's Chairman and CEO, Lucy Yan, comments: "AXMIN is deeply saddened to learn of the tragic loss of life at a mine collapse in an area of the Passendro Gold Project that has been unlawfully controlled by illegal artisanal miners since the Company declared a state of Force Majeure in December 2012. AXMIN's Vice President and CAR Country Manager, Lifei Jiang and his team have been actively negotiating with the new CAR government representatives in the hope that once the government has maintained a stable environment in the country, AXMIN will once again regain full access to its Passendro Gold Project, thus allowing AXMIN to resume operations and properly secure the site."
AXMIN is a Canadian exploration and development company with a strong focus on central, east and West Africa. AXMIN intends to build on its projects in Senegal and Mozambique, as it continues to 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.
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 future plans and objectives of AXMIN and information regarding the results of negotiations with CAR government representatives and the ability of AXMIN to regain access to and resume operations at the Passendro Gold Project, 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.
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