CORRECTION FROM SOURCE: AXMIN-Passendro Gold Project Update

AXMIN Inc. (TSX VENTURE:AXM) ("AXMIN" or the "Company") this document corrects
and replaces the press release that was sent January 23, 2012 at 9:48 AM EST.
The error occurred in the first paragraph where it should have read "final
payment of US$3.0 million to the State of the Central African Republic ("CAR")
earlier than the required April 30, 2012". The corrected version follows.


AXMIN Inc. (TSX VENTURE:AXM) ("AXMIN" or the "Company") today announced that as
a gesture of confidence in the Company's ability to build the Passendro Gold
Project, AXMIN will make its final payment of US$3.0 million to the State of the
Central African Republic ("CAR") earlier than the required April 30, 2012. This
early payment constitutes the full amount of the payment to CAR, and thereby
completes Aurafrique's payment obligations under the Addendum to the 2006 Mining
Convention. 


AXMIN's President and CEO, Mr. George Roach, comments, "AXMIN's early payment of
its final installment to the Government of CAR and the progress we are making
with on-site infrastructural upgrades signals to the State and people of CAR
that we are determined to build the country's first modern gold mine. In
addition, I would like to take this opportunity to thank our shareholders for
their support and patience as we progress through the debt financing
negotiations. Although longer than originally anticipated, the work that our
team has accomplished during the past year ensures that we are in a strong
position to finalize the debt and move forward to development and gives me
confidence that 2012 will be an exciting year for AXMIN."


Project Development 

AXMIN has begun the on-site infrastructural upgrades and pre-development work
which constitute the soft-start development that is required to ensure that the
project maintains its 24 month build schedule. Work undertaken to date includes:




--  The State has granted AXMIN a two year extension as of January 11, 2012
    to begin the development and production start-up work at the Passendro
    project; 
--  Local civil contractor engaged to carry out early on-site
    infrastructural upgrades, including starting 45 km road upgrade from
    Kombele to site, on-site road works, building an air-strip and the main
    bridge over Bambari River; 
--  Team building at Passendro continues, recently hired Mike Edwards as
    Project Director and Geoff McLoughlin as Engineering Manager, in
    addition to recent appointment of the CAR Country Manager and Passendro
    Chief Controller; 
--  Tendering and adjudication process for major build Engineering,
    Procurement, Construction and Management ("EPCM") contract is in the
    final stages and contract award is expected shortly; 
--  Mining equipment and fuel supply contract tendering and site visits are
    underway and power options (lease, own or third party provider) analysis
    and proposals have been received; 
--  Feasibility study optimizations and upgrades are underway and will
    include a revised financial model. 



Project Finance 

With the assistance of our financial advisors Endeavour Financial, we are
progressing through the final stages of the debt finance negotiations with
multiple lenders and in condensed summary, our progress includes:




--  The Standard Bank of South Africa Mandate Letter Agreement ("MLA") to
    arrange and underwrite up to a US$100 million in debt facility has been
    extended to March 31, 2012 from December 31, 2011; 
--  Lenders environmental due diligence has been completed, and in December
    the Lenders technical due diligence was completed and the legal due
    diligence completion is expected soon; 
--  Negotiations with several other banking groups for the remaining debt
    required are in the final approval process. 



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 and objectives of AXMIN;
and statements regarding the ability to develop and achieve production at
Passendro, to revalidate the BFS and to satisfy the terms of the Mining Licence
as negotiated, 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.