AXMIN Acquires Shares of Ferrum Centrafrique SA

AXMIN Inc. (TSX VENTURE:AXM) ("AXMIN" or the "Company") is pleased to announce
today that it has acquired all of the issued and outstanding shares of Ferrum
Centrafrique SA ("Ferrum SA") (the "Acquisition") from Ferrum Resources Limited
("Ferrum") pursuant to a share purchase agreement dated January 23, 2012 (the
"Agreement"). Ferrum SA is the Central African Republic ("CAR") registered
company that has lodged exploration licence applications for iron ore over the
Topa Iron Belt, which is in the same areas licenced to AXMIN for gold
exploration (the "Topa Project"). The Topa Iron Belt consists of two northwest
trending ridges, West Limb and East Limb, over a strike of 28 km and 20 km,
respectively, and contains the Topa Iron Ore discovery, a full description of
the Topa Project can be found in AXMIN press release dated April 21, 2008.


In consideration for the Acquisition, AXMIN has agreed to issue, but only if, as
and when the exploration licences are granted to Ferrum SA and notice thereof
has been publicly announced by AXMIN (the "Grant"), such number of common shares
of AXMIN as will equal US$10 million, based on the 20 day volume weighted
average price of AXMIN's shares, commencing five trading days from the award of
the licence, provided that the number of AXMIN shares to be issued shall not
exceed 9.9% of AXMIN's issued and outstanding shares (on a non-diluted basis)
prior to such issuance. In addition, if the Grant occurs Ferrum will receive on
the date of the Grant 25% of the outstanding shares in Ferrum SA. AXMIN has also
granted to Ferrum a free carry interest for the first US$4 million of Topa
Project expenditures incurred after the date of the Agreement, provided that in
the event the value of the AXMIN Shares issued pursuant to the Agreement is less
than US$10 million, the free carry interest will be increased in an amount equal
to such difference, subject to a maximum free carried interest of US$10 million.
In the event the exploration licenses have not been granted within 24 months of
the date of the Agreement, AXMIN will be entitled, in its sole discretion, to
wind up Ferrum SA, subject to first offering the shares of Ferrum SA to Ferrum. 


President and CEO, Mr. George Roach, comments, "Since joining AXMIN in June
2010, it has been my singular focus to rebuild the Company's assets in CAR, and
we are pleased to have this opportunity to be able to return the Topa licence
back into the AXMIN portfolio. As a first mover in the country and the first to
develop a major mining operation, AXMIN is in a unique position to take
advantage of the significant mining opportunities available in CAR that we
believe will continue to add to our shareholder value."


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 the future plans, objectives and growth
of AXMIN, the Acquisition, the Topa Project 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.