Axmin signs Passendro development LOI with Au Metals

2020-01-20 07:12 MT - News Release

Ms. Lucy Yan reports

AXMIN ANNOUNCES LETTER OF INTENT WITH FIRST STRATEGIC PARTNER

Axmin Inc. has signed a letter of intent for the development of its Passendro gold asset in the Central African Republic (CAR) with Au Metals Ltd., a subsidiary of the Au Group Ltd.

AU Metals is a gold and copper mineral focused venture capital firm established in 2015 in Hong Kong, SAR and the BVI. AU Metals through its related company AU Ventures Limited operates venture capital funds. AU Metals have been involved with numerous mining companies. AU Metals' team also has operational experience in projects throughout Asia, Africa, North America, and Australia. AU Metals is well connected in the mining industry and has close relationships with corporate and state-owned enterprise mining operations and investors in the Asia region. AU Metals maintains offices in Hong Kong, Beijing, Sydney, Melbourne, Perth, and Brisbane.

Axmin has agreed with AU Metals to work together on the results of the ongoing site survey to define a scoping study based on the situation on site, the results and implications of illegal mining activity and the past exploration and geological analysis performed by the company. The Company will work with AU Metals to define what equity capital and debt facility will be required to implement the project in the CAR

Dr. Wei Jin, executive president and managing partner of AU Metals stated, "We are excited with the prospect of collaborating with Axmin on its Passendro Gold Asset. AU Metals has the expertise to help bring the asset to the next level and we feel that our networks in the mining industry can help this partnership realize success."

Axmin Chairman and CEO Lucy Yan said, 'We are delighted to be working with AU Metals to accelerate the development of the Passendro Gold Asset. The Company values the extensive track record and expertise of AU Metals and are confident that working with this strategic partner will ensure a successful realisation of the project for the benefit of all shareholders and stakeholders concerned.'

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.

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