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NEWS RELEASE TRANSMITTED BY CCNMatthews
FOR: HIGH RIVER GOLD MINES LTD.
TSX SYMBOL: HRG
DECEMBER 2, 2002 - 10:36 EST
AXMIN Inc.: Drill Results Confirm High
Grade Zones At Bouroum, Burkina Faso (High River Gold Mines Ltd.)
TORONTO, ONTARIO--
- Infill drilling program completed
- Results confirm previously reported higher grades
- Pre-feasibility study scheduled for completion early 2003
AXMIN Inc. (AXM-TSX Venture) is pleased to announce the results
from the recently completed infill drilling program at the
Bouroum Permit in Burkina Faso, which confirm the higher grades
previously reported. The full set of results is appended in Table
1. Results include:
/T/
Prospect Intersection
Bissinga 10.7 g/t Au over 10 metres
8.6 g/t Au over 18 metres
7.0 g/t Au over 16 metres
F12 5.9 g/t Au over 14 metres
4.5 g/t Au over 20 metres
4.7 g/t Au over 16 metres
Welcome Stranger 12.0 g/t Au over 20 metres
/T/
"The drill program confirms our earlier geological models for the
Bouroum deposit, with near surface high grade zones at each of
the prospects providing attractive early targets for mine
optimization studies," said Dr. Jonathan Forster, AXMIN's CEO.
The 1,233 metre reverse circulation ("RC") and 722 metre core
program provides sufficient infill data to allow the resource
statement to be updated by SRK Consulting in the United Kingdom
as part of the ongoing pre-feasibility study. At the same time,
geotechnical and metallurgical studies are in progress utilising
information generated from the new drill core. A preliminary
environmental scoping document has been completed by consultants
Steffen Robertson Kirsten (South Africa).
The Bouroum Permit is subject to a Heads of Agreement between
AXMIN and High River Gold Mines Ltd. which envisages the sharing
of data and joint preparation of a pre-feasibility study to
investigate the potential for the joint development of the
Bouroum and adjacent Taparko projects. The pre-feasibility study
is scheduled for completion early 2003. AXMIN is earning a 65%
undivided beneficial interest in the Bouroum Permit from Channel
Resources Ltd. by completing a bankable feasibility study, with
the ability to purchase the remaining 35% at a cost of between
US$10-15 per ounce of the pro rata proven and probable reserves
defined in the feasibility study.
Sampling methodology involved compositing on two metre intervals
for both RC and split core samples. Analysis was conducted at the
independent Transworld Laboratory (Ghana) Ltd. by means of 50
gram fire assay with duplicates, standards and blanks introduced
as standard quality control procedures. External check assays
will also be performed at the independent OMAC Ltd. laboratory in
Ireland. Care was taken when drilling to ensure that there was no
down hole contamination by utilising the RC technique only above
the water table, with deeper holes completed with core drilling
where necessary.
AXMIN is a mineral exploration company with a strong focus on
gold in highly prospective properties across Africa, principally
in the Central African Republic, Burkina Faso and Mali.
For more information regarding AXMIN visit our website at
www.axmin.com.
Table 1 Summary of intersections, Bouroum Permit
/T/
------------------------------------------------------------------------
Prospect Hole Easting Northing Az Decl. From To Interval Grade
Number degrees degrees Met- Met- Met- g/t
res res res Au
------------------------------------------------------------------------
F12 FB231 9619 19519 180 -60 34 42 8 1.93
FB232 9640 19524 180 -55 0 4 4 2.33
18 20 2 1.21
40 54 14 3.17
FB233 9675 19489 180 -70 24 26 2 3.00
FB234 9640 19553 180 -55 8 20 12 2.40
68 82 14 5.86
FB235 9655 19493 180 -70 0 10 10 2.10
28 38 10 3.00
FB237 9675 19543 180 -50 30 38 8 1.40
FB238 9527 19580 180 -53 78 84 6 1.13
96 98 2 2.65
FB239 9621 19575 180 -63 28 50 22 3.50
98 108 10 1.38
FB242 9461 19425 90 -55 32 38 6 5.06
DDH7 9562 19590 180 -60 68 76 8 1.64
84 104 20 4.46
DDH8 9599 19582 180 -45 24 40 16 4.66
52 54 2 3.52
72 78 6 5.59
DDH11 9640 19510 180 -45 8 34 26 3.52
DDH12 9415 19367 90 -50 52 58 6 1.46
DDH13 9405 19300 90 -55 46 54* 8* 5.27
------------------------------------------------------------------------
Welcome DDH9 9600 19800 90 -45 88 90 2 22.15
Stranger FB224 9650 19805 90 -60 50 70 20 11.95
FB225 9638 19790 90 -55 56 62 6 3.87
FB226 9695 19850 90 -45 No mineralisation
FB227 9672 19822 90 -45 40 44 4 1.70
50 52 2 1.03
FB228 9627 19673 90 -50 50 52 2 0.93
FB229 9706 19490 240 -45 10 12 2 1.66
------------------------------------------------------------------------
Bissinga FB243 14713 16967 90 -45 12 14 2 1.43
FB244 14700 16967 90 -60 20 30 10 10.66
FB245 14690 16937 90 -60 12 30 18 8.62
FB246 14655 16937 90 -60 50 52 2 6.96
FB247 14681 16910 90 -60 12 20 8 1.41
FB248 14661 16910 90 -60 34 42 8 1.83
FB249 14641 16910 90 -60 64 66 2 1.34
DDH10 14669 16937 90 -50 30 46 16 7.01
------------------------------------------------------------------------
* hole ended in mineralisation
/T/
-30-
FOR FURTHER INFORMATION PLEASE CONTACT:
AXMIN Inc.:
Jon Forster, Chief Executive Officer
+44-(0)1233-665600 (UK)
+44-(0)1233-643728 (UK) (FAX)
or
AXMIN Inc.:
Judith Webster, Manager - Investor Relations
(416) 368-0993 (Canada)
E-mail: ir@axmin.com
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this press
release.
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