AXMIN Chairman and CEO Provides Update for 2019
Vancouver, British Columbia--(Newsfile Corp. - January 14, 2019) - AXMIN Inc. (TSXV: AXM) ("AXMIN" or the "Company") Chairman and CEO Lucy Yan provides an update for 2019 commenting as follows:
2018 was a transformational year for our Company. Royalty payments together with the resolution of the long-standing accounts payable have placed AXMIN on a strong foundation and we intend to build on this foundation in 2019. Our main focus will be to become operational in the Central African Republic (CAR) to develop the Passendro asset.
AXMIN has maintained a constant presence in country during this difficult time and enjoys an excellent relationship with the authorities in Bangui and also in Bambari. We are monitoring the security situation carefully and when security returns, we have plans in place to renew our operation. We note that the CAR arm forces (FACA) have been deployed to Bambari and are now being deployed in surrounding areas. We are informed by the authorities in Bangui that we should anticipate being operational again in the near future.
To this end, we are expanding our presence in country and will add additional senior staff to assist this process. AXMIN has been approached by several potential strategic partners to assist with the development of the asset. The Company will commence a formal process to select the strategic partner once we have clarity on timing the return to Ndassima. We have completed an online data room for this purpose. The selection criteria will favor very large well capitalized companies with mining and infrastructure construction experience in Africa. The first objective will be to complete a site survey and then commence a phased development plan with rapid production being the priority.
Going forward, AXMIN will have two distinct parts to our operation in that we anticipate having royalty income from our assets and having operational income from the CAR asset. In order to better facilitate transparency and maximize shareholder value, the Company is investigating how best to structure these two separate activities. AXMIN is taking advice in this regard and may create a separate entity for the purpose of realizing royalty income from Senegal and other potential assets that may be added.
In 2019, the Company looks forward to being more communicative with our shareholders. We have commenced a presence on social media and will be providing an updated company presentation as well. Management is looking forward to another strong year for the Company in 2019 and will keep the market updated with further press releases on each of the matters above when appropriate.
AXMIN is a Canadian exploration and development company with a strong focus on the African continent. AXMIN continues to closely 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. Please also visit us on Facebook.
For additional information, please contact AXMIN Inc.:
Chairman and CEO
David de Jongh Weill
Chief Financial Officer and Corporate Secretary
+65 9781 8281
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 the future option grant plans and objectives of AXMIN, 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.