Other Exploration Developments Ghana Tanzania 8 AXMIN can earn a 72% interest (after government interest of 10%) in the Cape Three Points licence which covers the location of many small scale mines and prospects based on narrow, high grade gold bearing quartz veins that were worked early in the 20th century. AXMIN has initially focussed on two prospects, Satin and Sefwi.  At the former RC drilling in 2001 and early in 2002 has identified a small, high grade (greater than  30 g/t Au) lens that lies within 40 metres of surface and which may justify extraction and processing through one of a number of gold plants within haulage distance. AXMIN is planning to identify a suitable treatment route during 2002 with the intent of generating early cash flow. Work at Sefwi  has identified gold mineralized structures, but further drilling  will be required to locate high grade shoots. AXMIN’s Siga Hills project com- prises two contiguous Prospecting Licences (“PL”) located midway between Barrick’s Bulyanhulu gold mine and its Golden Ridge project in the Lake Victoria Goldfield. AXMIN has the right to earn 42.5% of the Siga Hills PL and 50% of the Magamba PL though its agreements with Ormonde Mining (Tanzania) Limited. In March 2001, AXMIN completed 10 RC drill holes for a total of  861 metres on the Kayenze gold prospect within the Siga Hills licence. Two parallel target zones 1.2 km long, previously identified by soil sampling and trenching, were drill tested with the first  zone failing to provide further encouragement. The second target zone, which runs along the base of a BIF ridge, appears to be  associated with a shear zone  evidenced by sheared float and outcrop. Two RC holes drilled in to the shear intersected intermediate to mafic volcanics with zones of intense pyrite mineralization (up to 15%) and anomalous gold. In 2002, AXMIN was granted exploration rights by the Senegalese government in its Sounkounkou and Sabodala Northwest permits. Exploration in these highly prospective areas is at a grassroots stage and the first pass soil and geological mapping surveys currently in progress.  Re-interpretation of the soil geo- chemistry coupled with geological mapping suggests that a discrete “tongue” of persistently anom- alous soils, 1.5 km long and up to 500 metres wide, which trends WNW, may be a splay off of the NW oriented shear. AXMIN is planning to RAB drill this target in mid-2002. Senegal Siga Hills Project Cape Three Points Project