Mali Kofi Project Kofi Southwest – Zone B HIGHLIGHTS  • Discovered three new gold zones in Kofi permit, indicating excellent resource potential • An independent resource estimation, conducted by Resource Service Group Limited (“RSG”), a mining engineering  consulting firm is under- way at Kofi • Results from the current soil exploration program on both the Netekoto  and Satifara permits is expected in the second half of 2002 • Planning for a further resource and reconnais- sance drilling program  at Kofi scheduled for  late 2002 5 The Kofi project, located in west- ern Mali in the same belt that hosts the Sadiola, Tabakoto and Loulo deposits, continues to be an important exploration project for AXMIN. In 2001, AXMIN trenched and drill tested a number of gold in soil anomalies across the per- mit, and as a result the Company initiated a 7,000 metre RC drilling campaign in early February 2002.  In April 2002, AXMIN announced the discovery of three new gold discoveries at the Kofi Southwest Zones B and C and Kofi Southeast Prospects. AXMIN believes that these new gold zones emphasize the increasing potential of the Kofi Permit to host substantial gold deposits, moreover, at least 15 gold in soil anomalies of signifi- cant dimensions and gold content still remain to be drill tested. Exploration to date demonstrates the close correlation between underlying gold-bearing struc- tures with overlying gold-in-soil anomalies.  AXMIN is in the process of sys- tematic analysis of one-metre samples over all of the mineralized sections of the 2002 RC drilling program. Current assay results are considered preliminary because they are based on the analysis of five-metre composite RC drill samples.  Australian consultants RSG reviewed AXMIN’s drilling and sampling techniques during the 2002 drilling program. This review by RSG has initiated the “audit trail” and has prepared the way for an independent resource esti- mation of resources on AXMIN’s Kofi discoveries. The gold mineralization is hosted by a sheared sequence of tourma- line bearing quartzites, sand- stones and greywackes with gold associated with quartz-pyrite stockworks lying at or close to the contacts between the tourmaline quartzites and sandstones. The depth of oxidation lies at about  Following the delineation of the mineralized zone to an average depth of 40 metres, four deeper RC holes spaced at 80 metre inter- vals, were drilled confirming the persistence of the mineralized structure to a vertical depth of at least 80 metres.  In 2002, a total of 2,300 metres were drilled on seven RC drill fences spaced at 40 metre inter- vals. Initial results demonstrate continuity of potentially economic mineralization over a broad width, extending from the Kofi Permit boundary northwards for at least 350 metres. The mineralization is open to the north, where the soil anomaly weakens, although scat- tered float blocks suggest that the mineralized zone may continue  for at least a further 200 metres.  It is believed, that Zone B is the extension of Randgold’s Baboto gold prospect, which has been trenched and drilled by Randgold on ground immediately south of the Kofi Permit boundary. Zone B was identified by AXMIN in 2000 with a single RC drill fence across a north trending soil anomaly, 350 metres long by 150 metres wide. The southern edge  of this anomaly is defined by AXMIN’s Kofi and Rangold Resources Ltd’s Loulo permit boundary. 