Axmin earns $1.5-million (U.S.) in 2018

2019-04-29 08:13 MT - News Release

Ms. Lucy Yan reports

CHAIRMAN LUCY YAN PROVIDES AXMIN'S YEAR END 2018 FINANCIAL RESULTS

Axmin Inc. has provided highlights from its annual report for the year ended Dec. 31, 2018, which has been filed on SEDAR. All dollar values in this news release are expressed in United States dollars.

2018 highlights

Financial:

• Revenue of $1.5-million (2017 -- $1.6-million);
• Net income of $1.5-million (2017 -- $1.2-million);
• Shareholder equity of $900,000 (2017 -- deficit of $1.2-million);
• Cash balance of $1-million (2017 -- $1.1-million).

Operational:

Senegal with Teranga Gold Corp.:

• Net smelter return (NSR) royalty from Teranga for the Gora deposit was largely unchanged at $1.5-million from $1.6-million the previous year.
• Work at Gora is now completed, but as of December, 2018, there was remaining ore in stockpile to be processed by Teranga.
• Axmin holds an additional 16 properties in conjunction with Teranga, subject to future development with no further capital participation contribution required from Axmin.
• Axmin staff are in discussions with Teranga regarding progress on developing other properties in which Axmin has an interest.

The Central African Republic (CAR):

• Axmin is delighted with the progress made in the Central African Republic to establish a lasting peace that will bring stability and development to the country. The company is looking forward to being back on site and working at its Passendro gold asset near Ndassima in the near future.
• Axmin has appointed Lifei Jiang as chief executive officer of the two subsidiary companies of Axmin in the Central African Republic in preparation for the company's imminent return to operations. Mr. Jiang benefits from a great deal of experience in mining and construction projects in Africa. He has worked for and with large Chinese state-owned enterprises and is very familiar with the laws and regulations in the company's jurisdiction.

Commenting on the annual results, Lucy Yan, Axmin's chairman, said:

"During the past year, Axmin has made excellent progress on many fronts. Internally, we have resolved a long-standing account payable and now benefit from a clean balance sheet with positive shareholder equity. We are pleased with the revenue we have received from the Gora deposit in conjunction with Teranga and look forward to future target properties being developed.

"In the CAR, we have seen positive steps taken by all of the stakeholders in the CAR with active support from international organizations, such as the African Union and the United Nations, as well as the neighbouring countries to the CAR. We look forward to a continuation of this trend and a security solution to be implemented in Ndassima.

"In my report in January, I presented the way forward for Axmin in 2019, building on the strong results in 2018. I am happy to confirm that we are on track to deliver the key milestones highlighted in my report. The appointment of Mr. Jiang as CEO of Somio Toungou SA and of Aurafrique SARL is a key development that will enable our successful development of the Passendro gold asset. We have also already identified and commenced dialog with several potential strategic partners to assist with developing our assets before even commencing the formal selection process.

"Also, as I stated in my January report, the company will be more communicative with the market going forward. Axmin looks forward to updating its shareholders and the financial markets as a whole with operational developments in the CAR in the near future."

This press release should be read in conjunction with the company's audited annual report and accounts for the year ended Dec. 31, 2018, together with its annual information form and management's discussion and analysis for the year ended Dec. 31, 2018, all of which are available from the company's website and on SEDAR.

About Axmin Inc.

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 toward development and builds on its project pipeline, focusing on transitioning from an explorer to producer.

We seek Safe Harbor.

© 2019 Canjex Publishing Ltd. All rights reserved.