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## Review of Operations 

<img src='content_image/90406.jpg'>

## HIGHLIGHTS 

• May 2002, commenced 5,000 metre Rotary Air Blast (“RAB”) drill program on Main and French Camp Zones 

• Planning for a major Reverse Circulation (“RC”) and core drilling program in late 2002 driven by the 2002 RAB program results 

## Central African Republic 

## Bambari Permit 

AXMIN holds 100% interest in the 2,000 km 2 Bambari Permit, located in the central region of the Central African Republic (“CAR”). The Permit covers 90 km of strike across the full width of the Archaen Bandas greenstone belt. It is thought that this belt represents the extension of the Kilo-Moto greenstone belts of the Democratic Republic of Congo, where there has been more than 10 million ounces of historic gold production. Though previously unexplored in the modern era the French produced 50,000 ounces of gold from allu- vial deposits within the Bambari Permit during the Colonial Period. 

To date, four main gold prospects have been identified, of which the Passendro prospect is the first to be drill tested. 

In mid-1999 AXMIN focused its exploration resources on two major soil anomalies at Passendro coincident with alluvial workings, Main Zone and the French Camp Zone. The Main Zone is defined by a strong northwest trending soil anomaly 5.5 km long and up to 500 metres wide while the parallel French Camp Zone comprises a 5 km long zone of soil anomalies. 

In 2000 AXMIN completed two campaigns of RC drilling, totalling 7,500 metres on the Main Zone and French Camp soil anomalies and discovered two new gold bearing zones. 

The objective of the 2002 RAB program is to identify further RC drill targets within the strike extensions of the Main Zone and the French Camp, that collectively have the potential for a multi- million ounce resource which will require systematic resource drilling. AXMIN plans a further RC and core drilling campaign, in late 2002, with the objective of delineating oxide and sulphide resources along the Main Zone and French Camp Trends. 

## Main Zone 

RC drill fences spaced at 80 to 180 metres across the Main Zone have identified multiple gold bearing zones each of which has a true thickness ranging up to 10 metres with potentially ore grade miner- alization. The mineralization has been tested in the oxide zone to a depth of 50 metres within a corri- dor up to 300 metres wide over a strike length of 1.6 km. The zones are hosted by a saprolitized chlorite-sericite schist unit up to 300 metres thick with thin interca- 

