Press Releases

Sydney, Sep 6, 2010 (ABN Newswire) - Axiom Mining Limited (ASX:AVQ) has intercepted higher average gold grades and widths from the first 17 RC drill holes than last years drilling as well as receiving strongly consistent mineralisation at Mountain Maid on EPM15449.

The multiple gold zones increase in grade and width and flatten with depth. Wider zones are correlated on and between completed drill sections intrusive dykes or stocks and well into the adjacent sericite-quartz altered intrusive host (figure 2 - drill hole locations and figures 2, 3, 4 and 5 - section lines from south to north - for all figures, please refer to the link at the bottom of the release).

- "To date nine diamond drill holes and 17 RC holes have intersected contiguous and economically significant gold mineralisation from surface to vertical depths of at least 250 m and along strike for approximately 600 m. Extension to the zones to the north and south as well as to depth is highly probable."

Assay results (table 1) from Axiom's drilling program combined with earlier exploration data show an increase in gold concentration and width of mineralisation with depth. Gold concentrations and widths encountered to date are indicative of a sizable near surface deposit with potential for exploitation by open pit mining and low cost dump or heap leach extraction of gold. Metallurgical gold leach testing performed on milled samples in the past and on crushed drill core samples earlier this year confirmed that the gold is leachable.

Since current assay results are proving that a JORC compliant resource is likely once the designed program of 41 holes is completed at Mountain Maid, a review of plans to continue infill and additional drilling to expand the potential resource are under way. With gold grade increasing with depth, deeper drill holes are also being considered to indentify the source of the deposit.

Currently 28 holes of the planned 41 hole RC drill program have been completed and initial assays on the first 17 holes received. The program is due to be completed later this month. A final report will be delivered to the market as soon as assay data from the remaining holes are processed.

Table 1, Summary of gold results from fire assay of drill hole samples at Mountain Maid including values at or above 0.25 g/t Au.

--------------------------------------------------------------
Drill Hole   Cumulative Width of Au Zones     Weighted Average
                                                   (g/t Au)
--------------------------------------------------------------
Axiom and Historic Core Drilling pre 2010
--------------------------------------------------------------
MMD 001                 83 m                         0.47
MMD 002                 23 m                         0.38
MMD 003                 79 m                         0.53*
MMD 004                 34 m                         0.50*
MMD 005                 39 m                         0.49
MMD 006                 4 m                          0.44
BMD - 4                 40 m                         0.74*
MMD 98-1                28 m                         1.11*
MMD 98-2                67 m                         0.66*
MMD - 37                73 m                         0.51*
--------------------------------------------------------------
Axiom Infill RC Drilling 2010
--------------------------------------------------------------
MMRC001                 17 m                         0.36
MMRC002                 64 m                         0.58*
MMRC003                 33 m                         0.47
MMRC004                 86 m                         0.56*
MMRC005                 82 m                         0.61*
MMRC006                 57 m                         0.61*
MMRC007                 108 m                        0.59*
MMRC008                 48 m                         0.37
MMRC009                 101 m                        0.63*
MMRC010                 38 m                         0.51*
MMRC011                 68 m                         0.46
MMRC012                 93 m                         0.63*
MMRC013                 12 m                         0.45
MMRC014                 69 m                         0.38
MMRC015                 67 m                         0.52*
MMRC016                 19 m                         0.49
MMRC017                 25 m                         0.36
--------------------------------------------------------------
Note: Weighted average intercepts above 0.50 g/t gold
are noted with an (*).

Mountain Maid is classified as an Intrusive Related Gold System (IRGS) and is located West of Chillagoe, North Queensland and west of the Red Dome/Mungana mine(s) owned by Kagara and Mungana Goldmines. The Mountain Maid IRGS prospect is situated centrally within the Nundah Batholith in the greater Cardross project area and is one of several prospects in a large area of anomalous mineralisation. Its plutonic setting, geochemical signature (anomalous bismuth, molybdenum and tungsten), porphyry intrusive association and scarcity of sulphide minerals are typical features of IRGS deposits.

For the complete Axiom Mining announcement including figures, please refer to the following link below:
http://www.abnnewswire.net/media/en/docs/63663-ASX-AVQ-604904.pdf

Contact

Axiom Mining Limited Tel: +61-2-9247-0169 Fax: +61-2-9247-0243 http://www.axiom-mining.com