Ongoing drilling at the Quang Binh Gold Project in Vietnam will enable Axiom Mining to prepare a JORC resource by the end of the year or early 2009 at the latest.

There are four drilling rigs on site at Quang Binh, which has a potential gold resource of 1.8 million ounces.

After completion of the JORC resource, Axiom plans to begin a feasibility study by the middle of 2009.

Axiom holds 70% of the project and is responsible for 100% of exploration expenditure until feasibility with the other 30% held by Vietnam partner Long Dai Land and Forest Company. The project is located near a power grid, highway, rail and port services.

Since 1998 Axiom has undertaken detailed mapping, gridsoil and rock chip sampling, geophysical surveys and more than 13,400 metres of core drilling. Quang Binh appears to host a porphyry system which typically has low and high grade tonnage. Among the results are 21 metres @ 0.50 grams/tonne gold from 339 metres, 10 metres @ 0.50 grams/tonne from 170 metres and 4 metres @ 0.66 grams/tonne from 210 metres.

A gold anomaly has been established within the Xa Khia-Mu Me area that is 2.5km in length and 300 metres in width. The anomaly could contain 112.5 million tonnes of ore which at 0.5 grams/tonne gold gives it a possible resource of 1.8 million ounces. There are other prospects that could supplement any development.

The Xa Khia area has been producing a small quantity of gold since 1995 and is operated by the Long Dai Land and Forest Company. It is estimated that 16,000 ounces of gold and 32,000 ounces of silver have been produced at a head grade of about 2.5 grams/tonne gold.

There are indications that Quang Binh shares similarities with Oxiana’s Sepon Mine located 45km to the west. It has a contained gold resource of 3.4 million ounces and a silver resource or 12.5 million ounces.

Three main areas with large gold anomalies have also been identified at the Quang Tri project, south of Quang Binh. Axiom has an 80% interest in this project with the remaining 20% owned by Quang Tri Mineral Joint Stock Company. It lies within the same Trung Son Fold Belt as Sepon.

The possible mineralization of this area is 15 million tonnes to 150 million tonnes, which may make it larger than Quang Binh. The company aims to start drilling at Quang Tri in about March 2009.

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