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    AVQ   AU000000AVQ5

AXIOM MINING LIMITED

(AVQ)
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Axiom Mining Limited : Axiom Mining Secures $1 Million Funding

09/27/2012 | 08:46pm EST
ASX / Media Release 28 September 2012 Axiom Mining Secures $1 Million Funding

Axiom Mining Limited ("Axiom" or "the Company") is pleased to announce that it has secured

$1,000,000 via a private placement issued solely to US-domiciled, sophisticated investors at

$0.013 a share, representing a significant premium to the Company's most recent capital raising and a strong vote of confidence in the Company's prospects. The majority of the funding was provided by Drake Private Investments LLC, a prominent NY hedge fund.

The funds will be used for mineral exploration activities in the Solomon Islands, including the preparation of development on Isabel Island, and general working capital.

Anthony L. Faillace, Co-founder and Chief Investment Officer of Drake Management, said: "We are pleased to initiate a material, strategic position in Axiom Mining. This investment provides us with an exposure to one of the most important prospective mining areas in the entire Australasian region. Axiom's suite of assets - especially the Isabel Nickel Deposit - are very well suited to optimize this exposure".

76,923,076 shares will be issued with 55,384,615 shares subject to shareholder approval at the next shareholder meeting.

ENDS About Axiom Mining Limited

Axiom Mining Limited is an advanced mineral exploration company with an 80% interest in the world class Isabel Island nickel deposit in the Solomon Islands, gold and silver projects in Vietnam and 100% owned highly prospective gold, silver and copper tenements in Chillagoe, North Queensland, in Australia. The company is listed on the ASX and operates in Australia, Solomon Islands and Vietnam.
For more information on Axiom Mining and details of our Solomon Islands, Vietnamese and Australian projects, please refer to the company website at: www.axiom-mining.com .

Disclaimer

Statements in this document that are forward-looking and involve numerous risks and uncertainties that could cause actual results to differ materially from expected results are based on the Company's current beliefs and assumptions regarding a large number of factors affecting its business. There can be no assurance that (i) the Company has correctly measured or identified all of the factors affecting its business or their extent or likely impact; (ii) the publicly available information with respect to these factors on which the Company's analysis is based is complete or accurate; (iii) the Company's analysis is correct; or (iv) the Company's

strategy, which is based in part on this analysis, will be successful.

Axiom Mining Limited ARBN 119 698 770 Level 11, 1 Chifley Square, Sydney, NSW 2000, Australia

T: +61 2 9247 0169 / F: +61 2 9247 0243 / www.axiom-mining.com

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ę Publicnow 2012
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Managers and Directors
Ryan Richard Mount Chief Executive Officer, MD & Executive Director
Ken Stein Executive General Manager-Operations
Jeremy R. Gray Independent Non-Executive Director
Tim Ashworth Executive General Manager
Michael James Mine Manager