Tucson, AZ (Marketwire) March 26, 2012 – Axiom Gold and Silver Corp. (OTCQB: AXIO, Berlin: 0X0)(“Axiom”) is pleased to announce that it has entered into a letter of intent to combine with Takara Resources Inc. of Toronto, Ontario (TKK.V) (“Takara”).

The main points of the corporate combination call for Takara to issue to Axiom shareholders shares of Takara such that on closing Axiom shareholders will own approximately 46% of the shares of the combined company pre-financing. Existing shareholders of Takara will own 54% of the combined company. As part of the closing, Takara and Axiom will raise a minimum of $10,000,000 CAD and a maximum $25,000,000 CAD. The main use of proceeds from the funding will be to advance the exploration and development of the mineral concessions held by Takara located in the Republic of Guyana. Dr. John Larson will be immediately appointed as Special Advisor to Takara.

Dr. John Larson, President, says, “Takara’s two Guyana projects are transformative milestones for us as we advance our strategy to grow our portfolio. Takara’s two advanced stage gold projects, Tassawini and Arakaka, have tremendous exploration upside in addition to the potential for near-term gold production at the Tassawini project. The Arakaka project hosts over 25 individual gold exploration targets with two significant mineralized zones identified to date. We believe that there is an excellent opportunity to develop a major new resource and mining camp in this prolific gold mining area.”

Franscico “Barry” Quiroz, VP Exploration, says, “Takara’s Tassawini project hosts a National Instrument 43-101 mineral resource of 437,000 ounces gold (indicated) and 62,000 ounces gold (inferred) in the Tassawini and Sonne Deposits. We believe that we can expand this resource as there are many targets identified for further exploration. With most of the exploration data in place, we would expect to start additional drilling very soon.”

Jennifer Boyle, President of Takara Resources says, “With Axiom’s strong management and exploration team and significant capacity for funding, we feel that the combination is the best strategy for our Guyana projects to be developed. Takara’s management and board of directors strongly support the merger.”

The letter of intent provides that Axiom will complete due diligence and the parties will finalize the definitive agreement to consummate the combination by April 15, 2012. The combination is subject to certain conditions including shareholder approval, the execution of a definitive agreement and the funding requirements referred to above.

Also, Axiom has decided not to proceed with the purchase the Morelos Project from Paramount Gold and Silver Corp. and has no further obligations under that Letter of Intent.

About Takara Resources Inc.:

Takara Resources is a gold development company that is focused on its advanced stage gold projects within the Guyana Shield, Guyana, South America. Takara also holds a 75% interest in a nickel project in northern Manitoba, Canada.

About Axiom Gold and Silver Corp.:

Axiom Gold and Silver, through its wholly owned subsidiary, Axiom Minerals de Mexico S.A. de C.V. is a mineral exploration company with current properties located in Sonora State, Mexico The Company is led by Dr. John Larson, a senior mining executive with 33 years international experience in exploration, mining and resource/reserve/mine development.

Forward Looking Statement:

This Press Release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The Company has tried, whenever possible, to identify these forward-looking statements using words such as “anticipates,” “believes,” “estimates,” “expects,” “plans,” “intends,” “potential” and similar expressions. These statements reflect the Company’s current beliefs and are based upon information currently available to it. Accordingly, such forward-looking statements involve known and unknown risks, uncertainties and other factors which could cause the Company’s actual results, performance or achievements to differ materially from those expressed in or implied by such statements. The Company undertakes no obligation to update or advise in the event of any change, addition or alteration to the information included in this Press Release including such forward-looking statements.

Cautionary Note to US Investors:

All mineral materials have been calculated in accordance with the definition standards on mineral resources and mineral reserves of the Canadian Institute of Mining, Metallurgy and Petroleum referred to in Canadian National Instrument 43-101, commonly referred to as NI 43-101. U.S. SEC reporting requirements for disclosure are governed by SEC Industry Guide 7. NI 43-101 and Industry Guide 7 differ materially.

The United States Securities and Exchange Commission limits disclosure for U.S. reporting purposes to mineral deposits that a company can economically and legally extract or produce. We use certain terms in this press release, such as “reserves,” “resources,” “geologic resources,” “proven,” “probable,” “measured,” “indicated,” or “inferred” which may not be consistent with the reserve definitions established by Industry Guide 7. U.S. investors are urged to consider closely the disclosure in our filings with the SEC. You can review and obtain copies from the SEC website at http://www.sec.gov/edgar.shtml

Corporate Headquarters
Axiom Gold and Silver Corp.
Dr. John Larson
1846 E. Innovation Park Dr.
Oro Valley, AZ 85755
Tel: +1 (520) 318-5595
E-mail: [email protected]
www.axiomgoldandsilver.com