Symbol: AZM.TSX Venture
MONTREAL, June 22 /CNW Telbec/ - Azimut Exploration Inc. ("Azimut") and
D'Arianne Resources Inc. ("Arianne") announce the signing of a Letter of
Intent regarding the North Havre uranium property. Arianne can acquire from
Azimut a 50% interest in the property over a 3-year period, together with an
additional 15% interest upon delivery of a bankable feasibility study.
The North Havre property consists of four claim blocks comprising
464 claims with a surface area of 249 km(2). The claim blocks are located 110
to 200 km north of the town of Havre St-Pierre in the North Shore region. The
property covers strong regional-scale uranium lake-bottom sediment anomalies.
In 2007, exploration on the property will consist of a helicopter-borne
survey and follow-up prospecting, with a planned budget of $200,000 funded by
Arianne can acquire a 50% interest in the property under the following
- Minimum work expenditures of $200,000 during the first two years and
$300,000 during the third year for an aggregate total of $700,000; and
- The issue of 350,000 Arianne common shares, and an additional 250,000
shares on each of the first and second anniversaries for an aggregate
total of 850,000 shares.
Upon Arianne acquiring a 50% interest, Azimut will retain a 2% Yellow Cake
Royalty. Arianne will have the option to earn an additional 15% interest by
delivering a bankable feasibility study under the following conditions:
- Minimum work expenditures of $500,000 per year during the 5-year
- The issue of 350,000 Arianne shares in a one-time grant, and cash
payments of $50,000 per year for five years for a total of $250,000.
If Arianne decides not to exercise this additional option, Arianne will
pay Azimut $100,000 in cash as final payment. Arianne will be the operator.
The Letter of Intent is subject to the approval of regulatory authorities.
This press release was prepared by geologist Jean-Marc Lulin, the
company's Qualified Person as defined by NI 43-101. Azimut is a mineral
exploration company using cutting-edge targeting methodologies to discover
major ore deposits.
The TSX Venture Exchange (TSX Venture) does not accept responsibility for
the adequacy or accuracy of this release.
For further information:
For further information: Jean-Marc Lulin, President and CEO; Normand
Champigny, Executive Vice President, (450) 646-3015, Fax: (450) 646-3045,