Azimut and Majescor sign a Letter of Intent for the South Rae Uranium Property, Ungava Bay Region, Quebec



    Symbol: AZM.TSX Venture

    MONTREAL, Jan. 30 /CNW Telbec/ - Azimut Exploration Inc. ("Azimut") and
Majescor Resources Inc. ("Majescor") announce the signing of a Letter of
Intent regarding the South Rae uranium property. Majescor can acquire from
Azimut a 50% interest over a 5-year period and may acquire an additional 15%
interest upon delivery of a bankable feasibility study. This option agreement
remains subject to the approval of regulatory authorities.
    The South Rae property is located on the eastern side of the Ungava Bay
region of northern Quebec, approximately 130 km southeast of the town of
Kuujjuaq. It consists of three claim blocks totalling 1,861 claims with a
surface area of 858 km(2)
    (http://www.azimut-exploration.com/images/en/Map_PR_20070131.pdf). This
includes 475 recently staked claims, for which confirmation is pending by the
Ministry of Natural Resources and Wildlife of Quebec. The largest claim block
on the property has a 65-km extension along strike.
    The South Rae property covers a strong regional scale uranium anomaly in
lake-bottom sediments. South Rae is located about 80 km south of the North Rae
property, where initial exploration results for uranium are very encouraging
(see Azimut's press releases of Oct. 11 and Nov. 29, 2006). Azimut believes
that South Rae is part of the same district-scale uranium target and may
present a comparable exploration potential. Following Azimut's uranium
prospective modeling performed at the scale of the Province of Quebec, the
company staked three key properties in the Ungava Bay region (South Rae, North
Rae and Daniel Lake) totalling 4,406 claims and covering 2,007 km(2).

    
    Majescor can acquire a 50% interest in the South Rae property under the
following conditions:

    - Cash payments of $100,000 on signing, $83,000 on the first anniversary
      and $50,000 on the three subsequent anniversaries for a total of
      $333,000. Majescor will also issue 710,000 common shares, and an
      additional 710,000 shares on the first anniversary.
    - Minimum work expenditures of $600,000 the first year (firm commitment)
      and $600,000, $900,000, $1,000,000 and $1,500,000 the subsequent years
      for a total of $4,600,000.

    Upon Majescor acquiring a 50% interest, Azimut will retain a 2% Yellow
Cake Royalty. Majescor will have the option of gaining an additional 15%
interest by delivering a bankable feasibility study under the following
conditions:

    - The issue of 710,000 Majescor shares in a one-time grant, and cash
      payments of $30,000 per year for five years for a total of $150,000.
    - Minimum work expenditures of $200,000 per year during the 5-year
      period.

    If Majescor decides not to exercise this additional option, Majescor will
provide Azimut with $100,000 in cash as final payment. Majescor will be the
operator.

    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 with the
objective of discovering major ore deposits.

    The TSX Venture Exchange (TSX Venture) does not accept responsibility for
    the adequacy or accuracy of this release.
    
    %SEDAR: 00003284EF




For further information:

For further information: Jean-Marc Lulin, President & CEO; Normand
Champigny, Executive Vice President, (450) 646-3015, Fax: (450) 646-3045,
info@azimut-exploration.com; www.azimut-exploration.com

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