Azimut and Rukwa Uranium sign 2 Letters of Intent for the North Minto and South Minto Properties, Northern Quebec



    Symbol: AZM.TSX Venture

    MONTREAL, April 2 /CNW Telbec/ - Azimut Exploration Inc. ("Azimut") and
Rukwa Uranium Ltd. ("Rukwa") announce the signing of two letters of intent
regarding two major uranium exploration projects, the North Minto and South
Minto properties.
    Rukwa can acquire from Azimut a 50% interest in the two projects by
investing a total of $8.2 million in exploration work over a 5-year period,
together with an additional 15% interest upon delivery of a bankable
feasibility study. These agreements remain subject to the approval of
regulatory authorities.
    The North Minto and South Minto projects are comprised of 3,121 claims
with a surface area of 1,441 km2 and a cumulative strike length of about
120 km. The projects are located in the central part of Quebec, at mid
distance between Hudson Bay and Ungava Bay. A comprehensive airborne
geophysical survey is planned for mid-2007 to cover the entire land package.
    The two projects cover large parts of a strong and extensive
regional-scale uranium lake-bottom sediment anomaly defined by Azimut as the
"Central Quebec Uranium Lineament". This north-south 350 km long by
approximately 10 to 30 km wide geochemical lineament, together with several
strong anomalies adjacent to the main trend, is well correlated with late
archean felsic and porphyritic intrusions and crustal-scale structures in a
highly metamorphic context. Azimut controls most of the significant targets
along the Central Quebec Uranium Lineament with six properties (namely the
North, South, Central and West Minto properties and the South and East
Bienville properties) aggregating 7,130 claims for a surface area of 3,339
km2. Azimut believes this under-explored region may host large
intrusion-related uranium deposits amenable to open pit mining.
    The North Minto project consists of three claim blocks comprised of 1,817
claims with a surface area of 832 km2. This includes 745 recently staked
claims for which confirmation is pending from the Ministry of Natural
Resources and Wildlife of Quebec. Rukwa can acquire a 50% interest in the
project under the following conditions:

    
    - Cash payments of $100,000 on signing, $80,000 on the first anniversary
      and $60,000 on each of the second, third and fourth anniversaries for a
      total of $360,000. Rukwa will also issue $100,000 worth of its common
      shares, the number of shares being determined by Rukwa's initial public
      offering ("IPO") share price. An additional $100,000 worth of its
      shares will also be issued on the first anniversary. These share
      issuances may be substituted by cash payments in the event Rukwa does
      not complete its proposed IPO.
    - Minimum work expenditures of $700,000 during the first year (firm
      commitment) and $500,000, $900,000, $1,000,000 and $1,100,000 during
      the subsequent years for an aggregate total of $4,200,000.

    The South Minto project consists of three claim blocks comprised of 1,304
claims with a surface area of 609 km2. This includes 67 recently staked claims
for which confirmation is pending from the Ministry of Natural Resources and
Wildlife of Quebec. Rukwa can acquire a 50% interest in the project under the
following conditions:

    - Cash payments of $100,000 on signing, $80,000, $60,000, $50,000 and
      $50,000 on each of the first, second, third and fourth anniversaries
      for a total of $340,000. Rukwa will also issue $100,000 worth of its
      common shares, the number of shares being determined by Rukwa's initial
      public offering ("IPO") share price. An additional $100,000 worth of
      its shares will also be issued on the first anniversary. These share
      issuances may be substituted by cash payments in the event Rukwa does
      not complete its proposed IPO.
    - Minimum work expenditures of $700,000 during the first year (firm
      commitment) and $500,000, $800,000, $1,000,000 and $1,000,000 during
      the subsequent years for an aggregate total of $4,000,000.

    Upon Rukwa acquiring a 50% interest, Azimut will retain a 2% Yellow Cake
Royalty in respect of each project. Rukwa will also have the option of earning
an additional 15% interest by delivering, in respect of each project, a
bankable feasibility study and by:

    - Issuing $100,000 worth of its shares in a one-time grant, and making
      cash payments of $50,000 per year for five years for a total of
      $250,000; and
    - Incurring minimum work expenditures of $500,000 per year during a
      5-year period.
    

    If Rukwa decides not to exercise this additional option, Rukwa will pay
Azimut $100,000 in cash as a final payment. Rukwa will be the operator.

    Rukwa is a Toronto-based private mineral exploration company owned by
Jean-Charles Potvin, a well known mining executive. Mr. Potvin is also a
director of Azimut and is a related party. The terms of the transaction were
submitted, reviewed and approved by Azimut's directors. Mr. Potvin did not
participate in such approval. All key parameters of the proposed transaction
between Azimut and Rukwa pertaining to the North Minto and the South Minto
projects have been disclosed in this press release. This transaction is
considered by Azimut as a key step in the advancement of its uranium
exploration strategy in Quebec.

    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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