Symbol: AZM.TSX Venture
LONGUEUIL, QC, Dec. 18 /CNW Telbec/ - Azimut Exploration Inc. ("Azimut")
has delivered a Notice of Default to NWT Uranium Corporation ("NWT") regarding
a number of NWT's specific obligations that have not been complied with
pursuant to the terms of the North Rae and Daniel Lake property option
agreements (collectively, the "Agreements").
Azimut holds 100% of the North Rae and Daniel Lake properties, and NWT
holds an option to earn an initial 50% interest therein over a 5-year period
and a second option to earn an additional 15% interest. NWT is the operator on
The Notice of Default details NWT's failure to fulfill certain of its
core obligations as operator, including its failure to allow Azimut timely
access to factual technical data, maps and reports, including a series of
databases relating to exploration programs carried out on the properties, and
its failure to deliver to Azimut ten (10) overdue quarterly reports pertaining
to its operations on the projects.
In the Notice of Default, Azimut also expressed serious concerns
regarding specific aspects of NWT's management of the operations and the
persistent failure of NWT to disclose material facts to Azimut in order to
substantiate public releases of technical information.
In accordance with the provisions of the Agreements, NWT has sixty (60)
days from the Notice of Default to fully remedy its default on each of the
Agreements. For each instance of non compliance, such agreement shall
automatically terminate following the expiry of said sixty (60) day period.
Azimut is a mineral exploration company using cutting-edge targeting
methodologies to discover major ore deposits. Azimut has 20 active option
agreements representing an aggregate work commitment of $65 million from
partners on uranium, gold and nickel properties in Quebec.
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,