Symbol: AZM.TSX Venture
LONGUEUIL, QC, Oct. 15 /CNW Telbec/ - Azimut Exploration Inc. ("Azimut"
or "the Company") reports that, despite the recent stock market downturn, the
Company's outlook remains strong. Azimut is one of the leading exploration
companies in Quebec, a region recognized worldwide for its exploration
attractiveness. Since early 2008 and throughout the summer season, 18 distinct
mineral exploration programs have been performed on Azimut's properties across
Quebec, including 16 partner-funded programs totalling $10 million.
Extensive exploration results are expected to be received during the
coming weeks, including results from the following 10 properties:
- In the Ungava Bay region: the North Rae, Daniel Lake, Kangiq and South
Rae uranium properties;
- In the Central Quebec region: the North Minto, South Minto, Central
Minto, South Bienville, Hudson Bay and Kativik uranium properties.
The most significant work performed on these properties includes
20,239 line-km of helicopter-borne geophysics, 1,027 samples of lake-bottom
sediments and 1,603 rock samples collected during intensive surface
prospecting and mapping.
In the James Bay region, a $1 million gold exploration program is
currently in progress on the Wabamisk property optioned to Goldcorp Inc. Other
work programs are planned for the properties in the Opinaca area.
Azimut holds 48 uranium, gold and nickel properties totalling
27,637 claims (or 13,330 km2) representing approximately 10% of the mineral
rights granted in Quebec. Azimut has 16 active option agreements for an
aggregate minimum work commitment of $57 million from its partners. These
agreements cover 64% of the Company's mineral claims, where the partners can
earn, in most cases, a 50% interest and an additional 15% interest with the
delivery of a bankable feasibility study.
Azimut is a mineral exploration company using a proprietary targeting
methodology combined with considerable exploration know-how to discover major
ore deposits. The Company will continue to develop partnerships based on its
regional-scale mineral potential modeling and quality project generation.
Azimut has 16.8 million shares outstanding.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
For further information:
For further information: Jean-Marc Lulin, President and Chief Executive
Officer; Normand Champigny, Executive Vice President, (450) 646-3015, Fax:
(450) 646-3045, firstname.lastname@example.org; www.azimut-exploration.com