Symbol: AZM.TSX Venture
LONGUEUIL, QC, Dec. 4 /CNW Telbec/ - Azimut Exploration Inc. ("Azimut" or
"the Company") is pleased to highlight its significant business development
and exploration successes of the past 12 months. With a portfolio of
49 uranium, gold and nickel properties, Azimut is well positioned to
capitalize on the minimum $65 million in expenditures (and $7 million in
payments to Azimut) required from its 12 partners to earn, in most cases, a
50% interest in the Company's mineral properties. Azimut's partnership
strategy maximizes value creation for its shareholders and minimizes equity
dilution by fast-tracking mineral development on multiple properties
concurrently. The potential rewards are further enhanced by the 2% net revenue
royalty Azimut retains on most of its properties.
The recent and exciting discovery of extensive uranium mineralization (up
to 3.3% U3O8) on multiple large-scale targets in the Ungava Bay region of
Quebec has revealed a potential new uranium district in this territory where
Azimut holds a commanding land position. Azimut now controls some
27,000 mineral claims (or 13,135 km2) representing about 10.2% of all mineral
rights in the mining-friendly jurisdiction of the Province of Quebec.
The 2008 exploration budget is expected to reach $12 million, including
$8.2 million for uranium exploration alone. Drilling is expected to play a
major role in the 2008 programs.
Meanwhile, extensive exploration results are still pending for the
various 2007 programs, including the results of:
- lake bottom sediment surveys on eight properties;
- helicopter-borne geophysical surveys on seven properties;
- rock sampling on the North Rae, Daniel Lake, South Rae and
South Bienville properties;
- diamond drilling on the North Rae property.
Azimut is best described as a mineral exploration company using a
proprietary targeting methodology combined with considerable exploration
know-how to discover major ore deposits.
In 2007, Azimut signed twelve (12) option agreements regarding its
uranium properties in Quebec for an aggregate minimum work commitment of $41.9
million and about $6.0 million in cash and share payments from its partners.
The partners have the right to acquire a 50% interest on Azimut's properties
under option, and an additional 15% interest with the delivery of a bankable
feasibility study on individual properties.
In addition, two strategic agreements have also been announced, one
regarding the mineral potential assessment of Ecuador with Channel Resources,
and the other regarding the nickel potential of Quebec's geological Grenville
Province with Kennecott Exploration Company (Rio Tinto Group).
Exploration results to date in the Ungava Bay region demonstrate the
existence of a regional-scale uranium mineralized system over a 220 by 80 km
area. Azimut holds 5 large properties totaling 7,519 claims over a surface
area of 3,545 km2, and controls most of the significant Ungava uranium
targets. Seven (7) mineralized zones with grades up to 3.3% U3O8 have been
outlined over a cumulative length of 10 km on the North Rae property optioned
to NWT Uranium. In addition, a 30-km long prospective trend yielded grades up
to 0.57% U3O8 on the South Rae property optioned to Majescor Resources. AREVA
Québec Inc., a wholly-owned subsidiary of the world's third largest uranium
producer, recently announced that it is highly encouraged by exploration
results from its Cage property located near Azimut's Ungava properties.
Extensive helicopter-borne surveys on eleven (11) properties on the North
Shore and in Central Quebec have identified numerous high-quality uranium
targets that will be followed up in 2008. Encouraging ground exploration
results were obtained on the North Havre property, optioned to Ressources
d'Arianne, with grades up to 0.43% U3O8 and more than 4% rare earth elements.
Excellent results were also obtained on the Grenium project, optioned to
Kennecott, with grades up to 0.33% U3O8.
Azimut is also active in gold exploration in the James Bay region where a
600 by 300 m zone on the Eleonore South property yielded encouraging gold
results ranging from 1.0 to 37.8 g/t Au, including channel samples with
1.49 g/t Au over 16 m and 5.33 g/t Au over 8 m. The Eleonore South property is
subject to a three-way option agreement with Goldcorp and Eastmain Resources.
Equally encouraging results, with gold grades ranging from 1.0 to 36.0 g/t Au,
were obtained along the 1.3-km long Charles Prospect on the Opinaca A property
optioned to Everton Resources.
Azimut holds a 100% interest in 49 exploration properties totaling about
27,000 claims, including 20,691 claims for uranium (22 properties),
4,395 claims for gold (14 properties) and 1,917 claims for nickel
(13 properties). About 84% of these claims are under option or strategic
agreements with funding partners who must meet full financing requirements
until the delivery of a bankable feasibility studies to earn, in most cases, a
Azimut is managed by highly qualified directors and officers with
extensive worldwide mining industry experience. Azimut's management team
created the Company's substantial mineral exploration platform with less than
$3.7 million in new equity financing over the past 4 years. The Company's
operating expenditures are largely covered by cash payments and shares
received from partners. Azimut has 16.7 million shares outstanding, no
outstanding warrants, no asset back paper, no debt, and about $2.5 million in
cash and long-term investments. In 2008, Azimut expects to receive
$1.8 million in cash and share compensation from partners based on existing
Azimut will continue to develop partnerships based on regional-scale
mineral potential modeling and quality project generation.
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, email@example.com; www.azimut-exploration.com