Symbol: AZM.TSX Venture
LONGUEUIL, QC, April 16 /CNW Telbec/ - Azimut Exploration Inc. ("Azimut")
announces that its partners Les Mines Opinaca Ltée ("Opinaca"), a wholly-owned
subsidiary of Goldcorp Inc. ("Goldcorp"), and Eastmain Resources Inc.
("Eastmain") will fund a $1.6 million exploration program in 2009 on the
Eleonore South property located in the James Bay region, Quebec. This program
will mostly consist of a 3,500 m drilling program to test sediment-hosted gold
targets. Azimut has reviewed and approved the technical program but has
decided not to contribute to it.
The results of the first 3,129 m drilling program conducted at Eleonore
South in 2008 were previously reported (press release dated January 21, 2009).
These results notably included:
- 10.8 g/t Au over 0.5 m and 1.54 g/t Au over 5.7 m in hole ES08-08;
- 7.06 g/t Au over 0.5 m in hole ES08-12; and
- 10.4 g/t Au over 0.5 m in hole ES08-13.
The Eleonore South property is adjacent to the Eleonore property, hosting
the Roberto gold deposit and owned by Goldcorp. The gold resources at Roberto
are currently estimated as follows: 2.3 million measured and indicated ounces
at a grade of 10.05 g/t Au and 3.0 million inferred ounces at a grade of 12.75
Ownership of the Eleonore South property is currently as follows: Azimut
33.33%, Goldcorp 33.33%, and Eastmain 33.34%. Each partner has to fund its
share of the program to maintain its ownership, or see its project interest
diluted. Azimut's interest will be about 29.4% upon completion of the 2009
exploration program. Depending on the results, Azimut may decide to contribute
its share in the future. If a partner's interest is diluted to less than 10%,
this interest is then converted to a 2% net smelter return royalty. To date,
exploration expenditures on the property, incurred by Azimut's partners,
amount to about $5.5 million. Option payments received in cash by Azimut on
the property amount to $300,000, including a final $100,000 payment received
This press release was prepared by geologist Jean-Marc Lulin acting as
Azimut's Qualified Person under NI 43-101. Azimut is a mineral exploration
company using a proprietary targeting methodology combined with considerable
exploration know-how to discover major ore deposits.
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
For further information:
For further information: Jean-Marc Lulin, President and Chief Executive
Officer, (450) 646-3015, Fax: (450) 646-3045, firstname.lastname@example.org;