TORONTO, Feb. 12 /CNW/ - NWT Uranium Corp. (TSX-V: NWT; OTCBB: NWURF)
announced today that Azimut Exploration Inc. (TSX-V: AZM) has accepted that
the defaults described in Azimut's Notice of Default dated December 17, 2007
have been cured by NWT, with respect to the North Rae and Daniel Lake uranium
properties located in the Ungava Bay region in northern Quebec and under
option from Azimut Exploration Inc. (TSX-V: AZM).
In its Curative Notice, delivered on January 30, 2008 in response to
Azimut's Notice of Default, NWT disputed that it was in default. According to
Azimut, the extensive documentation and data provided by NWT in its Curative
Notice has adequately resolved the issues raised by the Notice of Default.
"We are pleased that this dispute has been resolved and that we can now
move forward with Azimut on the continued exploration of North Rae and Daniel
Lake, which we believe represent a new uranium district in Canada," said Marek
J. Kreczmer, President and CEO of NWT. "We trust that continued cooperation
between our two companies will result in significant benefits for our
shareholders through the aggressive development of our joint properties."
NWT has the right to acquire up to 65% interest from Azimut in the North
Rae Uranium Project, where results to date have revealed the potential for a
new uranium district. NWT also has an option to acquire up to 65% ownership in
the Daniel Lake Uranium Project, which neighbors North Rae. North Rae and
Daniel Lake cover a total area of more than 300,000 acres (123,500 hectares).
ABOUT NWT URANIUM:
NWT Uranium Corp. (www.nwturanium.com) is an international resource
exploration company with an experienced, highly technical management team.
Since its inception, NWT has concentrated on the acquisition of properties
with potential uranium targets. NWT Uranium is listed on the NASD Bulletin
Board under the symbol "NWURF" and the TSX Venture Exchange under the symbol
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this news release.
This news release includes certain "forward looking statements" within
the meaning of the United States Private Securities Litigation Reform Act of
1995. Without limitation, statements regarding potential mineralization and
resources, exploration results, and future plans and objectives of the Company
are forward looking statements that involve various degrees of risk. The
following are important factors that could cause the Company's actual results
to differ materially from those expressed or implied by such forward looking
statements: changes in the worldwide price of mineral commodities, general
market conditions, risks inherent in mineral exploration, risks associated
with development, construction and mining operations, the uncertainty of
future profitability and the uncertainty of access to additional capital.
Potential quantity and grade is conceptual in nature; there has been
insufficient exploration to define a mineral resource on the North Rae Uranium
Project and it is uncertain if further exploration will result in the target
being delineated as a mineral resource.
For further information:
For further information: Marek J. Kreczmer, M.Sc., P.Eng. President and
CEO, NWT Uranium Corp., (866) 437-9551, firstname.lastname@example.org