Azimut and Majescor further demonstrate regional-scale uranium potential in Nunavik, Quebec: up to 0.57% U3O8 along a 30-km trend at South Rae

    Symbol: AZM.TSX Venture

    LONGUEUIL, QC, Oct. 31 /CNW Telbec/ - Azimut Exploration Inc. ("Azimut")
and Majescor Resources Inc. ("Majescor") announce the results of their summer
exploration program at the South Rae property in Nunavik, northern Quebec.
Uranium mineralization has been confirmed on this property over a 30-km
prospective trend with grades up to 0.57% U3O8 (or 12.5 pounds/t U3O8). Most
of the strong helicopter-borne uranium targets have yet to be assessed,
further underscoring the uranium potential of the property.
    The results released today for South Rae, in addition to the progress
made on the North Rae property (press releases of August 8 and October 9,
2007), provide further evidence that the eastern part of the Ungava Bay region
has the potential to become a new uranium district in Canada. In this 220 x 80
km region, where no uranium mineralization was previously reported, at least
10 mineralized zones of kilometric extent have been discovered over the last
two years and justify significant additional work, including drilling. The
potential to make additional uranium discoveries is also excellent.

    Assay results for 125 of the 129 rock samples submitted include:

    - 35 samples with values higher than 0.05% U3O8, including
      17 samples with values above 0.1% U3O8
    - 56 samples with values between 0.01% and 0.05% U3O8; and
    - 34 samples with values less than 0.01% U3O8

    Three mineralized trends with assay values higher than 0.05% U3O8 were
delineated in a preliminary manner in the southern half of the main claim
block of the property (<a href="">see appended figure</a>). From north to south:

    - An 8-km long trend including: 0.57% U3O8, 0.30% U3O8,
      0.29% U3O8, 0.18% U3O8, 0.12% U3O8, and 0.11% U3O8
    - A 6-km long trend including: 0.50% U3O8, 0.30% U3O8,
      0.23% U3O8, 0.22% U3O8, 0.19% U3O8, 0.17% U3O8, 0.14% U3O8,
      and 0.11% U3O8
    - A 3-km long trend including: 0.43% U3O8, 0.18% U3O8 and
      0.13% U3O8

    These three sectors form a prospective trend at least 30-km long.
Mineralized facies are pegmatitic dykes and granitic gneisses that are
generally conformable to the regional foliation. Assays are still pending from
a radioactive pegmatite outcrop that returned 47,500 counts per second
(Radiation Solutions(R) 120), the highest scintillation readings to date on
the property.
    Work performed at South Rae during the 2007 summer program included:

    - 5,200 line-km of helicopter-borne radiometric and magnetic
      surveying (Geo Data Solutions Inc.)
    - The collection of 691 lake-bottom sediments for which results
      are pending (IOS Services Géoscientifiques Inc.)
    - The prospecting of approximately 10% of the property and the
      collection of 129 rock grab samples (IOS Services
      Géoscientifiques Inc.)
    - The geochemical analysis of rock samples by aqua regia
      digestion and ICP (SRC - Saskatchewan Research Council
      laboratory in Saskatoon, an ISO-IEC 17025 accredited facility)
    - The geochemical analysis of lake sediment samples (Activation
      Laboratories in Ancaster, an ISO-IEC 17025 accredited

    The uranium potential of the South Rae property is further demonstrated by
the results of the helicopter-borne geophysical survey, which were received
after completion of the 3-week prospecting program. At least 12 well-defined
targets with a cumulative length of 56 km have been identified and may lead to
the discovery of significant additional mineralized zones. The target type on
the property is mainly large-scale intrusion-related deposits and
structurally-related mineralization potentially amenable to open pit mining.
Over the next few months, Azimut and Majescor will review all the results
obtained this year and will prepare a comprehensive program for 2008.
    The South Rae property comprises 6 claim blocks for a total of 2,275
claims and a surface area of 1,049 km2. The main claim block is 65 km long.
Majescor, the operator of the project, has the option to earn up to 65%
interest on the property from Azimut by delivering a bankable feasibility
study (press release of January 31, 2007).
    In addition to South Rae, Azimut holds the following properties in the
same region: North Rae (1,853 claims optioned to NWT Uranium Corp.), Daniel
Lake (886 claims optioned to NWT Uranium Corp.) and Kangiq (1,770 claims
optioned to Central Uranium Corp.).

    This press release was prepared by geologist Jean-Marc Lulin, Azimut's
Qualified Person as defined by NI 43-101.
    Azimut is a mineral exploration company using cutting-edge targeting
methodologies with the objective of discovering major ore deposits.

    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,,

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