Symbol: AZM.TSX Venture
MONTREAL, March 27 /CNW Telbec/ - Azimut Exploration Inc. ("Azimut") and
Majescor Resources Inc. ("Majescor") announce the signing of a Letter of
Intent for the West Minto uranium property. Majescor can acquire from Azimut a
50% interest over a 5-year period and may acquire an additional 15% interest
upon delivery of a bankable feasibility study. This option agreement remains
subject to the approval of regulatory authorities.
The West Minto property is located about 110 km east of the Hudson Bay
coastline in Northern Quebec, approximately 150 km east-southeast from the
village and airport of Inukjuak. It consists of two claim blocks totalling
918 claims with a surface area of 416 km2. This includes 258 recently staked
claims for which confirmation is pending from the Ministry of Natural
Resources and Wildlife of Quebec.
The West Minto property completely covers a strong regional-scale
lake-bottom sediment uranium anomaly over a cumulative length of 60 km. The
core axis of the project consists of a sharply defined uranium anomaly
characterized by values of more than 100 ppm U along an almost continuous
36-km long zone. The property lies along a major structural flexure marked by
a magnetic signature that correlates well with the uranium anomaly. The area
is underlain by late Archean intrusive rocks, and felsic volcanics and
sedimentary rocks of probable Proterozoic age. The target type is a large
intrusion-related uranium deposit amenable to open pit mining.
Majescor can acquire a 50% interest in the West Minto property under the
- Cash payments of $100,000 on signing and $50,000 on the four
subsequent anniversaries for a total of $300,000. Majescor will
also issue 270,000 common shares, and an additional 270,000 shares
on the first anniversary;
- Minimum work expenditures of $500,000 the first year (firm
commitment) and $600,000, $800,000, $900,000 and $1,000,000 the
subsequent years for a total of $3.8 million.
If Majescor acquires a 50% interest, Azimut will retain a 2% Yellow Cake
Royalty. Majescor will have the option of earning an additional 15% interest
by delivering a bankable feasibility study under the following conditions:
- The issue of 270,000 Majescor shares in a one-time grant, and cash
payments of $50,000 per year for five years for a total of
- Minimum work expenditures of $300,000 per year during the 5-year
If Majescor decides not to exercise this additional option, Majescor will
provide Azimut with $100,000 in cash as final payment. Majescor will be the
This press release was prepared by geologist Jean-Marc Lulin, the
company'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 (TSX Venture) does not accept responsibility for
the adequacy or accuracy of this release.
For further information:
For further information: Jean-Marc Lulin, President & CEO, Normand
Champigny, Executive Vice President, (450) 646-3015, Fax: (450) 646-3045,