Symbol: AZM.TSX Venture
LONGUEUIL, QC, June 21 /CNW Telbec/ -Azimut Exploration Inc. ("Azimut")
announces that it has formed a new Strategic Alliance with Kennecott
Exploration Company ("Kennecott") for the exploration of nickel deposits in
Quebec. Within the framework of such alliance, Azimut has acquired thirteen
nickel properties comprising 1,894 claims in fourteen claim blocks covering
1,009 km2. These claims, recently acquired by map staking, will be owned 100%
by Azimut following their registration by the Ministry of Natural Resources
and Wildlife of Quebec, and will be subject to the provisions of the agreement
The salient points of this agreement are:
- Azimut must deliver to Kennecott a Target Report covering a 222,000-km2
region in the geological Grenville Province with the goal of
identifying high-quality nickel targets. This Target Report, funded by
Kennecott, has now been delivered.
- Kennecott has the exclusive right during a one-year period to proceed
with a technical assessment of the targets identified in the Target
Report. If a minimum amount of $100,000 per target is incurred by
Kennecott, it has the right to earn an interest in such target.
- Kennecott can earn a 51% interest in such target by satisfying the
- Minimum yearly work expenditures during a 4-year period, with
$250,000, $300,000, $600,000 and $850,000 for the first, second,
third and fourth years, respectively, for an aggregate
- Annual cash payments of $20,000 for the first 3 years and an
additional $60,000 in the fourth year for an aggregate $120,000.
- Kennecott has the right to earn an additional 29% interest in such
target with the delivery of a feasibility study.
An assessment program will soon be conducted by Kennecott on the nickel
targets. This assessment is in addition to the recently announced
Kennecott-funded uranium exploration program with a 2007 budget of up to
$1.0 million (press release of May 29, 2007).
Since 2004, Azimut and Kennecott have operated in the Grenville Province
under a Strategic Alliance whose initial objective was copper-uranium
exploration and which was later amended to include uranium-only targets (press
releases of July 13, 2004 and February 21, 2006).
Kennecott is a subsidiary of the Rio Tinto Group, a world leader in the
discovery, mining and processing of a wide range of mineral resources.
Azimut is a mineral exploration company using cutting-edge targeting
methodologies to discover major ore deposits.
Azimut currently has 16 active option agreements representing minimum
aggregate exploration expenditures of $54 million from its partners. In
addition to the nickel program, the 2007 programs will reach a minimum of
$12 million on 18 uranium and gold properties in Quebec. Azimut has
16.7 million shares outstanding, no debt and holds in excess of $3.0 million
in cash and marketable securities.
This press release was prepared by geologist Jean-Marc Lulin, the
company's Qualified Person as defined by NI 43-101.
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 and CEO; Normand
Champigny, Executive Vice President; (450) 646-3015, Fax: (450) 646-3045,