Symbol: AZM.TSX Venture
LONGUEUIL, QC April 2 /CNW Telbec/ - Azimut Exploration Inc. ("Azimut" or
"the Company") is pleased to provide corporate information and an update on
its business strategy. In the current challenging economic context, Azimut
would like to restate the fundamentals of the Company. Azimut is very well
positioned to capitalize on Quebec's outstanding business environment, the
Company's distinctive exploration targeting methodology, and its strong
exploration results for uranium and gold.
1. Quebec is ranked as the world's best mining jurisdiction for its
composite policy and mineral potential according to the Fraser
Institute's 2008/2009 annual survey of mining companies
(<a href="http://www.azimut-exploration.com/en/AZM_Corporate_FraserClaims_En.pdf">see appended figure</a>).
2. Azimut has developed a provincial-scale vision of Quebec's mineral
potential with a focus on gold, uranium and nickel. The Company
performs systematic mineral potential assessments using a proprietary
targeting methodology to identify and acquire major quality targets.
3. Azimut is one of Quebec's most active exploration companies and its
largest landholder with about 10% of the province's mineral claims.
Its portfolio comprises 49 properties representing some 26,000 claims
covering 12,584 km2 (see appended figure). This includes 18,938
claims for uranium, 5,189 claims for gold, and 1,908 claims for
4. Since 2004, twenty-four (24) option and strategic agreements have been
signed with twelve (12) senior and junior companies for an aggregate
work commitment of $70 million. To date, more than $30 million has
been invested by the partners who can earn, in general, a 50% interest
on Azimut's properties, increasable to 65% with the preparation of a
feasibility study. This investment represents a considerable amount of
new data and results that add value to the Company.
5. Since 2005, at least 204 new prospects have been discovered by Azimut
and its partners across the province, including 183 uranium and
21 gold prospects. Azimut's key regional assets are:
- 14 gold properties in the James Bay region, where Goldcorp plans to
develop the Eleonore gold deposit with resources estimated at
3.0 Moz (inferred) and 2.3 Moz (measured and indicated).
- 14 uranium properties in the Ungava Bay and Central Quebec regions,
where pioneering exploration work by Azimut and its partners has
demonstrated the existence of two large uranium districts.
Concurrently, AREVA considers the results for their Cage project in
the Ungava Bay region to reveal a new and important uranium
Azimut's operating expenditures have been reduced to about $700,000 per
year. These expenditures should be largely covered by cash payments received
from partners. Since the beginning of the year, $315,000 has been paid to
Azimut (including $75,000 from insiders as payments of stock options) and an
additional amount of $600,000 is expected for a total of $915,000. Azimut
currently has about $1.5 million in cash and long-term investments. Azimut's
main properties are covered by sufficient exploration work and are in good
standing. Azimut, which has 17.3 million shares issued, will maintain its
approach of keeping equity dilution to a minimum.
Azimut has twelve (12) active option agreements for an aggregate minimum
work commitment from its partners of $23 million over the next 3 to 4 years.
Year 2009 exploration programs are currently under preparation and review.
Partnerships involve the following companies and properties: Goldcorp Inc.
(Wabamisk, Eleonore South), Eastmain Resources Inc. (Eleonore South), Everton
Resources Inc. (Opinaca A, Opinaca B), NWT Uranium Corp. (North Rae, Daniel
Lake), Abitex Resources Inc. (Kangiq, South Bienville, Central Minto), Rukwa
Uranium Ltd. (North Minto, South Minto) and Kativik Resources Inc. (Kativik).
Azimut reports that it has amended its Stock Option Plan to better
reflect the current TSX Venture Policy 4.4. The amendment also increases the
maximum number of shares issuable upon exercise of the options granted to
directors, officers, key employees and consultants of the Company pursuant to
the Stock Option Plan from 2,488,000 to 2,560,000. This number represents less
than 15% of the total number of shares issued and outstanding. The amendment
was ratified by the shareholders of the Company at the annual and special
meeting held on February 27, 2009, and was conditionally approved by the TSX
Azimut also reports that Normand Champigny now acts as Senior Consultant
for the Company. Sylvain Guérard, former Vice President Exploration, has moved
on to new challenges and his contribution was very much appreciated. Azimut is
managed by highly qualified directors and officers with extensive worldwide
mining industry and business experience.
Azimut is a leading exploration company dedicated to cutting-edge
targeting. The Company's methodology is applicable worldwide wherever adequate
regional-scale databases exist. Azimut intends to carry on evaluating various
territories in Canada and elsewhere, with the aim of generating quality
projects and developing new partnerships and strategic agreements. The Company
will also continue developing partnerships on properties that are already part
of its portfolio. Azimut's business approach offers a highly competitive
solution by reducing the exploration risk for both the Company and its
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, email@example.com,