Symbol: AZM.TSX Venture
LONGUEUIL, QC, Feb. 26 /CNW Telbec/ - Azimut Exploration Inc. ("Azimut")
announces that Les Mines Opinaca Ltée. ("Opinaca"), a wholly owned subsidiary
of Goldcorp Inc. ("Goldcorp"), has exercised its right to increase its
interest by 6.67% to a total of 40% in the Eleonore South joint venture,
located in the James Bay region in Quebec. To earn the additional interest,
Opinaca must fund a minimum of $500,000 in exploration expenditures, make
option payments to Azimut and prepare a bankable feasibility by June 2015.
A first-phase diamond drill program will start in March 2008 and will
test a number of high-priority targets. Eastmain Resources Inc. ("Eastmain")
will remain as the project manager, until Opinaca chooses to exercise its
right to take over as operator of the property. If Opinaca completes the
earn-in obligations, ownership of the Eleonore South project will be: Opinaca
40%, Azimut 30% and Eastmain 30%. The Eleonore South property is contiguous
with the Eleonore project, which hosts the Roberto gold deposit currently
under development by Opinaca.
Significant exploration results have been obtained on the property since
the signing in 2005 of a first option agreement between Azimut and Eastmain
(press release on March 30, 2005), which was extended to a three-way option
agreement with Goldcorp in 2006 (press release on April 27, 2006). The best
results have been obtained over the JT Target area, including grades of up to
5.33 g/t Au over 8.0 m and 10.9 g/t Au over 3.0 m (channel samples). Several
IP, VTEM and gold-in-soil anomalies have been also defined along a
10-kilometre-long prospective corridor. These targets present similarities
with the geological context of the Roberto deposit.
In the James Bay region, Azimut holds 12 gold exploration properties
totaling 4,325 claims (2,266 km2) including five properties totaling
1,942 claims under partnership agreements (Eleonore South, Opinaca A, Opinaca
B, Opinaca D and Wabamisk properties). These 12 properties have been acquired
based on the results of a gold potential modeling of the region conducted in
2003 by Azimut and, since then, regularly updated.
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 to discover
major ore deposits. Azimut is a leading explorer in Quebec with 50 exploration
properties totaling 27,000 claims for uranium, gold and nickel. In 2008,
partner-funded exploration programs on Azimut's properties will reach a
minimum of $12 million.
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, firstname.lastname@example.org, www.azimut-exploration.com