Azimut Exploration Inc.

Central Quebec Region

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In 2005, Azimut conducted a predictive assessment of the uranium potential of a 640,000-km² area in northern Quebec using its exclusive and innovative method for processing geoscientific data. The results revealed an extensive prospective trend, 350 km long by 10 to 30 km wide, defined mainly by lake-bottom sediment anomalies and corroborated by existing geophysical and geological data. Azimut acquired the major targets identified along this trend, which it named the Central Quebec Uranium Lineament, as well as targets in some of the adjacent areas, to form eight properties totalling 9,820 claims.

The target ore deposit type for Azimut is a uranium-enriched intrusion that could form a large-tonnage deposit amenable to open pit mining. Preliminary exploration programs consisted of more than 20,000 line-kilometres of helicopter-borne surveys and the collection of some 1,200 lake-bottom sediments and rock samples for geochemical analysis. Uraniferous mineralization was identified in granites and pegmatites during reconnaissance field work.

Expenditures for Azimut's partner-funded gold exploration programs on its Central Quebec properties totalled $3.7 million in 2007. Cumulative work commitments from Azimut's partners in this region reach almost $26 million over the next 5 years. The 2008 field work expenses will amount to $5.5 million.

Key results for Uranium

South Bienville (optioned to Central Uranium)

• In 2007, at the start of the first reconnaissance program, a field team identified at least 9 priority anomalies with strike lengths of more than 1 km each and a cumulative length of 25 km;
• Yellow minerals, likely the result of weathering of primary uranium-bearing minerals, were observed at 4 different locations.

West Bienville (optioned to Channel Resources)

• Airborne geophysical surveys revealed two helicopter-borne radiometric anomalies with a cumulative length of 10 km, which will be evaluated in 2008.

West Minto (optioned to Majescor)

• In 2007, 71 priority uranium targets were defined by helicopter-borne geophysical surveys, forming 17 distinct kilometre-scale areas of interest.