Azimut Exploration Inc.

Partners and Agreements

About Aurizon Mines Ltd

Azimut Exploration is pleased to be partners with Aurizon Mines Ltd ("Aurizon"). Aurizon is a Canadian-based gold producer, exploration and development company trading on the Toronto Stock Exchange (TSX : ARZ).

Aurizon's growth strategy is focused on developing its existing projects in Quebec and increasing production through accretive transactions. Like Azimut, Aurizon favours Quebec due to its status as one of the world's most favourable mining jurisdictions and prolific gold and base metal regions.

Azimut-Aurizon partnerships

Aurizon has signed agreements for two of Azimut's projects: Rex South and Opinaca A/B.

Major polymetallic mineralization was discovered on Rex South in 2010, prompting Aurizon to announce that they would accelerate their option agreement by investing another $4.1 million in 2011. Also in 2011, Aurizon will invest $1 million in exploration on the Opinaca project.

Rex South Option

Overview of agreement

On May 26, 2010, Azimut and Aurizon Mines announced the signing of a Letter of Intent whereby Aurizon can acquire up to a an initial 50% interest in the Rex South property and an additional 15% interest upon delivery of a bankable feasibility study. Rex South is currently held 100 % by Azimut.

Key terms

Aurizon can acquire up to a an initial 50% interest in the project by performing $5.0 million in exploration work over a five (5)-year period, and making cash payments totalling $580,000.

Azimut will be the operator during the first twelve (12) months.

After earning its initial 50% interest in the project, Aurizon may then elect to earn an additional 15% interest by making cash payments of $70,000 per year for five (5) years for a total of $350,000; incurring minimum work expenditures of $700,000 per year over a five(5)-year period; and delivering a bankable feasibility study.

Opinaca Option

Overview of agreement

On Setptember 16, 2010, Azimut announced the signing of a Letter of Intent with Aurizon Mines and Everton Resources Inc whereby Aurizon can acquire up to a 60% undivided ownership interest in the Opinaca project (A/B properties). The Opinaca project is currently owned by Azimut and Everton with an undivided interest of 50% each.

Key terms

Aurizon can earn a 50% interest in the project by making cash payments totalling $580,000 and incurring expenditures of $6,000,000 over four years, including 5,000 metres of drilling by the second anniversary. Azimut will receive 50% of the cash payments.

Aurizon will be the operator during the earn-in period for the initial 50% interest in the project, after which a joint venture will be formed. The resulting interest for Azimut will be 25%.

After earning its initial 50% interest in the project, Aurizon may then elect to earn an additional interest of 10%, for a total interest of 60%, by making cash payments totalling $300,000 over three years from the election date, incurring expenditures totalling a minimum of $3,000,000 over three years from the election date, and delivering an independent pre-feasibility study on or before the fourth anniversary. Azimut will receive 50% of the cash payments and its resulting interest will be 20%.

In addition, in the event that mineral resources of at least 2,000,000 ounces of gold at an average grade of at least 6 grams of gold per tonne are discovered before the end of the eighth year of the initial option agreement, Aurizon shall make a payment of $1,500,000 in Aurizon common shares, subject to regulatory approval. Azimut will receive 50% of these issued shares.

Relevant Press Releases

January 12, 2011
Azimut's partner Aurizon accelerates exploration at Rex South (Gold-Silver-Copper-Tungsten) in Nunavik, Quebec

November 08, 2010
Azimut and Aurizon discover major polymetallic porphyry-type mineralization (Gold-Silver-Copper-Tungsten) at Rex South, Nunavik, Quebec

October 07, 2010
Azimut and Aurizon complete comprehensive work program at Rex South, Nunavik, Quebec

September 16, 2010
Azimut, Aurizon and Everton sign a Letter of Intent for the Opinaca gold property, James Bay region, Quebec

May 26, 2010
Azimut and Aurizon sign a Letter of Intent for the Rex South Property (Gold-Copper-Rare Earth Elements), Nunavik, Quebec