Azimut Exploration Inc.

James Bay Region

GOLD

CHROMIUM-PGE

Eleonore South

Helicopter-supported exploration at the Eleonore South property, James Bay region. Inset photos: visible gold in metasedimentary rocks at the JT target (top, click for full photo); outcrop of silicified metasedimentary rocks (bottom, click for full photo).

Key property in Opinaca area

Azimut has several properties in the vicinity of Goldcorp's Eleonore (Roberto) gold deposit, about 320 km from Matagami or Chibougamau. The Eleonore South property comprises 282 claims for a total surface area of 147.6 km². The northern property limit is less than 3 kilometres from Goldcorp’s property.

Three-way joint venture

The Eleonore South property is covered by a three-party agreement between Azimut, Les Mines Opinaca (a wholly owned subsidiary of Goldcorp) and Eastmain Resources.

Ownership of the property is currently as follows: Azimut 30%, Les Mines Opinaca 35% and Eastmain 35%. Azimut reviewed and approved the 2010 technical program, but decided not to contribute to it. Consequently, Azimut’s interest will be about 27% upon completion of the program. Depending on the results, Azimut may decide to contribute its share in the future.

Exploration expenditures incurred by Azimut’s partners to date on the Eleonore South property amount to about $7.1 million.

Geology

The JT Target is hosted by altered, sulphide-bearing sedimentary rocks that are comparable to the mineralized sedimentary rocks of Goldcorp’s Eleonore gold deposit 12 km to the northwest. The gold-bearing intervals are of a similar geological character to those observed at the Roberto (Eleonore) gold deposit.

Upcoming exploration program and results

In September 2010, Azimut announced that a $1.6 million diamond drilling program was underway on the Eleonore South property. Les Mines Opinaca (Goldcorp) and Eastmain funded the 3,300 m drilling program. Eastmain has been project operator since 2006, conducting major exploration programs that include prospecting, geophysical work, trenching and drilling.

The program mainly consisted of a 3,697-m drilling program in fourteen (14) holes to test sediment-hosted gold targets. In the JT Target area, nine (9) out of twelve (12) holes intersected gold-bearing sedimentary rocks over wide intervals along a 1-km-long corridor.

The most significant result from this drilling program is 1.40 g/t Au over 10.0 m. Prior to the 2010 program, the most significant drilling assay from the JT Target area was 1.5 g/t Au over 5.7 m. The JT Target area is open to the north and at depth. Drilling to date suggests a large, gold-enriched halo comparable in nature with the geochemical halo around Goldcorp’s Roberto (Eleonore) gold deposit.

Earlier work by Eastmain also produced 5,063 one (1)-metre samples from thirty-five (35) trenches. The most significant result was a mineralized section from the JT Target area that assayed 5.3 g/t Au over 8 m..