JAMES BAY - OVERVIEW

A vast region

The James Bay region of Québec represents almost 300,000 km² of land east of James Bay, with a population of about 15,000. Most of the inhabitants are Cree, one of the largest groups of Native Americans in North America. In the Cree language, the region is known as “Iiyiyuuschii” or “Eeyou Istchee”, meaning “The People’s Land”.

The main Cree communities are Waskaganish, Eastmain, Wemindji and Chisasibi on the James Bay coast, and Mistissini, Waswanipi, Nemaska and Oujé-Bougoumou in the interior.

The largest populated centres are the cities of Chibougamau, Lebel-sur-Quévillon, Matagami and Chapais, all of which have rich mining histories.

In addition to the airports and other services available at these locations, the hydro-electric, forestry and mining industries have developed an extensive network of roads and additional infrastructure throughout the James Bay region.

Exploration boom

Four centuries after fur trading began, the James Bay region is experiencing a new surge in exploration following the discovery of a number of significant mineral deposits. In particular, the discovery of the Roberto (Eleonore) gold deposit by Virginia Mines Inc in 2004 triggered a major staking rush and confirmed the potential for high-grade gold mineralization in the Eastmain Belt.

These and other discoveries have opened up the region to exploration for a wide variety of commodities, highlighting the region’s vast and varied geological potential.

Azimut’s James Bay holdings

Azimut has properties in two main areas of the James Bay region: the Eleonore gold deposit area east of the Opinaca Reservoir, about 320 km from Matagami or Chibougamau, and the Clearwater gold deposit area near the Eastmain River more than 100 km to the southeast, about 290 km north of Chibougamau.

Azimut began acquiring extensive James Bay holdings in November 2003 based on the targeting results of its regional-scale gold potential modelling.

Gold properties in the Eleonore deposit (Opinaca) area

Azimut staked claim blocks both before and after the Eleonore discovery, and as a result gained one of the leading property positions in the Opinaca area.

Azimut’s Opinaca claim blocks are divided into four properties, for a total of 1,119 claims covering 584 km²:

Opinaca A: 50% Azimut, 50% Everton Resources, optioned to Aurizon Mines

Opinaca B: 50% Azimut, 50% Everton Resources, optioned to Aurizon Mines

Opinaca D: 100% Azimut, optioned to Dynasty Gold Corp

Eleonore South: 3-way joint venture between Azimut (30%), Opinaca (35%) and Eastmain (35%)

Gold and chromium-PGE-nickel properties in the Clearwater deposit (Eastmain River) area

About 100 km south of the Eleonore deposit, Azimut has two properties in the Clearwater gold deposit area near the Eastmain River. Each property comprises one claim block, for a total of 816 claims over 724 km²:

Eastmain West (chromium and platinum group elements): 100% Azimut

Wabamisk (gold): 100% Azimut, optioned to Goldcorp