Azimut Exploration Inc.

History

The key developments in Azimut's history can be summarized as follows:

2007

• Azimut's portfolio comprises 5,093 claims uranium, gold and nickel properties, representing a minimum of $65 million in required expenditures (and $7 million in payments to Azimut) from its 12 partners over the next three to five years to earn property interests.
• Cumulative partner-funded exploration expenditures for Azimut's properties reach $13 million.
• Twelve option agreements are signed for Azimut's uranium properties in Quebec, representing an aggregate minimum work commitment of $41.9 million and about $6.0 million in cash and share payments from partners.
• Two strategic agreements are signed, one regarding the mineral potential assessment of Ecuador with Channel Resources, and the other, the nickel potential of Quebec's geological Grenville Province with Kennecott Exploration Company (Rio Tinto Group).
• Extensive uranium mineralization is discovered (up to 3.3% U₃O₈) on multiple large-scale targets in the Ungava Bay region of Quebec, revealing a potential new uranium district in a territory where Azimut holds a commanding land position.
• Seven mineralized zones with grades up to 3.3% U₃O₈ and a cumulative length of 10 km are delineated on the North Rae property, optioned to NWT Uranium.
• A 30-km prospective trend is discovered on the South Rae property optioned to Majescor Resources and yields grades up to 0.57% U₃O₈.
• An announcement is released by AREVA Québec Inc., a wholly-owned subsidiary of the world's third largest uranium producer, stating it is highly encouraged by exploration results from its Cage property located near Azimut's Ungava properties.
• Many high-quality uranium targets are identified on 11 properties on the North Shore and in Central Quebec using the results of extensive helicopter-borne surveys; follow-up work is planned for 2008.
• Excellent grades are recorded for the North Havre property, optioned to Resources d'Arianne: up to 0.43% U₃O₈ and more than 4% rare earth elements.
• Excellent results (up to 0.33% U₃O₈) are received for the Grenium project, optioned to Kennecott.
• Encouraging gold results of 1.0 to 37.8 g/t Au are recorded for a 600 x 300 m zone on the Eleonore South property in the James Bay region, including channel samples with 1.49 g/t Au over 16 m and 5.33 g/t Au over 8 m.
• Equally encouraging gold results, ranging from 1.0 to 36.0 g/t Au, are received for the 1.3-km long Charles Prospect on the Opinaca A property, optioned to Everton Resources.

2006

• Kennecott extends its strategic agreement regarding uranium exploration.
• All existing Azimut partners extend their second-year options.
• A large land position is acquired for uranium exploration in Quebec.
• A letter of agreement is signed with Northwestern Mineral Ventures for the North Rae uranium project in Northern Quebec.
• An agreement is signed with Goldcorp and Eastmain for the Eleonore South gold property in the James Bay region.
• Azimut's partner Everton confirms the 1.7-km long gold-bearing trend on the Opinaca project.
• 15 exploration programs are conducted on Azimut's Quebec properties with $4.5 million in work commitments.
• Azimut and Northwestern's initial discovery of 10 uranium showings reveals regional-scale uranium potential for the North Rae property in Ungava Bay.

2005

• Partnership agreements are completed for the Opinaca and James Bay projects with Eastmain Resources, Cambior and Placer Dome (now Goldcorp).
• Six gold exploration programs are conducted on Azimut's properties in the James Bay region with a budget of $1.6 million.
• Azimut's partner Everton discovers a 1.7-km long gold-bearing trend on the Opinaca property.
• Azimut's partner Placer Dome identifies gold targets at the Wabamisk property in the James Bay region.
• Azimut's partner Eastmain Resources identifies several significant gold exploration targets on the Opinaca property.

2004

• Opinaca projects are increased in size following the Eleonore gold discovery.
• Two partnership agreements are signed with Everton Resources for four of the six Opinaca projects.
• A strategic agreement is concluded with Kennecott-Rio Tinto, covering 500,000 km² in Quebec.

2003

• The company is reactivated under the leadership of President and CEO Jean-Marc Lulin.
• Mineral potential modeling is completed for the James Bay region, Quebec.
• The company acquired mineral properties in the immediate vicinity of the Eleonore property, James Bay region.