Azimut Exploration Inc.

James Bay Region

Azimut has been acquiring properties in the James Bay region since 2003 based on the results of its systematic, regional-scale (172,000 km²) assessment of the area's gold potential. In collaboration with its partners, Azimut has become one of the leading companies searching for gold in this underexplored region that many believe is an emerging new district. Azimut's James Bay portfolio now includes 13 properties (5,015 claims) covering 2,626 km².

Sediment-hosted gold represents the main exploration target for Azimut. At least six of the Company's properties contain this type of target (see map), which is of considerable importance for the area since the 2004 discovery of the sediment-hosted Roberto gold deposit on the Eleonore project. The initial resource estimate for Roberto is 2.8 Mt @ 7.3 g/t. The orebody is 1.9 km long and 1.1 km deep. Goldcorp, who acquired the Eleonore project from Virginia Gold Mines in 2006, is now carrying out a feasibility study. The target is 5 million ounces.

In 2007, expenditures for Azimut's partner-funded gold exploration programs on its James Bay properties totalled $5.5 million. Minimum cumulative work commitments from the Company's partners in this region reach almost $8 million over the next 3 years.

Key results for Gold

Opinaca A and B (optioned to Everton Resources)

• Claude Target: 0.22 g/t Au over 187 m, including 1.4 g/t over 12 m in one drill hole;
• Inex Zone: 6 surface rock samples grading more than 1 g/t Au (up to 51 g/t) along a 1.7-km trend;
• Charles Prospect: 44 surface rock samples grading more than 1 g/t Au (up to 36 g/t) along a 1.3-km corridor.

Eleonore South (three-way agreement between Azimut, Eastmain Resources and Goldcorp)

• JT Target: 300 x 600 m surface area with 54 surface channel samples grading more than 1 g/t (up to 37.8 g/t), including 1.49 g/t over 16 m and 5.33 g/t over 8 m.

Wabamisk (optioned to Goldcorp)

• 4 new showings with grab samples grading up to 8.2 g/t Au;
• Several kilometre-scale geochemistry targets defined by Au, As and Sb soil anomalies.