Azimut Exploration Inc.

North Shore Region

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The Grenville geological province in Quebec has significant exploration potential for a variety of substances, yet remains largely underexplored. Azimut conducted regional-scale, systematic predictive modeling for copper, uranium and nickel within the framework of three strategic alliances with Kennecott Exploration, a subsidiary of the Rio Tinto Group. In 2005, Azimut began acquiring many of the targets it identified during its regional assessment, which led to a major property portfolio (2,850 claims), including 5 properties for uranium (and/or copper), and 14 properties for nickel. The latter comprise 1,942 claims totalling 1,034 km².

The rise of uranium prices since 2003 has been accompanied by renewed interest for uranium in the Grenville, where several ore deposits are already known, including Johan-Beetz Bay (93 Mt at 0.025% U₃O₈ and 0.025% Y). Azimut's target ore deposit type for the North Shore region is a large-tonnage uranium deposit amenable to open-pit mining, like the Rössing deposit in Namibia (150,000 t U at 0,03% U₃O₈) .

In 2007, expenditures for Azimut's partner-funded exploration programs on its North Shore properties totalled $1.1 million. Cumulative work commitments from the Company's partners in this region reach almost $5 million over the next 3 years.

Key results for Uranium

Havre Nord (optioned to Arianne Resources)

• Surface prospecting identified a subhorizontally dipping pegmatite with an average thickness of 5 m;
• The showing correlates well with a strong 1 by 5 km helicopter-borne uranium anomaly;
• Rock samples returned grades up to 0.43% U₃O₈ and greater than 4% in rare earth elements, in addition to high values in gallium, yttrium, niobium and zirconium.

Grenium (strategic alliance with Kennecott/Rio Tinto)

• High uranium contents in lake-bottom sediments, with peak values up to 1,310 ppm U;
• Several strong kilometre-scale airborne radiometric anomalies;
• Follow-up surface prospecting led to the discovery of several radioactive zones, with grab samples yielding values up to 0.33% U₃O₈.