Azimut Acquires Key Properties Near the Eleonore Gold Discovery in Quebec.LONGUEUIL, Quebec This article is about the central municipality of Longueuil. For the agglomeration city, see Urban agglomeration of Longueuil. Longueuil (English pronunciation [lɑŋˈgɔɪ] -- Azimut Exploration Inc. ("Azimut") announces the acquisition of four additional large properties in the vicinity of a major gold discovery made by Virginia Gold Mines on their Eleonore Property in the James Bay James Bay, shallow southern arm of Hudson Bay, c.300 mi (480 km) long and 140 mi (230 km) wide, E central Canada, in Nunavut Territory between Ont. and Que. Numerous rivers flow into the bay; many of these have been developed for hydroelectric power in Quebec (see region of Quebec. Azimut now holds a 100% interest in five properties totalling 467 claims and covering 243.87 km2 (see appended figure): - Four new properties comprise 368 claims.Confirmation for 203 of these claims has already been received from the Ministry of Natural Resources, Wildlife and Parks, and confirmation of the remainder is pending. - The already owned Opinaca Property comprises 99 claims.This property was acquired in 2003 after Azimut conducted extensive data modeling and an assessment of the gold potential of the James Bay region. In-depth examination of regional-scale data (geology, geophysics, geochemistry) suggests that Azimut's properties have a strong exploration potential given the geological context of the Eleonore gold discovery.Exploration criteria include metasediments near syn to late tectonic intrusions, low to moderate magnetism and arsenic anomalies in lake bottom sediments. Azimut is a mineral exploration company that develops proprietary cutting-edge targeting methods with the objective of discovering major ore deposits. Azimut has a strategic agreement with Kennecott Exploration Company, a subsidiary of the Rio Tinto Group Rio Tinto is a multinational mining and resources group founded originally in 1873. The group is one of the world's largest mining companies, with a pre-tax profit of approximately 10.2 billion US dollars in 2006 on consolidated turnover of 25.4 billion USD. .The agreement covers 500,000 km2 outside the James Bay region.Azimut currently has 11.6 million issued shares. A map is available at the following address: http://www2.ccnmatthews.com/database/fax/2000/AZM1007.pdf The TSX Venture Exchange TSX Venture Exchange Originally called the Canadian Venture Exchange (CDNX), this was a result of the merger of the Vancouver and Alberta stock exchanges. The goal of TSX Venture Exchange is to provide venture companies with effective access to capital while protecting investors. (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension Venture) does not accept responsibility for the adequacy or accuracy of this release. Azimut Exploration Inc. (TSX VENTURE:AZM AZM The ISO 4217 currency code for Azerbaijani Manat. ) |
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