Azimut and Placer Dome Sign an Agreement for the Wabamisk Property.MONTREAL -- Exploration Azimut Inc. ("Azimut") (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension VENTURE:AZM AZM The ISO 4217 currency code for Azerbaijani Manat. ) announces the signing of a letter of intent with the company Placer Dome Placer Dome was a large mining company specializing in gold and other precious metals, with corporate headquarters in Vancouver, British Columbia, Canada. Barrick has acquired 100% of the Placer Dome shares on January 20, 2006, and has integrated the company into its own. (CLA CLA, n.pr See acid, conjugated linoleic. ) Limited ("Placer Dome") for the Wabamisk Property, formerly known as the Eastmain East Block.The project is located 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 and is currently held 100% by Azimut. The Wabamisk Property, which is 41 km long and 6 to 12 km wide, consists of 668 claims totaling 353.6 km2 (see appended figure).The geological, geochemical and geophysical contexts indicate an excellent potential for gold.The most notable feature of this project is a strong arsenic lake-bottom sediment anomaly 38 km long and 5 km wide associated with metasediments.Several gold showings have been identified on the property in metasediments or volcanics in proximity to the metasediments. Placer Dome can acquire 51% of Azimut's interest during a maximum period of 5 years according to the following conditions: - Cash payment of $50,000 upon signing the agreement (committed) and further optional payments of $50,000, $100,000, $100,000 and $200,000 on the following 4 anniversaries for a total of $500,000. - Exploration expenditures worth $400,000 for the first year (firm commitment) and $600,000, $800,000, $1,000,000 and $1,200,000 (optional) for each of the 4 following years for a total of $4,000,000. Placer Dome will be the operator.Upon acquiring a 51% interest, Placer Dome will have the option to gain an additional 19% interest by delivering a bankable bank·a·ble adj. 1. Acceptable to or at a bank: bankable funds. 2. Guaranteed to bring profit: a bankable movie star. feasibility study according to the following conditions: (a) Minimum of $100,000 worth of work per year, until the delivery of a feasibility study "A Feasibility Study" is an episode of the original The Outer Limits television show. It first aired on 13 April, 1964, during the first season. It was remade in 1997 as part of the revived The Outer Limits series with a minor title change. within a 5-year period; and (b) Placer Dome can extend this period for an additional 3 years by making cash payments of $100,000 per year to Azimut.If the interest of either partner is diluted to less than 10%, this interest will be converted to a 2% Net Smelter Return of which 1% is redeemable for $1,000,000. In 2005, the gold exploration properties acquired by Azimut in the James Bay region will be the focus of a $1,600,000 investment in exploration activities by the Company's partners: Eastmain Resources Inc., Everton Resources Inc., Cambior Inc. and Placer Dome. Azimut is a mineral exploration company utilizing cutting-edge targeting methodologies with the objective of discovering major ore deposits. A map is available at the following address: http://www2.ccnmatthews.com/database/fax/2000/azm0504.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 Venture) does not accept responsibility for the adequacy or accuracy of this release. Azimut Exploration Inc. (TSX VENTURE:AZM) |
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