Azimut Exploration Inc.

Azimut Exploration Inc.

March 30, 2005 09:41 ET

Azimut and Eastmain Sign Agreements for Two Claim Blocks Near the Eleonore Gold Discovery in James Bay, Quebec


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: AZIMUT EXPLORATION INC.

TSX VENTURE SYMBOL: AZM

MARCH 30, 2005 - 09:41 ET

Azimut and Eastmain Sign Agreements for Two Claim
Blocks Near the Eleonore Gold Discovery in James Bay,
Quebec

MONTREAL, QUEBEC--(CCNMatthews - March 30, 2005) - Azimut Exploration
Inc. ("Azimut") (TSX VENTURE:AZM) and Eastmain Resources Inc.
("Eastmain") announce the signing of two letters agreement regarding two
claim blocks for which Azimut currently holds a 100% interest.
According to the agreements, Eastmain can acquire a 50% interest during
a 5-year period and may acquire an additional 15% interest upon delivery
of a bankable feasibility study.

The subjects of these agreements, Block C and Block D of the Opinaca
Property (see appended figure), occupy key positions near the Eleonore
gold discovery made by Virginia Gold Mines in the James Bay region of
Quebec. Both Azimut and Eastmain recognize Eleonore as a major
discovery that may eventually lead to the establishment of a mining camp.

Block C (166 claims, 86.92 km2) is located immediately south of the
Eleonore Property. It covers the southern extension of a well-defined
arsenic anomaly occurring along the edge of a granitic intrusion. The
Eleonore discovery falls along the same geochemical anomaly in a
comparable geological context.

Eastmain can acquire a 50% interest from Azimut during a 5-year period
under the following conditions:



- Cash payments of $50,000 upon signing the agreement, $25,000 on
the first and second anniversaries, and $30,000 on the third and
fourth anniversaries for a total of $160,000. Eastmain will also
issue 30,000 common shares to Azimut upon signing the agreement,
subject to the approval of the regulatory authorities.
- Exploration work totalling $250,000 the first year (firm
commitment) and $350,000, $600,000, $700,000 and 800,000 the
following four years, for a total of $2,700,000.


Block D (188 claims, 97.99 km2), located NW of Eleonore, displays a
strong arsenic anomaly in metasediments bordering granitic intrusions.

Eastmain can acquire a 50% interest from Azimut during a 5-year period
under the following conditions:



- Cash payment of $30,000 upon signing the agreement, $25,000 on the
first and second anniversaries, and $30,000 on the third and
fourth anniversaries for a total of $140,000. Eastmain will also
issue 45,000 common shares to Azimut upon signing the agreement,
subject to the approval of the regulatory authorities.
- Exploration work totalling $200,000 the first year (firm
commitment) and $300,000, $400,000, $500,000 and $500,000 the
following four years for a total of $1,900,000.


Eastmain will be the operator. Upon acquiring a 50% interest, Eastmain
will have the option of gaining an additional 15% interest by delivering
a bankable feasibility study. The conditions of acquisition for the
additional interest are identical for both agreements but would apply
separately:



- Cash payment of $20,000 per year for five years and minimum work
expenditures of $100,000 until completion of a bankable
feasibility study within the 5-year period.
- This period can be prolonged by Eastmain for up to three years by
paying Azimut $50,000 per year.


If Eastmain decides not to exercise this additional option, Eastmain
will provide Azimut with $100,000 in cash as final payment. In the case
that the interest of either partner is reduced to less than 10%, the
interest would be converted to a 2% NSR royalty, of which 1% may be
bought back for $1,000,000.

Azimut began acquiring permits in this sector 18 months ago after it
modeled the gold potential of an 85,000-km2 territory in James Bay
region. On December 13, 2004, Azimut and Everton Resources Inc.
announced the signing of two other option agreements that covered 546
claims totalling 284.92 km2 on the Opinaca Property (blocks A, A-East, B
and B-North).

Azimut is a mineral exploration company utilizing cutting-edge targeting
methodologies with the objective of discovering major ore deposits. The
Company currently has 12.58 million issued shares.

A map of Opinaca Property-Eleonore Gold Discovery Area is available at
the following address:
http: //www2.ccnmatthews.com/database/fax/2000/opinaca.pdf



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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Azimut Exploration Inc.
    Jean-Marc Lulin
    President and Chief Executive Officer
    (450) 646-3015
    (450) 646-3045 (FAX)
    jmlulin@azimut-exploration.com
    www.azimut-exploration.com
    The TSX Venture Exchange (TSX Venture) does not accept responsibility
    for the adequacy or accuracy of this release.