neighbor APP exploration at Natashquan.
Jun 26, 2007 09:00 ET
Arianne and Azimut Sign a Letter of Intent for The North Havre Uranium Property, North Shore Region, Quebec and Starts a Helicopter Geophysical Survey
CHICOUTIMI, QUEBEC--(Marketwire - June 26, 2007) - The Company ("Arianne")(TSX VENTURE:DAR)(FRANKFURT:JE9) is pleased to announce the start of a helicopter geophysical survey on its Natashquan and North Havre uranium properties on Quebec's North Shore region as well as the signing of a letter of intent with Azimut Exploration ("Azimut") for the North Havre property.
Natashquan project: The original claims were chosen in 2006 following a modelization of geochemical anomalies from lake bottoms as well as the geological, geophysical and structural information available. This project is done in partnership with the Innu Nitassinan Mining Fund. These modelization maps were created by the Innu Mining Fund.
North Havre project: Following the signature of a letter of intent with Azimut Exploration Inc. (see Azimut's June 22 2007 press release), four blocks of claims were optioned in an area located North of Natashquan. These four blocks comprise 464 claims covering an area of 25,000 ha. These are located near the claims already owned by Arianne and the Mining Fund.
The helicopter survey (MAG-VLF-SPECTROMETRY) is currently underway on a selection of blocks from the Natashquan and North Havre projects in order to identify the best uranium targets. The anomalous areas identified in this survey will serve as priority exploration targets for the ground follow-up in the coming weeks.
Terms of the transaction with Azimut:
Arianne can acquire a 50% interest in the project under the following conditions:
- Minimum work expenditures of $200,000 during the first two years and $300,000 during the third year for an aggregate total of $700,000; and
- The issue of 350,000 Arianne common shares, and an additional 250,000 shares on each of the first and second anniversaries for an aggregate total of 850,000 shares.
Upon Arianne acquiring a 50% interest, Azimut will retain a 2% Yellow Cake Royalty. Arianne will have the option to earn an additional 15% interest by delivering a bankable feasibility study under the following conditions:
- Minimum work expenditures of $500,000 per year during the 5-year period; and
- The issue of 350,000 Arianne shares in a one-time grant, and cash payments of $50,000 per year for five years for a total of $250,000.
If Arianne decides not to exercise this additional option, Arianne will pay Azimut $100,000 in cash as final payment. Arianne will be the operator. This Letter of Intent is subject to the approval of regulatory authorities.
Uranium : Quebec was not seriously explored for uranium since the mid-eighties. This situation changed for the last year or two. Recent works (from SOQUEM and their partners) focused on the Grenville province. Many showings were identified. These uranium deposits and showings are frequently compared to the Rossing-type deposits, in Namibia and Madawaska, in Ontario. Located in the heart of the Grenville province, the uranium potential of Quebec's North Shore is now well known as numerous companies stake claims in this area.
Arianne Resources is a Canadian exploration company with the primary mission to explore, find and develop gold and uranium deposits in Canada and Mexico. The content of this press release was reviewed by Mr. Bernard Lapointe, Geo., and Qualified Person under NI 43-101.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.