Azimut defines Copper-Nickel and Rare Earth targets at Diana, Nunavik, northern Quebec

LONGUEUIL, QC, June 1, 2011 /CNW/ --
Symbol: AZM.TSX Venture

LONGUEUIL, QC, June 1, 2011 /CNW Telbec/ - Azimut Exploration Inc ('Azimut' or 'the Company') (TSXV: AZM) reports excellent results from its 100%-owned Diana property in
Nunavik, northern Quebec. Strong and extensive anomalies in lake-bottom
sediments from the property include copper (up to 1,010 ppm Cu), nickel (up to 549 ppm Ni), cobalt (up to 260 ppm Co), and combined rare earth elements (REE) and yttrium (up to 1,218 ppm REE Y). Supported by magnetic and geological data,
these geochemical anomalies delineate several highly prospective
targets.

The main targets appear as follows:

    --  Four (4) areas show strong to very strong combined
        copper-nickel-cobalt anomalies in lake-bottom sediments. The
        largest target area has a 16-km strike length outlined by
        copper values ranging from 200 ppm to 1,010 ppm Cu, nickel
        values often above 110 ppm Ni and up to 549 ppm Ni, and cobalt
        values often above 50 ppm Co and up to 260 ppm Co. This
        geochemical target largely superimposes a zone of magnetic
        highs. Field reconnaissance work indicates this magnetic trend
        may correspond to a previously unrecognized mafic to ultramafic
        layered intrusive complex. This target is of considerable
        interest.
    --  Two (2) areas show strong combined REE-yttrium anomalies in
        lake-bottom sediments, with respective peak values of 1,218 ppm
        and 1,115 ppm REE Y. These targets merit further investigation
        even though extensive pegmatitic dykes may explain some
        anomalies.

The comprehensive 2010 summer program comprised:

    --  5,497 line-kilometres of high-resolution airborne magnetic and
        spectrometric geophysical surveying using 200-m spaced lines.
        The survey was carried out by Novatem Inc based in
        Mont-Saint-Hilaire, Quebec, and further interpreted by
        Géophysique Camille St-Hilaire Inc, based in Rouyn-Noranda,
        Quebec.
    --  509 lake-bottom sediment samples collected during a survey by
        Geo Data Solutions Inc based in Laval, Quebec.
    --  265 rock grab samples collected during a reconnaissance program
        performed by Azimut under the direction of John Charlton,
        P.Geo.

The Diana property includes six (6) separate claim blocks totalling 600
claims over a surface area of 272 km(2). The project is located about 40 km northwest of the town of Kuujjuaq,
which has modern infrastructure including airport facilities. Valencia
Ventures Inc withdrew from its option agreement on the property in
March 2011.

Lake-bottom sediment samples were assayed by Actlabs Laboratories Ltd
based in Ancaster, Ontario, using an ICP-MS method. Rock samples were
assayed by ALS Chemex of Val-d'Or, Quebec, using an ICP-MS method.

Azimut also announces that, subject to TSX Venture Exchange approval,
the Company will issue 14,632 common shares to the Fonds de solidarité FTQ ('FTQ') at a price of $1.22 per share representing the interest due as of May
20, 2011, for an aggregate amount of $17,852.05 pursuant to a
convertible debenture issued to the FTQ for an amount of $300,000, and
bearing interest at the rate of 12% per annum, payable semi-annually
either in cash or in common shares. The securities issued in this case
will be subject to a four-month hold period following their date of
issuance.

This press release was prepared by Jean-Marc Lulin, P.Geo., acting as
Azimut's Qualified Person under NI 43-101.

Azimut is a mineral exploration company with the objective of
discovering major ore deposits. The company's core business is project
generation using cutting-edge targeting methodologies, and partnership
development. Azimut holds the largest mineral exploration portfolio in
Quebec, including key gold, copper, uranium and rare earth element
properties.

Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of


the TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.

To view this news release in HTML formatting, please use the following URL: http://www.cnw.ca/en/releases/archive/June2011/01/c9514.html

Jean-Marc Lulin, President and CEO
Tel.: (450) 646-3015 - Fax: (450) 646-3045
info@azimut-exploration.com      www.azimut-exploration.com