Azimut closes a $500,000 private financing

Symbol: AZM-TSX Venture Exchange

/THIS PRESS RELEASE IS NOT FOR DISTRIBUTION IN THE UNITED STATES OR TO U.S. NEWS AGENCIES/

LONGUEUIL, QC, Jan. 5 /CNW Telbec/ - Azimut Exploration Inc. ("Azimut" or the "Company") announces the closing of a non-brokered private placement totalling $500,000 with a US-based subscriber.

An aggregate of 666,666 common shares were issued at a price of $0.75 per share, each share being accompanied by one half-warrant, each whole warrant entitling its holder to subscribe for one common share of the Company at a price of $0.95 per share over a 24-month period. The issued securities are subject to a four-month restricted resale period in Canada expiring April 30, 2010 . The gross proceeds of the financing will be used for general corporate purposes, technical work and business development. Finder's fees totalling 3 % have been paid in cash.

The Company also announces that, following its press release dated December 9, 2009 , it has issued an aggregate of 83,430 common shares to settle outstanding debts totalling $51,392.82 representing the six-month period interest payment due on debentures and a loan. This share issuance was accepted by the TSX Venture Exchange on December 21, 2009 .

Azimut is a leading exploration company in Quebec , using cutting-edge targeting methodologies to generate quality projects and develop partnerships. Exploration work performed by Azimut and its partners led to the discovery of more than 200 new prospects during the last five years. Azimut holds the largest property portfolios in Quebec , which is being actively explored for gold, uranium and rare earth elements.

This press release, provided pursuant to applicable Canadian requirements, is not for distribution to U.S. news services or for dissemination in the United States , and does not constitute an offer of the securities described herein. These securities have not been registered under the United States Securities Act of 1933, as amended, or any state securities laws, and may not be offered or sold in the United States or to U.S. persons absent registration or applicable exemption from registration requirements.

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.

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For further information: Jean-Marc Lulin, President and Chief Executive Officer, [phone], Fax: [phone], [email protected]; www.azimut-exploration.com