NWT Uranium: No merit to Azimut 'Notice of Default' for Quebec properties

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[{"type":"text","content":"\n\n\n\nTORONTO, Dec. 20 /CNW/ - NWT Uranium Corp. (TSX-V: NWT; OTCBB: NWURF) has\nbeen provided by Azimut Exploration Inc. (TSX-V: AZM) with a letter alleging\ndefault (the "Notice of Default") with respect to the option agreements\ncovering the North Rae and Daniel Lake uranium properties in Quebec.\nNWT believes that the allegations made by Azimut are without merit.\n\n\nNWT further believes that the Notice of Default is part of a strategy\naimed at derailing the business combination proposed between NWT and Nu-Mex\nUranium Corp. (OTCBB: NUMX), which was detailed in a press release dated\nNovember 19, 2007. On December 12, 2007, Azimut submitted an unsolicited\nexpression of interest to acquire NWT, which was subsequently rejected. This\nunsolicited expression of interest was the subject of a NWT press release on\nDecember 17, 2007.\n\n\n"NWT and its contractors have conducted themselves in an exemplary\nfashion while carrying out exploration of the North Rae and Daniel Lake\nproperties through difficult labor and weather conditions in a remote\nlocation. In nearly four months of field work, NWT as operator has advanced\nthe project, covering 305,000 acres (1,235 square kilometers), from airborne\nsurveys to drill testing," said Marek J. Kreczmer, President and CEO of\nNWT Uranium. "The allegations made by Azimut are without merit and we intend\nto provide ample documentation to Azimut to support our position."\n\n\nAs detailed in its unsolicited expression of interest, Azimut was\nprepared to offer 0.1475 common shares of Azimut for each NWT share. After a\ncomprehensive evaluation of the Azimut offer and in consultation with its\nfinancial advisors, an independent committee of NWT's Board of Directors\nconcluded that the terms of the proposed offer were unlikely to result in a\ntransaction that is more favorable to NWT's shareholders from a financial\npoint of view than the existing letter agreement with Nu-Mex. As such, and in\naccordance with the terms of NWT's existing agreement with Nu-Mex, NWT\ninformed Azimut shortly after 1pm PST on December 17, 2007 that it was unable\nto enter into negotiations with respect to the proposed transaction with\nAzimut.\n\n\nLess than four hours later, at around 5pm PST, NWT received the Notice of\nDefault from Azimut.\n\n\nIt is NWT's intent to respond to ...

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