NWT URANIUM CURED
OF DEFAULT OVER QUEBEC
PROPERTIES
Toronto
– February 12, 2008 – NWT Uranium Corp. (TSX-V:
NWT; OTCBB: NWURF) announced today that Azimut Exploration Inc. (TSX-V: AZM)
has accepted that the defaults described in Azimut’s Notice of Default
dated December 17, 2007 have been cured by NWT, with respect to the North Rae
and Daniel Lake uranium properties located in the Ungava Bay region in northern
Quebec and under option from Azimut Exploration Inc. (TSX-V: AZM).
In its
Curative Notice, delivered on January 30, 2008 in response to Azimut’s
Notice of Default, NWT disputed that it was in default. According to
Azimut, the extensive documentation and data provided by NWT in its Curative
Notice has adequately resolved the issues raised by the Notice of Default.
“We
are pleased that this dispute has been resolved and that we can now move
forward with Azimut on the continued exploration of North Rae and Daniel Lake,
which we believe represent a new uranium district in Canada,” said Marek
J. Kreczmer, President and CEO of NWT. “We trust that continued cooperation
between our two companies will result in significant benefits for our
shareholders through the aggressive development of our joint properties.”
NWT has the
right to acquire up to 65% interest from Azimut in the North Rae Uranium
Project, where results to date have revealed the potential for a new uranium
district. NWT also has an option to acquire up to 65% ownership in the Daniel
Lake Uranium Project, which neighbors North Rae. North Rae and Daniel Lake
cover a total area of more than 300,000 acres (123,500 hectares).
ABOUT NWT URANIUM:
NWT Uranium
Corp. (www.nwturanium.com) is an
international resource exploration company with an experienced, highly
technical management team. Since its inception, NWT has concentrated on
the acquisition of properties with potential uranium targets. NWT Uranium
is listed on the NASD Bulletin Board under the symbol “NWURF” and
the TSX Venture Exchange under the symbol “NWT.”
FURTHER INFORMATION:
Marek J. Kreczmer, M.Sc., P.Eng.
President and CEO
NWT Uranium Corp.
(866) 437-9551
info@nwturanium.com
The TSX
Venture Exchange has not reviewed and does not accept responsibility for the
adequacy or accuracy of this news release.
This news
release includes certain “forward looking statements” within the
meaning of the United States Private Securities Litigation Reform Act of
1995. Without limitation, statements regarding potential mineralization
and resources, exploration results, and future plans and objectives of the
Company are forward looking statements that involve various degrees of
risk. The following are important factors that could cause the
Company’s actual results to differ materially from those expressed or
implied by such forward looking statements: changes in the worldwide price of
mineral commodities, general market conditions, risks inherent in mineral
exploration, risks associated with development, construction and mining
operations, the uncertainty of future profitability and the uncertainty of
access to additional capital.
Potential quantity and grade is conceptual in nature;
there has been insufficient exploration to define a mineral resource on the
North Rae Uranium Project and it is uncertain if further exploration will result
in the target being delineated as a mineral resource.