NEW YORK and ZURICH, Switzerland, May 20, 2004 (PRIMEZONE) -- The following is an investment opinion issued by Investrend Research Syndicate:
Benno Schmidt, research analyst with InvesTrend Research Affiliate SISM Research will be initiating coverage of Azure Resources Corporation (TSX Venture Exchange:AZR) (Pink Sheets:AZREF).
Azure Resources Corporation, based in Vancouver, Canada, is a newly listed gold exploration company. Azure's strategic focus is on international advanced-stage gold projects, with the Company's key ability being mine development. The company operates nationally and internationally; in Canada, the Company's principal assets are the Mooseland and Dufferin Gold Properties. Mooseland has been the first in the Company's growing portfolio of gold exploration projects in need of that last push into production.
Azure has a 100% interest in the Mooseland property, an advanced-stage gold property located northeast of Halifax, Nova Scotia. A resource study in 1988 defined "inferred mineral resources" of 206,500 tons grading 0.56 oz. gold/ton in the East Zone and 250,300 tons grading 0.37 oz. gold/ton in the West Zone for a total of 456,800 tons at 0.46 oz. gold/ton.
In addition, Azure obtained a 51% interest in the Dufferin property, Nova Scotia, Canada. The acquisition required cash payments of $75,000 and total expenditures of $925,000 including upgrading and refurbishment of a gold processing mill. This was completed by December 31, 2003.
Internationally, Azure holds a 90% interest in the Pani Property, Indonesia. Resource calculations by independent consultants gave a drill indicated resource of 8,400,000 tonnes at 1.59 g/t Au, equivalent to 431,451 ounces of gold and an inferred resource of 651,000 tonnes at 1.52 g/t Au, equivalent to 31,814 ounces of gold.
Schmidt stated: "Azure raised a total of $5.75m in the first twelve months since going public and is therefore able to pursue its drilling and exploration program as planned. Azure's focus is on acquisitions and interests in very promising mineral properties and is based on former reports and activities coupled with a diligent mining program to verify those reports. There is significant upside potential possible if the previously made gold grading reports can be confirmed."
SISM Research, Zurich, Switzerland, is a private investment research firm offering high-quality, independent, fundamental research on public companies since 1995. SISM writes, publishes and distributes investment research coverage, in both English and German, on micro-to small-cap public companies trading on the OTC Bulletin Board, NASDAQ and AMEX. This coverage is geared toward institutional and individual investors in both North America and in German-speaking Europe, a market that represents more than 100 million people. SISM Research is a content provider to Thomson Financials, to Multex and InvesTrend. SISM Research subscribes to the "Standards for Independent Research Providers". Azure Resources Corp. paid SISM Research a retainer of $5,000, plus $1,750 per month over a two-year period solely to ensure independent coverage.