PROJECT OVERVIEW

Azure Minerals, through its wholly-owned Mexican subsidiary Minera Piedra Azul SA de CV, has implemented a continuous program of regional exploration, target identification and project acquisition in northern Mexico in order to acquire 100%owned properties prospective for the discovery and development of precious and base metal deposits. The effectiveness of this program is enhanced by the presence of Azure's exploration and administration office in Hermosillo, the capital of Sonora.

Azure is committed to short term value-added growth by advancing its high grade Promontorio copper-gold-silver project to production. The Promontorio deposit has a JORC Code resource of 502Kt @ 4.7% copper, 2.1g/t gold & 99g/t silver.

Promontorio contains 23,400 tonnes of copper, 34,000 ounces of gold and 1,600,000 ounces of silver. There is excellent potential to significantly expand the resource through further drilling along strike and at depth.

Metallurgical testwork has returned very positive results indicating that a low risk processing route utilising conventional crushing, grinding and flotation technologies will produce a high grade copper concentrate with strong gold and silver credits.

Economic evaluation indicates that Promontorio can be developed and operated at a profit, with the high grade of the mineralisation providing a significant positive margin over operating costs, especially at today's metal prices.

Regional exploration around Promontorio has also identified several occurrences of epithermal quartz veining containing economically interesting gold and silver grades. These vein systems warrant further exploration, including drilling.

Elsewhere Azure has a Joint Venture with the Japanese government corporation JOGMEC to target large porphyry copper deposits on Azure’s 100%-owned La Tortuga and Los Nidos properties. JOGMEC is sole-funding the first US$3M of exploration expenditure within 3 years to earn a 51% interest in this project.

Azure has also entered into a Joint Venture with the Australian copper miner OZ Minerals Ltd to target large porphyry copper deposits on Azure's 100%-owned San Eduardo property. OZ Minerals is sole-funding the first US$3M of exploration expenditure within 3 years to earn a 51% interest in this project. It may then increase its ownership to 70% by spending a further US$10M.

Azure acquired ownership of the El Tecolote project as part of a property swap and joint venture termination agreement with Kiska Metals Corp (formerly Geoinformatics Exploration Inc). The historical El Tecolote Copper-Zinc-Silver Mine was a significant mining and processing venture operated by Grupo Mexico, Mexico's largest mining company. Production from this mine is recorded as approximately one million tonnes @ 1.8% copper, 6.9% zinc and 50g/t silver. Production ceased in 1984 due to low metals prices at that time. Potential for substantial mineralisation remains around the old mine workings and elsewhere within the property.

In addition, Azure holds numerous other 100%-owned properties and is seeking farm out / sale opportunities for these non-core properties.

Anthony Paul Rovira - Executive Chairman
B.Sc. Flinders University, B.Sc. (Hons) Flinders University, MAusIMM, MAICD

Tony Rovira is the Executive Chairman of Azure Minerals Limited. He has 25 years technical and management experience in the mining industry, as an exploration and mining geologist, and as a company administrator at Board level. Since graduating from Flinders University in South Australia in 1983, Tony has worked for companies both large and small, including BHP, Sons of Gwalia, Barrack Mines, Zapopan, Pegasus Gold and Jubilee Mines.

From 1997-2003 Tony was the General Manager Exploration with Jubilee Mines, during which time he led the team that discovered and developed the world class Cosmos and Cosmos Deeps massive nickel sulphide deposits. In the year 2000, the Association of Mining and Exploration Companies awarded Tony the Prospector of the Year Award for the discovery of the Cosmos deposit. Tony is responsible for the management of all Azure Minerals' activities, including exploration, project generation and acquisition, and implementation of strategies set by the board.

Dr Wolf Martinick - Non-Executive Director
B.Sc, Ph.D, FAusIMM

Dr Wolf Martinick is a Fellow of the AusIMM, a founding director of the Perth-based consultancy MBS Environmental Pty Ltd and is Chairman of Weatherly International Limited, a company listed on the London AIM stock exchange.  He was a founding Director of Basin Minerals Limited, an ASX-listed mineral exploration company which discovered a world-class mineral sands project in Victoria, Australia.

Dr Martinick has been involved with mineral exploration and mining projects around the world, especially in Australasia, Africa, China, India, Eastern Europe and parts of the former Soviet Union.  He has participated in numerous due diligence studies on mining projects on behalf of international financial institutions and mineral resource companies for a variety of transactions, including listings on international stock exchanges, mergers and debt financing.

In recent years, Dr Martinick has been active in identifying and investigating mineral projects and prospects, especially in emerging economies.

John Walter Saleeba - Non-Executive Director
BCom, LLB, CPA, FAICD

After being admitted as a legal practitioner in 1977, Mr. Saleeba worked with the law firm, Robinson Cox , becoming a partner in 1980. The firm subsequently joined a national partnership of Clayton Utz where he was a partner until retiring in 2003.  Mr. Saleeba is currently Chairman of RER Group Limited and VDM Group Limited.  He has held directorships with Skywest Limited, Centrepoint Alliance Limited,  Burtway Limited, Floreat Close Limited and a number of other companies, covering a wide range of business activities.  Mr. Saleeba has a Bachelor of Laws and a Bachelor of Commerce degree from the University of Western Australia, is a member of the Australian Society of Accountants and a Fellow of the Australian Institute of Company Directors.

Mr Brett Douglas Dickson - Company Secretary & Chief Financial Officer
BBus, CPA

Mr Dickson has over 20 years experience in the financial management of companies, principally companies in early stage development of its resource or product, and offers broad financial management skills. He has been Chief Financial Officer for a number of successful resource companies listed on the ASX.  He has had close involvement with the financing and development of a number of greenfield resources projects, including the Mt Horner and Blina oilfields, the Beharra Gas field, the Nimbus silver-zinc deposit, and the Dongara Mineral Sands deposit.

Mr Dickson is a Certified Practicing Accountant with a Bachelors degree in Economics from Curtin University.

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