Mr. Ted O'Connor reports

AZINCOURT TO UNDERTAKE $2,750,000 PRIVATE PLACEMENT

Azincourt Uranium Inc. intends to undertake a brokered private placement with a syndicate of agents led by Secutor Capital Management to raise aggregate gross proceeds of up to $2.75-million on a best-efforts basis. The offering will consist of the issuance of up to 5,833,333 flow-through shares at a price of 30 cents per flow-through share ($1.75-million) and up to 3,703,703 units at a price of 27 cents per unit ($1-million).

Each unit will consist of one common share and one-half of one common share purchase warrant. Each whole warrant will entitle the holder to purchase one additional common share for a period of 18 months at a price of 40 cents per common share.

The net proceeds of the private placement will be used to advance the company's projects in Canada and Peru, and for general working capital purposes.

The company has granted the agents an option to sell a number of additional units equal to 20 per cent of the number of units sold under the offering and a number of additional flow-through shares equal to 20 per cent of the number of flow-through shares sold under the offering, on the same terms as set forth above solely to cover overallotments, if any.

In connection with the offering, subject to exchange approval, the company will pay to the agents a cash fee equal to 8 per cent of the gross proceeds raised under the offering, and will issue non-transferable warrants equal to 8 per cent of the total number of the flow-through shares and units sold under the offering. Each broker's warrant will entitle the holder to purchase one common share of the company at a price of 30 cents for a period of 18 months following the closing date.

We seek Safe Harbor.