Azincourt Energy Provides Update on Option to Acquire High-Grade Sylvia Lake Uranium Project in Labrador

AZINCOURT ENERGY CORP. (TSXV: AAZ) (OTCQB: AZURF) (FSE: A0U0) (" Azincourt " or the " Company ") is pleased to provide an update on its previously announced option (the " Option ") to acquire a one-hundred percent interest in two mineral claim block licences located in Labrador's Central Mineral Belt in the Province of Newfoundland and Labrador, commonly known as the Sylvia Lake Uranium Project (" Sylvia Lake " or the " Project "). The Project is located approximately 100 kilometres northwest of Happy Valley-Goose Bay, Labrador, within the Central Mineral Belt, and consists of two mineral licences, #040160M and #040178M, covering approximately 6,725 hectares. The Company previously entered into a definitive property option agreement (the " Option Agreement ") with a private company (the " Optionor "), pursuant to which it was granted the option to acquire a one-hundred percent interest in the Project. The Company has now reached an agreement with the Optionor to amend the Option Agreement, such that the Company can now acquire a one-hundred percent interest in the Project by paying aggregate cash consideration of $12,000 to the underlying owner (the " Underlying Owner ") of the Project and $662,000 to the Optionor, issuing 1,760,000 common shares to the Underlying Owner and incurring aggregate exploration expenditures of $250,000 on the Project, as follows: Timing Common Shares Cash Exploration Expenditures On closing / grant of the Option 1,760,000 $174,000 Nil Within 12 months of closing Nil $250,000 $50,000 Within 24 months of closing Nil $250,000 $200,000 In connection with the amendment to the Option Agreement, the Company has revised the terms of the finders' fee payable to a third party (the " Finder ") for facilitating the Option. The Company will now pay a finder's fee totaling 1,143,000 common shares (the " Finders' Fee Shares "), in the event the Option is exercised. These shares are issuable in three tranches, of which 324,000 shares are issuable upon closing of the Option, 444,000 shares are issuable upon completion of the cash payment owing on the twelve-month anniversary, and 375,000 shares are issuable upon completion of the cash payment owing on the twenty-four-month anniversary. Each of the Company, the Optionor, the Underlying Owner and the Finder are at arms-length from each other. The TSX Venture Exchange has approved the Option, and the Company has now completed the initial cash payment and share issuances. All securities issued in connection with the Option will be subject to a four-month-and-one-day statutory hold period. In addition, upon issuance, all Finders' Fee Shares will be subject to the terms of an escrow agreement (the " Escrow Agreement ") required by the policies of the TSX Venture Exchange. The Escrow Agreement places restrictions on the ability of the holder to transfer the Finders' Fee Shares without the prior approval of the TSX Venture Exchange. Notwithstanding the issue date of the Finders' Fee Shares, they will be released from the Escrow Agreement in stages, with ten percent of the Finders' Fee Shares released upon closing of the Option, and the balance in six equal tranches every six months thereafter for a period of thirty-six months. About Azincourt Energy Corp. Azincourt is a Canadian-based resource company specializing in the strategic acquisition, exploration and development of alternative energy and critical mineral projects, including uranium and lithium. The Company is currently active at its East Preston uranium project located in the Athabasca Basin, Saskatchewan, and is building a portfolio of uranium exploration opportunities in Labrador's Central Mineral Belt. ON BEHALF OF THE BOARD OF AZINCOURT ENERGY CORP. "Mark Tommasi" Mark Tommasi, CEO For further information, please contact: Mark Tommasi, CEO Tel: (236)-229-2030 [email protected] Azincourt Energy Corp. Suite 1012-1030 West