report received

"Quarterly Activities Report March 2010

Highlights


Corporate
Azure entered into an exploration joint venture over the San Eduardo project with Australian copper miner, OZ Minerals Ltd.
Joint venture with Kiska Metals terminated and 7 projects transferred to 100% Azure ownership.
Azure has received approaches from several Canadian companies expressing interest in joint venturing or purchasing some of the Companys non-core projects. Azure is currently evaluating these proposals.
San Eduardo Joint Venture
OZ Minerals Ltd may earn a 70% interest in Azures 100%-owned San Eduardo project by sole-funding US$13 million over 8 years.
An initial budget of US$300,000 will fund exploration activities for 2010.
Field work comprising aeromagnetics, surface mapping and sampling commenced in late April. This will be followed up by an IP survey and diamond drilling.
La Tortuga Joint Venture
JOGMEC may earn a 51% interest in Azures wholly-owned La Tortuga and Los Nidos properties by sole-funding US$3 million expenditure over 3 years.
JOGMEC have confirmed implementation of the third earn-in period with an exploration budget of US$500,000 for 2010.
Diamond drilling program is scheduled to commence mid-year.

Promontorio
An intensive diamond drilling program to extend the Promontorio deposit and to test gold mineralised epithermal veins systems at Creston Colorado and Cascada prospects has been designed and is awaiting governmental approvals. "