Azure retains 100% ownership and has resumed control of all activities.
Tony Rovira, managing director for Azure, commented:
"We believe that the extensive exploration conducted by Kennecott over the last two years, at no cost to Azure, has significantly advanced the project and has provided an outstanding set of data on which future programs will be based.
"Kennecott’s drilling confirmed the Project hosts a large, well-developed copper-mineralised porphyry system.
"All drilling to date has been focused in the centre of the project area which contains the Promontorio and Cascada copper-gold-silver deposits.
"However the majority of the property is covered by post-mineral volcanic rocks and remains relatively unexplored.
"We look forward to getting back on the ground and applying our exploration expertise to this highly promising project."