QUEBEC – Vancouver-based AURIZON MINES has raised $28 million for the development of its 100%-owned Casa Berardi property in the Abitibi region. The money was raised through the issuance of approximately 20.74 million common shares at a price of $1.35 each.
The Casa Berardi project is on-time and on-budget for start-up in November 2006, reports Aurizon. Construction of the headframe, shafthouse and hoistroom is substantially complete. The shaft has been sunk to 190 metres. Construction of two ramps is well underway with the Zone 113 ramp reaching the 670-metre level and the Lower Inter ramp reaching a depth of 560 metres.
Aurizon acquired the former Casa Berardi mine in September 1998 from TVX GOLD. The mine yielded 688,400 oz of gold, when TVX operated it from 1988 to 1997. Aurizon expects to produce 175,000 oz of gold annually for six years at a total cash cost of US$219/oz. The feasibility report (updated in October 2005) for the project is available at www.Aurizon.com.