VAL D'OR, Quebec AURIZON MINES of Vancouver has arranged a $1-million financing for two projects in the province. The JAMES BAY DEVELOPMENT CORP. has agreed to subscribe for 740,740 units at a price of $1.35/unit.
Part of the money is earmarked for shaft deepening at the Sleeping Giant mine in which Aurizon holds a 50% interest. CAMBIOR holds the other half. The existing production shaft will be extended 200 m to allow access to reserves and resources below the current deepest level at 785 m. Aurizon's share of the cost is about $3.5 million. The project will be completed in the third quarter of 2004.
The balance of the money Aurizon is raising will be spent for on-going exploration at the 100%-owned Casa Berardi project near LaSarre. The company says reserves are about 6.9 million tonnes at 6.7 g/t Au plus resources of 4.5 million tonnes at 7.7 g/t Au. If Aurizon can put this former producer back into operation, the mine and 2,800-t/d mill would have an output of about 200,000 oz of gold annually. The second phase of a deep drilling program is underway.
Full details are available at www.aurizon.com.