MINING MARKETS & INVESTMENT NEWS — Aurizon Mines raises $7m for Casa Berardi

Vancouver-based Aurizon Mines (ARZ-T) has arranged a $7-million financing, proceeds from which will be used to acquire and explore the Casa Berardi gold mine in northwestern Quebec.

The first installment of the acquisition payment totals $2 million, whereas the exploration project, which includes 50,000 metres of diamond drilling, is budgeted at $7 million. (Discussions are continuing with potential investors and government agencies to secure the necessary additional funds.) The financing consists of $4 million from Capital d’Amerique CDPQ and $3 million from The Solidarity Fund. Both investment houses are based in Quebec.

Regulators have yet to approve the deal, which is in the form of non-interest-bearing convertible debentures secured by Aurizon’s half-interest in the Sleeping Giant gold mine, also in northwestern Quebec.

The Casa Berardi mine contains a resource of 3.2 million tonnes grading 5.8 grams gold per tonne.

* With the intention of expanding its exploration programs in Mexico, Valdez Gold (VAZ-A) has netted $2.7 million in a public financing.

The Toronto-based company issued 13.4 million warrants, each of which enables the holder to buy one Valdez share.

The junior is exploring properties in the Altar gold trend in northwestern Sonora state, Mexico. Exploration there is focused on Carlin- and Mesquite-type deposits.

Valdez also controls a 100,000-ha land position in neighboring Chihuahua state, not far from the Sauzal gold discovery of Francisco Gold.

* William G. Brissenden has acquired 1.6 million shares of Regal Goldfields (REGL-C), raising the firm’s stake in Regal to 17.1%.

Regal has mineral projects in Nova Scotia and Ontario.

* Quebec City-based Azimut Exploration (AZM-M) has raised $250,000 in a private placement. Some of those proceeds will be used to fund exploration of the Flavrian gold property in the Abitibi region.

The financing will see Solidarity Fund subscribe to a convertible debenture with a 5-year term, under which it will receive 625,000 shares of Azimut at 40 cents each. The junior explorer can acquire a half-interest in the Flavrian and Lepine-Bassignac properties from Cambior (CBJ-T) by spending up to $5.5 million over five years on exploration. Azimut is also active in the Lac Volant area, north of Sept-Iles, Que.