Aurizon sells Sleeping Giant stake to Cambior

Cambior (CBJ-T) is buying the half interest it doesn’t already own in the Sleeping Giant gold mine in northwestern Quebec from Aurizon Mines (ARZ-T) for $5 million in cash.

The deal, which will take effect April 30, 2005, also releases Aurizon from all environmental liabilities and reclamation costs associated with the operation and closure of the mine.

Commented Aurizon President and CEO David P. Hall: “Aurizon’s future is the successful development of its major asset, Casa Berardi [also in Quebec]. Selling Sleeping Giant provides Aurizon with additional cash, and marks the transformation of Aurizon from a joint-venture participant in a small producer to a future operator of a larger mine.”

Meanwhile, Louis Gignac, Cambior’s president and CEO said that the acquisition is consistent with the company’s approach of focusing on our assets for future growth.

The acquisition cost of C$55 per oz. (US$45 per oz.), he said, is “reasonable and provides us with greater flexibility in the future development and exploration of the mine.”

Gignac believes that further benefits may accrue by extending at depth the mine’s known mineralized lenses.

Last year, Sleeping Giant produced 67,000 oz. gold at a cost of US$291 per oz. and, in 2005, the mine is set to produce 56,000 oz. gold at a cost of US$320 per oz.

Reserves at year-end totalled 490,000 tonnes grading 11.6 grams gold per tonne, or 183,200 contained oz. gold.

Print

Be the first to comment on "Aurizon sells Sleeping Giant stake to Cambior"

Leave a comment

Your email address will not be published.


*


By continuing to browse you agree to our use of cookies. To learn more, click more information

Dear user, please be aware that we use cookies to help users navigate our website content and to help us understand how we can improve the user experience. If you have ideas for how we can improve our services, we’d love to hear from you. Click here to email us. By continuing to browse you agree to our use of cookies. Please see our Privacy & Cookie Usage Policy to learn more.

Close