LAST BUT NOT LEAST — Arizona Star raises funds

Funding for further work at Chile’s Aldebaran property is at hand for Arizona Star Resource (VSE).

Subject to regulatory approval, the company has negotiated a brokered private placement of up to three million units at 80 cents each. The units include one share and one non-transferable share purchase warrant, two of which are required to buy an additional share at $1.10 for two years. Arizona Star is earning a 51% interest in the property from a Chilean company by spending US$4 million and paying US$2 million cash by September, 1994. Drilling will test the Cerro Casale deposit further, as well as other zones. Cerro Casale contains a preliminary geological resource of 99 million tons grading 0.021 oz. gold per ton, based on a cutoff of 0.015 oz. Minable reserves are estimated at 81.1 million tons grading 0.02 oz. The strip ratio is about 1-to-1.