ARIZONA STAR RESOURCE CORP. ("AZS")BEMA GOLD CORPORATION ("BGO")
NOTICE TYPE: Property Transaction. NOTICE DATE: December 15, 1997
The Vancouver Stock Exchange has accepted for filing documentation pertaining to an Agreement dated
October 26, 1997, between Arizona Star Resource Corp. (`Arizona Star'), Bema Gold Corporation (`Bema
Gold') and Placer Dome Inc. (`Placer Dome'), whereby Placer Dome can acquire a 51% interest in the
Aldebaran Property located in Chile as to 26% interest from Arizona Star and 25% interest from Bema
Gold. Arizona Star and Bema Gold will retain a 25% and 24% earned interest respectively in the
Aldebaran Property. Consideration consists of a cash payment of US$5,100,000 to Arizona Star and
US$4,900,000 to Bema Gold. Placer Dome is obligated to subscribe by private placement for
US$10,000,000 of common shares as to 1,140,000 shares of Arizona Star at $6.20 per share and
900,000 shares of Bema Gold at $7.50 per share. In addition Placer Dome is to complete a feasibility
study within two (2) years on the Cerro Casale deposit located in the Aldebaran Property at an estimated
cost of US$25,000,000 and incur US$15,000,000 in exploration expenditures on known mineralized
targets within the Aldebaran Property. |
