Arizona Star Resource Corp.

Arizona Star Resource Corp.

October 27, 2006 19:55 ET

Arizona Star Resource Corp. Closes CDN $6,000,000 Financing

TORONTO, ONTARIO--(CCNMatthews - Oct. 27, 2006) - Arizona Star Resource Corp. (TSX VENTURE:AZS)(AMEX:AZS) announced today that it has closed a private placement financing, previously announced on September 28, 2006, of 650,000 common shares at Cdn$9.25 per share for gross proceeds of Cdn$6,012,500. The proceeds from this financing will be used to conduct additional optimization work to enhance the value of the Cerro Casale Project and for general working capital requirements.

The shares issued under this private placement are subject to a four-month hold period expiring February 28, 2007. There were no commissions or finder's fees payable for this financing.

Arizona Star currently holds a 51% interest in one of the world's largest undeveloped gold and copper projects, the Cerro Casale gold-copper project located in Chile. Bema Gold Corporation holds the remaining 49%.

All resource estimates reported by the Company were estimated in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum Standards on Mineral Resources and Reserves, Definitions and Guidelines (2000), incorporated by reference in Canada National Instrument 43-101 (2005). These standards differ significantly from the requirements of the U.S. Securities and Exchange Commission. Mineral resources which are not mineral reserves do not have demonstrated economic viability.

Statements relating to the estimated or expected future production and operating results and costs and financial condition of Arizona Star, planned work at the Company's projects and the expected results of such work are forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by words such as the following: expects, plans, anticipates, believes, intends, estimates, projects, assumes, potential and similar expressions. Forward-looking statements also include reference to events or conditions that will, would, may, could or should occur. Information concerning exploration results and mineral reserve and resource estimates may also be deemed to be forward-looking statements, as it constitutes a prediction of what might be found to be present when and if a project is actually developed. These forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable at the time they are made, are inherently subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements, including, without limitation: uncertainties related to raising sufficient financing to fund the planned work in a timely manner and on acceptable terms; changes in planned work resulting from logistical, technical or other factors; the possibility that results of work will not fulfill projections/expectations and realize the perceived potential of the Company's projects; uncertainties involved in the interpretation of drilling results and other tests and the estimation of gold reserves and resources; risk of accidents, equipment breakdowns and labour disputes or other unanticipated difficulties or interruptions; the possibility of environmental issues at the Company's projects; the possibility of cost overruns or unanticipated expenses in work programs; the need to obtain permits and comply with environmental laws and regulations and other government requirements; fluctuations in the price of gold and other risks and uncertainties, including those described in the Company's Annual Information Form filed with SEDAR in Canada (available at for the year ended April 30, 2005, and in the Company's 40-F filed with the U.S. Securities and Exchange Commission available at EDGAR).

Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management or its independent professional consultants on the date the statements are made.


"Paul A. Parisotto", President & CEO

The TSX Venture Exchange neither approves nor disapproves the information contained in this News Release.

Contact Information

  • Arizona Star Resource Corp.
    Paul Parisotto
    President and CEO
    (416) 359-7808