UPDATE 1-Alamos says can't raise Aurizon offer on current information

Thu Jan 24, 2013 2:13pm EST
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* Offer of C$4.65 way below net asset value - Aurizon CEO

* Says other potential buyers have contacted Aurizon

* Alamos shares fall 4 percent; Aurizon down nearly 2 percent

Jan 24 (Reuters) - Alamos Gold Inc said it could not sweeten its C$4.65-per-share offer for Aurizon Mines Ltd as the fellow Canadian miner has not provided any new information to warrant a revision of the bid.

Aurizon, operator of the Casa Berardi gold mine in Quebec, on Wednesday advised shareholders to reject the C$780 million ($781.1 million) unsolicited bid, calling it inadequate and opportunistic.

"Research analysts' consensus opinion to the net asset value of the operating mine is C$600 million," Aurizon Chief Executive George Paspalas told Reuters.

Analysts, on average, have valued the Joanna gold development project at C$195 million, he said.

"Those two components calculate up the net asset value for Aurizon of C$4.83 per share. We got about C$200 million of cash on the balance sheet, we have no debt. So you can see ... it is way in excess of C$4.65 which Alamos has offered," Paspalas said.

StarMine's intrinsic valuation suggests Aurizon's stock should be trading at C$2.96, compared with the offer price of C$4.65 and Wednesday's closing price of C$4.76.   Continued...