Aurizon Mines Reports Third Quarter Results

By jturbin | November 8, 2012 9:52 PM IST

Aurizon Mines (ARZ.TSX, AMEX: AZK) announced financial and operating results for the third quarter of 2012, which included a net profit of C$5.5 million, or C$0.03 per share.  The Canadian-based gold mining company reported production of 29,913 ounces at total cash costs of $759 per ounce.

Aurizon also completed the 2012 drill program at the Heva and Hosco West Extension areas, in which 34 drill holes intersected mineralization exceeding 3.0 grams per tonne (g/t) of gold over a minimum true width of 3.0 meters, down to a maximum depth of 400 meters.  The Company expects to complete an in-pit resource for the property in the first half of 2013.

Highlights:

* Operating profit margin of $894 per ounce

* Cash balance of $199 million with no debt

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* Exploration activities in the fourth quarter 2012 will concentrate on the compilation and interpretation of data at the Heva and Hosco West Extension areas

* Aurizon will also focus on resource updates on the Marban and Heva projects and regional exploration at the Company’s early stage projects

George Paspalas, CEO of Aurizon Mines:

“We continue to believe that Casa Berardi is a long-life asset in a favourable mining jurisdiction with ongoing excellent exploration potential. The key elements that we are focusing on at Casa Berardi will be the introduction of the East Mine Crown Pillar open pit, and the mining of the Principal area of the West Mine from the existing 280 level drift, which will complement mining of the remaining ore blocks in the West Mine area and the new 118 and 123 Zones.”

Paolo Lostritto, National Bank Financial:

“Balance sheet in good shape to add near-term growth via acquisition…We continue to expect the company to put their balance sheet to work and grow via acquisition in the near-term potentially taking advantage of current market valuations.”

This article is contributed by Gold Alert and does not represent the views or opinions of International Business Times.
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