Shares Listed: Toronto Stock Exchange - Ticker Symbol - ARZ NYSE Amex - Ticker Symbol - AZK U.S. Registration: (File 001-31893)
2009 Gold Production
Gold production from Aurizon's 100% owned Casa Berardi mine for the year ended
Fourth Quarter 2009 Gold Production
Ore processed in the fourth quarter 2009 amounted to 172,343 tonnes at an average grade of 7.2 grams of gold per tonne. Metallurgical recoveries of 91.9% resulted in gold production of 36,459 ounces in the quarter.
Forecast Gold Production for 2010
It is estimated that Casa Berardi will produce between 145,000 to 155,000 ounces of gold in 2010 at an average grade of 6.7 grams of gold per tonne. Average daily mine production is estimated at 2,000 tonnes per day, up from 2009. The slight decrease in gold production for 2010 is attributable to lower average gold grades being included in the 2010 mine plan, particularly in the first part of the year. Definition drilling and resulting geological interpretation has caused modifications to the stope design for the Lower Inter zone, which has resulted in mining a larger mineralized envelope containing lower grade ore. Approximately 43% of production will come from the Lower Inter Zone, 48% from Zone 113, and the residual 9% from smaller zones and development material.
Assuming a Canadian/U.S. dollar exchange rate of 1.05, total cash costs per ounce for the year are anticipated to approximate
Sustaining capital expenditures at Casa Berardi are estimated to be
Future Gold Production
From 2011 onwards, annual gold production of 160,000 to 170,000 ounces is anticipated at total cash costs approximating US
"Casa Berardi contributed another strong performance, exceeding targets, and producing approximately 159,000 ounces for the third consecutive year," said
Casa Berardi Gold Mine,
At Casa Berardi, surface exploration will focus on testing the depth extension of the Lower Inter zone, infill drilling of the Principal zone, and testing the depth and lateral extensions of the East mine area.
In addition, drill rigs will be active underground, performing infill drilling on zones 113, Lower Inter and zones 124-1 and 124-2 within the Principal zones area, and exploration drilling on zones 118 and 123, and on the depth extension of zone 113. The exploration drift on the 550 metre level will be extended to the east by approximately 600 metres to provide drill access to test the area between the lower part of the Principal zones and upper parts of zones 118 and 123.
A total of
Joanna Gold Project,
At Joanna, a
In addition, work has commenced under the direction of BBA Inc.,
Kipawa Gold - Rare Earth Elements Property,
Aurizon continues to focus on its organic growth within the Abitibi area, whilst evaluating accretive opportunities within
2009 Year End Financial Results
Aurizon expects to release fourth quarter and 2009 year end financial results on or about
Aurizon also expects to release, at approximately the same time, an updated mineral reserves and resources estimate for the Casa Berardi mine.
Information of a scientific or technical nature in this news release was prepared under the supervision of
Aurizon is a gold producer with a growth strategy focused on developing its existing projects in the Abitibi region of north-western
Non GAAP Information
Aurizon has included a non-GAAP performance measure of total cash costs per ounce of gold in this release. Aurizon reports total cash costs on a sales basis. In the gold mining industry, this is a common performance measure but does not have any standardized meaning, and is a non-GAAP measure. Total cash costs are calculated in accordance with a standard developed by The Gold Institute, which is the accepted standard for reporting cash costs of production in
Estimates regarding production, costs and expected recoveries at Casa Berardi in 2010 and the Company's budgets and planned exploration and development programs on its various properties for 2010 constitutes 'forward-looking information' within the meaning of applicable Canadian securities legislation and will be updated if required under applicable Canadian securities laws. This information is provided as general guidance only and is based on assumptions and subject to risks as described below. Readers are cautioned that actual results may vary from the forward-looking information disclosed.
This news release contains "forward-looking statements" and "forward-looking information" within the meaning of applicable securities regulations in
However, forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include, among others, conclusions of economic evaluations, the risk that actual results of development and exploration activities will be different than anticipated, that cost of labour, equipment or materials will increase more than expected, that the future price of gold will decline, that the Canadian dollar will strengthen against the U.S. dollar, that mineral reserves and resources are not as estimated, that actual costs or actual results of reclamation activities are greater than expected; that changes in project parameters as plans continue to be refined may result in increased costs, of unexpected variations in mineral reserves and resources, grade or recover rates, of failure of plant, equipment or processes to operate as anticipated, of accidents, labour disputes and other risks generally associated with mining, unanticipated delays in obtaining governmental approvals or financing or in the completion of development or construction activities, as well as those factors and other risks more fully described in Aurizon's Annual Information Form filed with the securities commission of all of the provinces and territories of
CAUTIONARY NOTE TO US READERS AND INVESTORS
Cautionary Note to U.S. Readers and Investors Regarding Mineral Resources
The SEC allows mining companies, in their filings with the SEC, to disclose only those mineral deposits they can economically and legally extract or produce. The Company may use certain terms in this document, such as "mineral resources", "indicated mineral resources" and "inferred mineral resources" that are recognized and mandated by Canadian securities regulators but are not recognized by the SEC.
This News Release may use the term "indicated" mineral resources. U.S. readers are cautioned that while that term is recognized and required by Canadian regulations, the SEC does not recognize it. U.S. readers and investors are cautioned not to assume that any part or all of mineral deposits in this category will ever be converted into mineral reserves.
This News Release may also use the term "inferred" mineral resources. U.S. readers are cautioned that while this term is recognized and required by Canadian regulations, the SEC does not recognize it. "Inferred resources" have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category. Under Canadian rules, estimates of inferred mineral resources may not form the basis of feasibility or pre-feasibility studies, except in rare cases. U.S. readers and investors are cautioned not to assume that part or all of an inferred resource exists, or is economically or legally mineable.
SOURCE Aurizon Mines Ltd.