Shares Listed: Toronto Stock Exchange - Ticker Symbol - ARZ
NYSE Amex - Ticker Symbol - AZKU.S.
Registration: (File 001-31893)
News Release Issue # 25 - 2010
VANCOUVER, Sept. 16 /PRNewswire-FirstCall/ - Aurizon is
pleased to announce the signing of a letter of intent with Everton
Resources Inc., ("Everton"), whereby Aurizon can acquire up to a 65
% interest in Everton's Wildcat
property located in the James Bay
region, 350 kilometres north of Matagami,
Quebec. The Wildcat property is 100% owned by Everton and comprises 411 mining claims,
covering 21,476 hectares, and is located near the area of
Goldcorp's Eleonore deposit.
The key terms of the letter of intent are as follows:
- Aurizon can earn a 50% interest in the project by incurring
expenditures of $3,250,000 over four years, including 3,000 metres of
drilling within two years.
- Aurizon will also subscribe for a private placement of 1,000,000
units of Everton at a price of $0.25 per unit, each unit comprising
one common share and one share purchase warrant, exercisable to
acquire one additional common share at $0.40 per share for a term of
two years.
- Aurizon will be the operator during the earn-in period for the
initial 50% interest in the project, after which a joint venture will
be formed.
- After earning its initial 50% interest in the project, Aurizon may
then elect to earn an additional interest of 15%, for a total
interest of 65%, by making cash payments totaling $300,000 over three
years from the election date, incurring expenditures totaling
$3,000,000 over three years from the election date, and delivering an
independent pre-feasibility study by the end of the fourth
anniversary of the election date.
- In addition, in the event that prior to the end of the eighth year of
the initial option agreement, mineral resources of at least 2,000,000
ounces of gold, at an average grade of at least 6 grams of gold per
tonne, are discovered, Aurizon shall make a payment of $1,500,000,
payable in Aurizon Common Shares, subject to regulatory approval.
"Everton has successfully
identified high grade gold surface showings over the last four
years, which are surrounded by extensive gold anomalies that have
confirmed good exploration potential inside a 50 kilometre trend
surrounding the Eleonore deposit." said Mr. Martin Demers, Exploration Manager, Aurizon
Mines Ltd. "Everton has also
demonstrated the ability to generate gold discoveries using a
systematic target approach and applying appropriate field work
techniques. Both parties believe that a sustained and aggressive
exploration program, focusing on different targets, is the best
approach to test the potential of another major gold deposit in the
area."
"We are pleased to enter into this agreement with Everton", said David
Hall, Aurizon's C.E.O. "This is consistent with our strategy
of building a balanced portfolio of exploration properties, close
to our technical base, in one of the premier mining jurisdictions
in the world."
A sketch is attached showing the location of the Wildcat
Property.
http://files.newswire.ca/734/Sketch-NR091610-No25.pdf
Qualified Person
Information of a scientific or technical nature was prepared
under the supervision of Martin
Demers, P. Geo., Exploration Manager of Aurizon and a
Qualified Person under National Instrument 43-101.
About Aurizon
Aurizon is a gold producer with a growth strategy focused on
developing its existing projects in the Abitibi region of
north-western Quebec, one of the
world's most favourable mining jurisdictions and prolific gold and
base metal regions, and by increasing its asset base through
accretive transactions. Aurizon shares trade on the Toronto Stock
Exchange under the symbol "ARZ" and on the NYSE Amex under the
symbol "AZK". Additional information on Aurizon and its properties
is available on Aurizon's website at http://www.aurizon.com.
Forward Looking Statements and Information
This news release contains "forward-looking statements" and
"forward-looking information" within the meaning of applicable
securities regulations in Canada
and the United States
(collectively, "forward-looking information"). The forward-looking
information contained in this news release is made as of the date
of this news release. Except as required under applicable
securities legislation, the Company does not intend, and does not
assume any obligation, to update this forward-looking information.
Forward-looking information includes, but is not limited to,
statements with respect to and the effects thereof, the timing and
amount of estimated exploration expenditures, plans and budgets for
and expected timing and results of exploration activities,
requirements for additional capital, government regulation of
mining operations, environmental risks, reclamation obligations and
expenses, title disputes or claims, adequacy of insurance coverage,
the availability of qualified labour. Often, but not always,
forward-looking information can be identified by the use of words
such as "plans", "expects, "is expected", "budget", "scheduled",
"estimates", forecasts", "intends", "anticipates", or "believes",
or the negatives thereof or variations of such words and phrases or
statements that certain actions, events or results "may", "could",
"would", "might", or "will" be taken, occur or be achieved.
The forward-looking information contained in this news release
is based on certain assumptions that the Company believes are
reasonable, that the current price of and demand for gold will be
sustained or will improve, the supply of gold will remain stable,
that the general business and economic conditions will not change
in a material adverse manner, that financing will be available if
and when needed on reasonable terms and that the Company will not
experience any material accident, labour dispute, or failure of
plant or equipment. 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,
the risk that actual results of 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 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 accidents, labour disputes and other risks generally
associated with exploration, unanticipated delays in obtaining
governmental approvals or financing or in the completion of
exploration 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 Canada and in
Aurizon's Annual Report on Form 40-F filed with the United States
Securities and Exchange Commission, which are available on Sedar at
www.sedar.com and on Edgar at www.sec.gov/. Although the Company
has attempted to identify important factors that could cause actual
actions, events or results to differ materially from those
described in forward-looking information, there may be other
factors that cause actions, events or results not to be as
anticipated, estimated or intended. There can be no assurance that
forward-looking information will prove to be accurate, as actual
results and future events could differ materially from those
anticipated in such statements. Readers are cautioned not to place
undue reliance on forward-looking information due to the inherent
uncertainty thereof.
SOURCE Aurizon Mines Ltd.
Copyright . 16 PR Newswire