AURIZON ACQUIRES OPTION ON EVERTON'S WILDCAT PROPERTY
September 16 2010 - 7:02AM
PR Newswire (Canada)
VANCOUVER, Sept. 16 /CNW/ -- Shares Listed: Toronto Stock Exchange
- Ticker Symbol - ARZ NYSE Amex - Ticker Symbol - AZKU.S.
Registration: (File 001-31893) News Release Issue No. 25 - 2010
VANCOUVER, Sept. 16 /CNW/ - 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. AURIZON MINES LTD., David Hall, President and C.E.O.,
Telephone: 604-687-6600, Toll Free: 1-888-411-GOLD, Fax:
604-687-3932; Martin Bergeron, Vice President, Operations,
Telephone: 819-874-4511, Fax: 819-874-3391, Web Site:
www.aurizon.com, Email: info@aurizon.com; or Renmark Financial
Communications Inc., 1550 Metcalfe, Suite 502, Montreal, QC, H3A
1X6; Barry Mire: bmire@renmarkfinancial.com; Maurice Dagenais:
mdagenais@renmarkfinancial.com; Media: Lynn Butler:
lbutler@renmarkfinancial.com, Tel: (514) 939-3989, Fax: (514)
939-3717
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