Shares Listed: Toronto Stock Exchange - Ticker Symbol - ARZ
NYSE Amex - Ticker Symbol - AZK
U.S. Registration: (File 001-31893)
News Release Issue # 37 - 2010
VANCOUVER,
Dec. 16 /PRNewswire-FirstCall/ -
Aurizon Mines Ltd. (TSX:ARZ; NYSE Amex:AZK) ("Aurizon") is pleased
to announce the signing of an option agreement with Midland
Exploration Inc. ("Midland") (TSX-V: MD) on the Patris gold
property, currently held 100% by Midland. The property, which
comprises 50 claims covering a surface area of 22 square
kilometres, is located in La Pause and Clericy townships, 30 kilometres northeast of
Rouyn-Noranda, and 7 kilometres
from Aurizon's Joanna project, in the Abitibi region of
Quebec.
Aurizon can acquire a 50% interest in the Patris
gold property during a four-year earn-in period under the following
conditions:
- Cash payments totalling $230,000,
of which $40,000 is payable upon
signing the agreement;
- Exploration expenditures totalling $3,000,000, of which $600,000 is a firm commitment in the first
year.
Midland will be the initial operator. Upon
acquiring a 50% interest, Aurizon will be the operator and have the
option to acquire an additional 10% interest by delivering a
pre-feasibility study on the property within a four-year period
during which it will make annual cash payments of $80,000 and complete 40,000 metres of
drilling.:
"We are pleased to enter into the option
agreement with Midland." said David
Hall, Aurizon's Chief Executive Officer. "The Patris
property is well situated in the heart of the Abitibi gold camp, in
the same area where Aurizon is actively exploring the Joanna and
Fayolle properties. This represents a continuation of Aurizon's
strategy to actively explore an attractive portfolio of properties
close to our production and technical base."
Recent exploration work by Midland on the Patris
property consisted of line cutting followed by ground-based
geophysical surveys, comprising a magnetic survey and an IP survey
totalling about 30 kilometres. The latter geophysical method
has the ability to detect even small amounts of mineralization,
often occurring as finely disseminated sulphides in country rocks,
which may contain gold. The newly defined targets mainly consist of
weak chargeability highs combined with higher resistivity values.
This type of IP anomaly is typical of strongly silicified zones and
mineralized felsic intrusive zones. These new anomalies are all
located proximal to the La Pause Fault (Destor-Porcupine South), in
both ultramafic rocks of the Malartic Group and sedimentary rocks
of the Kewagama Group.
The Patris property has a very strong potential
for gold discoveries similar to deposits in the Cadillac and Malartic gold mining camps, as it covers the
faulted and folded contact between sedimentary rocks of the
Kewagama Group and mafic to ultramafic volcanic rocks of the
Malartic Group over more than 4 kilometres of strike length.
Several new folded structures were recently interpreted based on
magnetic data, which represent favourable sites for the injection
of porphyry intrusions and deposition of gold mineralization. Many
gold showings occur near this contact.
Additional Information
The attached sketch shows the location of the Patris
property.
Information of a scientific or technical nature
in this news release has been reviewed by Martin Demers, P. Geo, Manager, Exploration, a
Qualified Person as defined by 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
www.aurizon.com.
FORWARD LOOKING STATEMENTS AND
INFORMATION
This report 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 report is made as
of the date of this report. 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 entering
into of a final agreement with Midland, the timing and amount of
estimated exploration expenditures, plans and budgets for and
expected timing and results of exploration activities,
Forward-looking information can be identified by the use of words
such as "intends", or statements that certain actions, events or
results "would", "will" be taken, occur or be achieved.
The forward-looking information contained in
this report 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. 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