VANCOUVER, March 16 /CNW/ -- Shares Listed: Toronto Stock Exchange
- Ticker Symbol - ARZ NYSE Amex: - Ticker Symbol - AZK U.S.
Registration: (File 001-31893) News Release Issue No. 7 -
2011 VANCOUVER, March 16 /CNW/ - Aurizon Mines Ltd. (TSX: ARZ; NYSE
Amex: AZK) is pleased to announce its financial results for the
year ended December 31, 2010. All dollar amounts are in Canadian
dollars unless otherwise stated. HIGHLIGHTS Fourth Quarter
highlights -- Cash flow from operations of $17.4 million. -- Gold
production of 37,496 ounces. -- Net earnings of $6.2 million, or
$0.04 per share. -- Total cash costs of US$531 per ounce((1)). 2010
Annual Financial Highlights -- Record revenues of $179 million. --
Net earnings of $16 million, or $0.10 per share, and adjusted net
earnings of $10 million((1)), or $0.06 per share were impacted by a
significant increase in exploration and feasibility activities. --
Cash flow from operating activities of $50.2 million, 30% lower
than 2009, impacted by lower earnings and increases in non-cash
working capital items. -- Operating profit margin per ounce
increased 18% to US$604, due to higher realized gold prices.((1))
-- Working capital of $149 million, including $139 million cash,
and no debt. -- No remaining gold derivative hedges. 2010 Annual
Operational Highlights -- Gold production of 141,116 ounces
compared to 159,261 ounces in 2009, primarily due to anticipated
sequencing of lower grade ore. -- Ore throughput increased 5% to
722,745 tonnes compared to 2009. -- Total cash costs of US$541 per
ounce, 35% higher than 2009, due to lower ore grades, lower mill
recoveries, and a stronger Canadian dollar. -- Casa Berardi mine
life extended from six years to ten years. -- An increase of 44% in
Casa Berardi mineral reserves to 1,457,000 ounces of gold. --
Joanna mineral resources in the area of the Hosco pit increased by
35%. ((1) )See non-GAAP measures on pages 4 and 5. "2010 was both
challenging and exciting for Aurizon." said David Hall, President
and Chief Executive Officer. "Challenging, as we worked our way
through a low grade area of the Casa Berardi mine with a
short-term, adverse impact on operating and financial performance.
Exciting, as we had exploration success at both Casa Berardi and
Joanna, and also in optioning six new properties, increasing our
property portfolio to ten. Aurizon exited the year with strong
fundamentals firmly in place. With our strong production base and
increased exploration on various fronts, we are well positioned to
benefit from strong long-term gold prices, and to continue to build
value for our shareholders." FINANCIAL RESULTS Financial review of
the fourth quarter 2010 Net earnings of $6.2 million, or $0.04 per
share, were achieved in the fourth quarter of 2010, compared to net
earnings of $9.9 million, or $0.06 per share in the same period of
2009. The comparative fourth quarter results in 2009 were
positively impacted by the recognition of $4.5 million of
non-refundable tax credits. Fourth quarter 2010 results were
impacted by a significant increase in exploration activities
resulting in $5.4 million being charged to earnings compared to
$1.1 million in 2009. In addition, non-cash stock based
compensation charges totalling $3.2 million impacted results
compared to $0.8 million of charges in 2009. Operating profit
margins increased dramatically in the fourth quarter of 2010 to
US$845 per ounce from US$487 per ounce in the same period of 2009
as the Company benefited from the combination of higher realized
gold prices and the elimination of gold delivery into call options
at below market prices. Fourth quarter 2010 total cash costs
dropped to US$531 per ounce from the third quarter costs of US$604
per ounce as a result of improved ore grades. Daily ore
throughput of 2,084 tonnes per day was achieved in the fourth
quarter of 2010, allowing unit operating costs on a Canadian dollar
basis to drop to $106 per tonne compared to $108 per tonne for the
full year. Adjusted net earnings for the fourth quarter were
$6.3 million, or $0.04 per share compared to adjusted net earnings
of $13.8 million, or $0.09 cents per share, in the same quarter of
2009. In the fourth quarter of 2009, earnings were negatively
impacted by non-cash derivative losses of $3.9 million on an after
tax basis. Cash flow from operating activities in the fourth
quarter of 2010 increased 45% to $17.4 million, compared to $12.0
million in 2009. The Company's aggregate operating, investing and
financing activities during the fourth quarter of 2010 resulted in
net cash inflows of $8.4 million. Financial review of the year
ended December 31, 2010 Net earnings in 2010 totalled $16.1
million, or $0.10 per share, compared to net earnings of $36.7
million, or $0.23 per share in 2009. Results were impacted by
a significant increase in exploration activities at Aurizon's newly
optioned properties, together with continued exploration and
feasibility work at Joanna, resulting in $15.6 million being
charged to earnings compared to $3.8 million in 2009. In
addition, non-cash stock based compensation charges totalling $8.0
million impacted results compared to $2.9 million of charges in
2009. Operating profit margins increased in 2010 as higher
realized gold prices mitigated higher cash operating costs
resulting from the anticipated sequencing of lower than average ore
grades and general inflationary pressures. After removing the
positive impact of non-cash derivative gains of $6.0 million on an
after tax basis, adjusted net earnings were $10.1 million or $0.06
per share in 2010, compared to adjusted net earnings of $32.9
million, or $0.21 per share in 2009. Cash flows from
operating activities in 2010 totalled $50.2 million compared to
cash flows of $71.8 million in 2009. Cash flow was adversely
impacted by lower earnings and increases in non-cash working
capital items. An 18% increase in operating profit margins to
US$604 per ounce from US$514 per ounce in 2009 was partially offset
by a 12% decrease in ounces of gold sold in 2010 compared to the
prior year. ((1) )See "Non-GAAP measures" on pages 4 and 5.
Revenues from Casa Berardi operations rose to $178.7 million in
2010 from the sale of 139,950 ounces of gold, compared to $175.6
million from the sale of 159,275 ounces of gold in 2009. Net
of realized derivative losses, revenues were $165.1 million
compared to $165.8 million in 2009 as lower gold sales and a
stronger Canadian dollar were almost offset by 25% higher realized
U.S. dollar gold prices. After adjusting for the impact of
net derivative losses, the average realized gold price was US$1,145
per ounce and the average Cad/US exchange rate was 1.03, compared
to realized prices of US$915 per ounce and an exchange rate of 1.14
in 2009. The gold average London afternoon fixing in 2010 was
US$1,225 per ounce. As at December 31, 2010, the Company has no
remaining gold hedges. However, in 2006, as a condition of
establishing a $75 million debt facility for the development of
Casa Berardi, the Company was required to establish gold derivative
contracts. As a result, during 2010, 65,814 ounces of gold,
representing 47% of gold sales, were delivered against gold call
options at an average price of US$908 per ounce, 26% lower than the
average London fixing. Partially offsetting this opportunity
cost, the Company exercised 16,614 ounces of gold call options at
US$863 per ounce that were purchased in 2009 and then sold the gold
at an average price of US$1,178 per ounce. Balance Sheet As
at December 31, 2010, cash and cash equivalents increased to $139.3
million, compared to $113.1 million in 2009. At the end of
2010, Aurizon had working capital of $149.2 million compared to
$101.7 million at the end of 2009. The increase in cash and
working capital was primarily attributable to cash flows generated
from Casa Berardi's mining operations. Aurizon continued to have no
debt as at December 31, 2010. As at the date of this report,
Aurizon had 162,256,702 common shares issued and outstanding.
In addition, 9.6 million incentive stock options are outstanding
that are exercisable into common shares at an average price of
$5.05 per share. Operating review of the year Summary of Key
Operational Statistics Q1 Q2 Q3 Q4 2010 2009 2008 2007 Operating
results Tonnes 178,648 182,487 169,913 191,697 722,745 688,676
654,397 545,258 milled Grade - 6.79 7.20 6.15 6.86 6.75 7.77 8.16
9.78 grams/tonne Mill 90.2% 91.2% 89.1% 88.6% 89.8% 92.6% 92.5%
93.0% recoveries - % Gold 35,188 38,527 29,905 37,496 141,116
159,261 158,830 159,469 Production - ozs Gold sold - 34,423 39,964
30,755 34,808 139,950 159,275 159,404 160,600 ozs Per ounce data -
US$ Average $1,010 $1,082 $1,119 $1,376 $1,145 $915 $847 $696
realized gold price (1) Total cash $538 $504 $604 $531 $541 $401
$399 $331 costs (2) Amortization $228 $240 $254 $263 $245 $201 $209
$172 (3) Total $766 $744 $858 $794 $786 $602 $608 $503 production
costs( 4) Table footnotes: (See "NON-GAAP MEASURES") (1)
Realized gold prices net of derivative gains or losses
divided by ounces sold. (2) Operating costs net of by-product
credits, divided by ounces sold, and divided by average Bank of
Canada Cad$/US$ rate. (3) Depreciation, amortization and
accretion expenses. (4) Total cash costs plus depreciation,
amortization and accretion expenses. Casa Berardi performed in line
with expectations in 2010 despite a revised mine plan resulting
from challenging ground conditions in a localized area of Zone 113
and reduced availability of underground mining equipment.
Gold production was approximately 6% lower than plan and unit
operating costs were 4% higher than plan. Gold production for the
year totalled 141,116 ounces, 11% lower than the 159,261 ounces
produced in 2009 as a result of the anticipated sequencing of lower
grade ore in 2010. The average ore grade of 6.75 grams per
tonne achieved in 2010 matched expectations. Increased daily
ore throughput of 1,980 tonnes per day in 2010 compared to 1,887
tonnes per day in 2009 was offset by lower ore grades and mill
recoveries, resulting in the decrease in gold production in
2010. Total cash costs((1)) in 2010 were US$541 per ounce,
10% higher than plan and compared to the US$401 per ounce costs in
2009, as lower ore grades, lower mill recoveries, and a strong
Canadian dollar impacted costs. Unit operating costs((1)) in
2010 were stable on a Canadian dollar basis at $108 per tonne,
matching the prior year's costs as higher ore throughput offset
higher mining costs resulting from additional ground support and
lower productivity from mining equipment. Operating profit
margins increased by 18% to US$604 per ounce from US$514 per ounce
in 2009, due to higher realized gold prices. NON-GAAP MEASURES a)
Calculation of Adjusted Net Earnings Adjusted net earnings are
calculated by removing the gains and losses, net of income tax,
resulting from the mark-to-market revaluation of the Company's gold
and foreign currency price protection contracts, as detailed in the
table below. Adjusted net earnings do not constitute a
measure recognized by generally accepted accounting principles
(GAAP) in Canada or the United States, and do not have a
standardized meaning defined by GAAP. The Company discloses
this measure, which is based on its financial statements, to assist
in the understanding of the Company's operating results and
financial position. Q4 2010 Q4 2009 2010 2009 (in thousands of
Canadian dollars, except per share amounts) Net earnings as
reported $6,205 $9,862 $16,133 $36,706 Add (deduct) the after-tax
effect of: Derivative (gain) loss 73 3,937 (6,036) (3,830) Adjusted
net earnings $6,278 $13,799 $10,097 $32,876 Adjusted net earnings
per share $0.04 $0.09 $0.06 $0.21 (basic and diluted) b) Realized
gold price per ounce of gold Realized gold price per ounce of gold
is a non-GAAP measure and is calculated by adjusting revenue for
all gains and losses on gold derivative instruments and silver
by-product sales and then dividing that by the gold ounces sold and
the average Bank of Canada Cad$/US$ exchange rate. For 2010,
gold derivative losses were $13.0 million and silver sales totalled
$0.6 million compared to gold derivative losses of $9.2 million and
silver sales totalling $0.5 million in 2009. ((1) )See non-GAAP
measures on pages 4 and 5. c) Total cash costs per ounce of gold
Aurizon has included a non-GAAP performance measure, total cash
costs per ounce of gold in this report. Aurizon reports total
cash costs on a sales basis. In the gold mining industry,
this is a common performance measure but does not have any
standardized meaning, and is a non-GAAP measure. The Company
believes that, in addition to conventional measures prepared in
accordance with GAAP, certain investors use this information to
evaluate the Company's performance and ability to generate cash
flow. Accordingly, it is intended to provide additional
information and should not be considered in isolation or as a
substitute for measures of performance prepared in accordance with
GAAP. Total cash costs per gold ounce are derived from
amounts included in the statements of earnings and include mine
site operating costs such as mining, processing and administration,
but exclude amortization, reclamation costs, financing costs and
capital development costs. The costs included in the
calculation of total cash costs per ounce of gold are reduced by
silver by-product sales and then divided by gold ounces sold and
the average Bank of Canada Cad$/US$ exchange rate. d) Unit mining
costs per tonne Unit mining costs per tonne is a non-GAAP measure
and may not be comparable to data prepared by other gold
producers. The Company believes that this generally accepted
industry measure is a realistic indication of operating performance
and is useful in allowing year over year comparisons. Unit
mining costs per tonne are calculated by adjusting operating costs
as shown in the Statements of Earnings for inventory adjustments
and then dividing that by the tonnes processed through the
mill. For 2010, operating costs were increased by inventory
adjustments of $0.4 million compared to an operating cost decrease
of $1.1 million in 2009 resulting from inventory adjustments. e)
Operating profit margin per ounce Operating profit margin per ounce
is a non-GAAP measure, and is calculated by subtracting the total
cash costs per ounce from the average realized gold price.
For 2010, the average realized gold price was US$1,145 less total
cash costs of US$541 for an operating profit margin of US$604,
compared to an average realized gold price of US$915 less total
cash costs of US$401 for an operating profit margin of US$514 in
2009. For the fourth quarter ended December 31, 2010, the average
realized gold price was US$1,376 less total cash costs of US$531
for an operating profit margin of US$845 compared to an average
realized gold price of US$946 less total cash costs of $459 for an
operating profit margin of US$487 in 2009. OUTLOOK With cash
balances of $139 million and no debt as at December 31, 2010,
Aurizon intends to utilize its strong operating cash flows and
balance sheet to continue upgrading its mineral resources to
mineral reserves at both Casa Berardi and Joanna and to
aggressively explore its new portfolio of exploration properties in
Quebec. It is estimated that Casa Berardi will produce between
165,000 to 170,000 ounces of gold in 2011 at an average grade of
8.0 grams of gold per tonne. Average daily ore throughput is
estimated at 1,965 tonnes per day, similar to 2010. The
increase in gold production for 2011 is attributable to the average
gold grades returning to the average underground reserve grade of
the mine following a year of mine sequencing lower grade ore.
Approximately 44% of production will come from Zone 113, 39% from
the Lower Inter Zone, and the residual 17% from smaller zones and
development material. Assuming a Canadian/U.S. dollar exchange rate
at parity, total cash costs per ounce for the year are anticipated
to approximate US$495 per ounce in 2011. Onsite mining,
milling and administration costs are expected to average $117 per
tonne, up 8% from the 2010 costs as a result of reduced development
ore, smaller stopes, and longer haulage distances. Capital
expenditures at Casa Berardi are estimated to total $51.1 million
in 2011, of which approximately 50% comprises expenditures that
will allow access to the lower portion of Zone 113 as well as the
recently discovered gold mineralization at depth in Zones 118 and
123, east of the West mine production shaft. An additional
$13.4 million will be invested on exploration at Casa Berardi in
2011 which will include approximately 115,000 metres of surface and
underground diamond drilling. Up to 4 surface and 8
underground drill rigs will be active during the course of
2011. The Company expects to capitalize these costs as the
primary objective of the drilling will be to improve the quality of
the known reserves and resources as well exploring for extensions
of these structures. Feasibility study work on the Hosco open pit
deposit will continue in 2011 with completion of the study
anticipated by during the third quarter 2011. Results from
the step out drill program, performed in 2010, in the area of the
Hosco pit will be incorporated into an updated mineral resource
estimate and block model for inclusion in the study. The
evaluation and optimization of alternate metallurgical processes to
treat the Hosco ore will continue through the first quarter of
2011. A detailed evaluation of the use of an autoclave is
being conducted while continuing to optimize the Albion technology
to improve recoveries and reduce reagents consumption.
Concurrently, detailed engineering, pit optimization, and
environmental impact studies are underway. The Company has
budgeted $5.4 million for these activities in 2011 and expects the
majority of these costs to be expensed. In addition, an initial
$3.7 million exploration program, comprising 26,000 metres of
surface drilling, will concentrate on the Heva deposit,
approximately 3 kilometres west of the proposed Hosco pit.
The objective of the 2011 drill campaign is to perform step-out
drilling on 50 metre spacing along the 2.5 kilometre strike length
of the Heva deposit and potential satellite zones, down to 150
metres, in order to extend the mineral resources contour and to
increase the quality of the existing indicated and inferred mineral
resources. Two to three drill rigs will be active during the
first five months of 2011. Aggressive exploration programs are also
planned at the Company's other Quebec properties totalling $21.2
million (before tax credits) during 2011. 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 anticipated rates of
recovery, timing and amount of future production, anticipated total
cash cost per ounce of gold to be produced at the Casa Berardi
Mine, currency exchange rates, the future price of gold and the
effects thereof, the estimation of mineral reserves and mineral
resources, the realization of mineral reserve and mineral resource
estimates and the economic viability thereof, the timing and amount
of estimated capital expenditures, costs and timing of the
development of new deposits, plans and budgets for and
expected timing and results of exploration activities,
permitting time-lines, 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, acquisition plans and strategies, and the payment of
dividends in the future. 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 report is based on
certain assumptions that the Company believes are reasonable,
including the exchange rates of the U.S. and Canadian currency in
2011, that the current price of and demand for gold will be
sustained or will improve, the supply of gold will remain stable,
that the current mill recovery rates at the Company's Casa Berardi
Mine will continue, that the Company's current mine plan can be
achieved, 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, labor 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 reserves or 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 lower rates of production than expected, of
unexpected variations in ore reserves, 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 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 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 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. |
|_____________________________________________________________________|
Aurizon Mines Ltd. Balance Sheets (Unaudited) As at December 31,
(expressed in thousands of Canadian Dollars) 2010 2009 ASSETS
Current assets Cash and cash equivalents $ 139,341 $ 113,098
Marketable securities 1,129 - Accounts receivable and prepaid
expenses 7,258 4,825 Tax credits 12,398 2,587 Derivative instrument
assets - 5,274 Inventories 12,085 11,897 172,211 137,681
Non-current assets Other assets 8,100 14,551 Property, plant and
equipment 40,841 53,691 Mineral properties 119,534 117,370 TOTAL
ASSETS $ 340,686 $ 323,293 LIABILITIES Current liabilities Accounts
payable and accrued liabilities $ 18,904 $ 16,451 Derivative
instrument liabilities - 13,885 Current portion of long-term
obligations 756 652 Current provincial resource taxes payable -
3,752 Current portion of future income and 3,389 1,275 resource tax
liabilities 23,049 36,015 Non-current liabilities Long-term
obligations - 705 Asset retirement obligations 11,532 21,816 Future
income and resource tax 34,488 29,120 liabilities TOTAL LIABILITIES
69,069 87,656 SHAREHOLDERS' EQUITY Share capital Common shares
issued - 162,256,702 (2009 263,169 247,365 - 159,008,607)
Contributed surplus 1,022 979 Stock based compensation 13,799
10,178 Deficit (6,752) (22,885) Accumulated other comprehensive
income 379 - TOTAL SHAREHOLDERS' EQUITY 271,617 235,637 TOTAL
EQUITY AND LIABILITIES $ 340,686 $ 323,293 Aurizon Mines Ltd.
Statements of Earnings (Unaudited) For the periods, Three months
ended Year ended December 31, December 31, (expressed in thousands
of Canadian Dollars, except for share and per share amounts) 2010
2009 2010 2009 Revenue Mining operations $ 48,559 $ 41,975 $
178,743 $ 175,560 Expenses Operating 18,936 17,740 78,663 73,479
Depreciation, depletion and 9,319 8,574 35,434 36,514 accretion
Administrative and general 5,660 3,186 17,177 10,851 Exploration
5,372 1,070 15,643 3,769 Derivative losses (gains) 85 5,084 4,402
(4,946) Interest on long-term debt - (57) - 485 Foreign exchange
loss 15 25 (1,541) 2,413 (gain) Capital taxes (recoveries) 75 169
(343) 837 Non refundable tax credits - (4,468) - (4,468) Other
income (426) (181) (991) (786) 39,036 31,142 148,444 118,148
Earnings for the period 9,523 10,833 30,299 57,412 before income
taxes Current income and resource (1,290) (1,235) (6,684) (7,753)
taxes Future income and resource (2,028) 264 (7,482) (12,953) taxes
Net earnings for the period $ 6,205 $ 9,862 $ 16,133 $ 36,706
Weighted average number of 161,827 158,990 160,250 156,266 common
shares outstanding (thousands) - Basic Earnings per share - Basic
0.04 0.06 0.10 0.23 Weighted average number of 164,804 161,134
162,149 158,230 common shares outstanding (thousands) - Diluted
Earnings per share - Diluted 0.04 0.06 0.10 0.23 Statements of
Comprehensive Income (Unaudited) For the years ended December 31,
Three months ended Year ended December 31, December 31, (expressed
in thousands of 2010 2009 2010 2009 Canadian Dollars) Net earnings
for the $ 6,205 $ 9,862 $ 16,133 $ 36,706 period Other
comprehensive income Unrealized gains on (54) - 379 -
available-for-sale marketable securities COMPREHENSIVE INCOME FOR $
6,151 $ 9,862 $ 16,512 $ 36,706 THE PERIOD Aurizon Mines Ltd.
Statements of Cash Flow (Unaudited) For the periods ended December
31, Three months ended Year ended December 31, December 31,
(expressed in thousands of Canadian Dollars) 2010 2009 2010 2009
OPERATING ACTIVITIES Net earnings (loss) $ 6,205 $ 9,862 $ 16,133 $
36,706 for the period Adjustment for non-cash items: Depreciation,
9,319 8,575 35,434 36,514 depletion and accretion Stock based 3,210
784 7,981 2,865 compensation Derivative (gains) 104 (481) (8,611)
(14,139) losses Future income tax 2,028 (264) 7,482 12,953 expense
(recovery) Other (61) (60) 51 (25) 20,805 13,386 58,470 69,372
Decrease (increase) (3,427) (1,404) (8,313) 2,450 in non-cash
working capital items Net cash provided by 17,378 11,982 50,157
71,822 operating activities INVESTING ACTIVITIES Mineral properties
(4,591) (7,322) (21,854) (26,811) Property, plant and (5,942)
(1,949) (10,780) (11,422) equipment Other investing (2) 2,492 (502)
5,790 activities Net cash used in (10,535) (7,000) (33,136)
(14,059) investing activities FINANCING ACTIVITIES Issuance of
shares, 1,569 220 9,887 50,925 net Long-term obligations (4) (109)
(665) (29,927) Net cash provided by 1,565 111 9,222 20,998
financing activities INCREASE IN CASH AND 8,408 5,093 26,243 78,761
CASH EQUIVALENTS CASH AND CASH 130,933 108,005 113,098 34,337
EQUIVALENTS - BEGINNING OF PERIOD CASH AND CASH $ 139,341 $ 113,098
$ 139,341 $ 113,098 EQUIVALENTS - END OF PERIOD To view this news
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p align="center"bAURIZON MINES LTD/b/p p align="center"iPlease Note
New Address/i:br/ Suite 1120, Cathedral Place, 925 W. Georgia
Street, Vancouver, BC V6C 3L2/p p align="center"David P. Hall,
President and
C.E.O. Ian S.
Walton, Executive Vice President and C.F.O.br/ br/ Telephone:
604-687-6600br/ Toll Free: 1-800-411-GOLD (4653)br/ Fax:
604-687-3932br/ Email: a
href="mailto:info@aurizon.com"info@aurizon.com/a
Website: a
href="http://www.aurizon.com"www.aurizon.com/abr/ br/ Orbr/ br/
bRenmark Financial Communications Inc./bbr/ 1050 - 3400 De
Maisonneuve Blvd Westbr/ Montreal, QC H3Z 3B8br/
Barry Mire: a
href="mailto:bmire@renmarkfinancial.com"bmire@renmarkfinancial.com/abr/
Maurice Dagenais: a
href="mailto:mdagenais@renmarkfinancial.com"mdagenais@renmarkfinancial.com/abr/
Media: Guy Hurd: a
href="mailto:ghurd@renmarkfinancial.com"ghurd@renmarkfinancial.com/abr/
Tel: (514) 939-3989 Fax: (514) 939-3717/p
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