VANCOUVER, May 12 /CNW/ -- Toronto Stock Exchange Ticker Symbol -
ARZ NYSE Amex Ticker Symbol - AZK U.S. Registration (File
001-31893) News Release Issue No. 12 - 2011 VANCOUVER, May 12 /CNW/
- Aurizon reports unaudited financial results for the first quarter
of 2011, which have been prepared on the basis of available
information up to May 10, 2011. All dollar amounts are in Canadian
dollars unless otherwise stated. Our results are now being prepared
in accordance with International Financial Reporting Standards
("IFRS"). All prior period information has been restated or
reclassified for comparative purposes in accordance with IFRS.
First Quarter 2011 Highlights and Significant Items -- Gross profit
of $18.0 million, 43% higher than $12.6 million in same quarter of
2010. -- Cash flow from operations of $14.5 million, 58% higher
than $9.2 million in same quarter of 2010. -- Operating profit
margin per ounce((1))( )increased 63% to US$771, due to higher
realized gold prices. -- Gold production of 31,976 ounces. --
Profit of $2.4 million, or $0.02 per share, matching same period of
2010. -- Working capital of $152 million, including cash of $143
million. -- Establishment of US$50 million revolving credit
facility. "We continued to generate strong cash flow, fund
aggressive exploration programs, and improve our financial capacity
in the first quarter despite operational issues at Casa Berardi."
said David Hall, President and Chief Executive Officer. "As
previously indicated the Casa Berardi mine plan had projected that
the first quarter would be the weakest in terms of throughput,
grade and ounces produced. We anticipate that operational and
financial performance will strengthen going forward, particularly
in the second half of the year. We have been very active on
exploration at Casa Berardi, Joanna, Marban and Fayolle with
encouraging results. We look forward to commencing our summer
exploration programs at Rex South, Opinaca, Wildcat and Duverny
during the second quarter of this year." FINANCIAL RESULTS
Financial review of the first quarter 2011 Profit of $2.4 million,
or $0.02 per share, was achieved in the first quarter of 2011,
matching profit of $2.4 million, or $0.02 per share, in the same
period of 2010. Results were positively impacted by rising
operating profit margins and offset by the significant increase in
exploration activities at Aurizon's exploration properties,
together with continued exploration and feasibility work at
Joanna. In addition, the comparative first quarter results in
2010 were positively impacted by non-cash derivative gains
totalling $3.4 million. Revenue from Casa Berardi operations
increased 19% to $47.2 million in the first quarter of 2011 from
the sale of 34,306 ounces of gold, compared to $39.8 million from
the sale of 34,423 ounces of gold in the same quarter of
2010. Net of realized derivative losses, revenues in the
first quarter of 2010 were $36.3 million. The average
realized gold price was US$1,392 per ounce and the average Cad/US
exchange rate was 0.98, compared to realized prices of US$1,010 per
ounce at an average exchange rate of 1.04 in the same quarter of
2010. __________________________ (1 )See "Non-GAAP" measures
on page 6. During the first quarter of 2011, 100% of gold sales
were made at current market prices. In the same quarter of
2010, 68% of the gold sales were delivered against gold call
options at an average price of US$903 per ounce. The average London
p.m. gold fix for the first quarter of 2011 was US$1,384 per ounce
compared to US$1,109 per ounce for the same period of 2010.
Cost of sales for the first quarter of 2011, comprising operating
costs and depreciation and amortization of $21.2 million and $8.0
million respectively totalled $29.2 million. On a unit cost
basis( (2)()), total cash costs per ounce of gold sold were US$621
and depreciation and amortization was US$238 per ounce, for a total
production cost of US$859 per ounce. Gross profit of $18.0 million
in the first quarter of 2011 increased significantly from $12.6
million for the same period of 2010. Rising gold prices and
the elimination of gold deliveries into call options at below
market spot prices in the first quarter of 2011 allowed operating
profit margins((2)) to increase to US$771 per ounce compared to
US$472 per ounce in the same quarter of 2010. Exploration
expenditures in the first quarter of 2011 rose to $7.1 million from
$2.0 million in the same period of 2010. This is attributable to
the seven new exploration properties acquired in 2010 together with
continued exploration and feasibility work at Joanna. General and
administrative costs in the first quarter of 2011 totalled $6.1
million compared to $5.2 million for the same period of 2010.
Included in these costs are non-cash stock based compensation
charges totalling $1.4 million compared to $3.0 million in the same
period of 2010. Also included in the first quarter 2011
administrative and general costs is a charge of $1.6 million
representing the fair value of estimated employee incentive
payments to be paid out in the future. Income and resource taxes
totalled $2.5 million down from $3.5 million for the same period of
2010 as a result of lower federal tax rates and fewer
non-deductible costs in the first quarter of 2011. In
addition, in the first quarter of 2010, certain gold sales were
delivered against call options at below market spot prices, whereas
the provincial resource tax is assessed using market commodity
prices, thereby resulting in a higher effective tax rate for that
period. Cash flow from operating activities increased in the first
quarter of 2011 to $14.5 million, compared to cash flow of $9.2
million in the same period of 2010. The increase in cash flow
from a year ago is principally due to higher realized gold prices,
partially mitigated by higher exploration expenditures. Investing
activities totalled $11.0 million in the first quarter of 2011
compared to $8.9 million for the same period of 2010. Capital
expenditures at Casa Berardi totalled $10.3 million in the first
quarter of 2011, of which $7.0 million was on sustaining capital
and development, and $3.3 million was on exploration
activity. Financing activities during the first quarter of
2011 included the establishment of a US$50 million revolving credit
facility. The costs associated with establishing this
facility were $0.5 million. In addition, $0.4 million was
realized from incentive stock option exercises, resulting in a net
cash outflow of $0.1 million in the first quarter 2011.
__________________________ (2 )See "Non-GAAP" measures on page 6.
Balance Sheet As at March 31, 2011, cash and cash equivalents
increased to $142.8 million, compared to $139.3 million as at
December 31, 2010. Working capital remained unchanged at $152
million. Credit Facility On January 31, 2011, Aurizon
established a US$50 million revolving credit facility with Canadian
Imperial Bank of Commerce and The Bank of Nova Scotia. The
revolving credit facility has an initial three year term and is
secured by a charge over the assets of Aurizon. Funds drawn
on the facility may be used to finance working capital
requirements, acquisitions, and for general corporate
purposes. There are no hedging requirements under the terms
of the credit facility. Casa Berardi Summary of Key Operational
Statistics 2011 2010 Q1 Q1 Q2 Q3 Q4 Operating results Tonnes milled
161,036 178,648 182,487 169,913 191,697 Grade - grams/tonne 6.85
6.79 7.20 6.15 6.86 Mill recoveries - % 90.2% 90.2% 91.2% 89.1%
88.6% Gold production - ozs 31,976 35,188 38,527 29,905 37,496 Gold
sold - ozs 34,306 34,423 39,964 30,755 34,808 Per ounce data -
US$(()(3)()) Average realized gold price ((i)) $1,392 $1,010 $1,082
$1,119 $1,376 Total cash costs ((ii)) $621 $538 $504 $604 $531
Amortization ( (iii)) 238 228 240 254 263 Total production costs(
(iv)) $859 $766 $744 $858 $794 Table footnotes: ((i)) Realized gold
prices net of realized derivative gains or losses divided by ounces
sold. Operating costs net of by-product credits, divided by ounces
((ii)) sold, and divided by the average Bank of Canada Cad$/US$
rate. ((iii)) Depreciation and amortization charges. ((iv)) Total
cash costs plus depreciation and amortization charges. Gold
production from the Casa Berardi mine in the first quarter of 2011
totalled 31,976 ounces, 12% lower than plan and 9% lower than the
first quarter 2010 production of 35,188 ounces. Changes to
the mining sequence were required in the first quarter of 2011 due
to ground conditions, particularly in one stope in the eastern
sector of Zone 113. This impacted both ore throughput and ore
grades. Additionally, underground mining equipment downtime
impacted productivities in the first quarter of 2011. The
2011 capital budget provided for equipment replacements, which are
scheduled to be delivered over the course of the year. Lower daily
ore throughput of 1,789 tonnes per day in the first quarter 2011
compared to 1,985 tonnes per day in the same quarter of 2010 was
the principal factor for the lower gold production in 2011, as ore
grades and metallurgical recoveries were similar in both
quarters. Unit operating costs((3)) on a Canadian dollar per
tonne basis in the first quarter of 2011 were 4% higher than plan
at $129 per tonne, as a result of changes to the mining sequence
and lower equipment availability impacting ore throughput.
Unit operating costs((3)) in the same quarter of 2010 were $108 per
tonne. __________________________ (3 )See "Non-GAAP" measures on
page 6. The anticipated higher unit operating costs on a per tonne
basis in 2011, together with a strong Canadian dollar, resulted in
total cash costs of US$621 per ounce in the first quarter of 2011,
compared to US$538 in the same quarter of 2010. A combination
of a 19% increase in unit operating costs together with a 5%
strengthening of the Canadian dollar resulted in the higher total
cash costs per ounce compared to the same quarter of 2010. Rising
gold prices and the elimination of deliveries against call options
at below market spot prices which were required in the first
quarter of 2010 has allowed operating profit margins((4)()) to
increase to US$771 per ounce compared to US$472 per ounce in the
same quarter of 2010. Higher ore throughput and grades are
anticipated for the balance of 2011, which is expected to result in
lower total cash costs per ounce than those realized in the first
quarter of 2011. __________________________ (4 )See
"Non-GAAP" measures on page 6. Casa Berardi Shaft Deepening In the
first quarter of 2011, a contract was awarded for the deepening of
the West Mine production shaft from the 760 metre level down to the
1,080 metre level. Shaft deepening is expected to commence in
the second quarter and be completed toward the end of 2012.
The shaft will provide access to the lower portion of Zones 113,
118, and 123 from a drift at the 1,010 metre level. The estimated
cost of the shaft deepening, drift access to Zones 118 and 123, and
related infrastructure is approximately $32 million of which $13.6
million is budgeted for 2011. Casa Berardi Exploration Three
surface rigs and eight to nine underground drill rigs were active
at Casa Berardi during the quarter. The surface drill rigs
were primarily active exploring Zone 160 near the East mine mill
facilities where there may be an opportunity to establish an open
pit operation. The underground drill rigs were primarily
focused on infill and step out drilling of the upper extensions of
Zones 118 and 123 from the 550 level drift as well as depth
extensions of Zones 118 and 120. OTHER PROPERTIES Joanna Gold
Development Property Metallurgical test-work continued during the
first quarter to evaluate and optimize alternate metallurgical
processes to treat the Hosco ore with final results expected in the
second quarter. Four to five drill rigs were active in the
first quarter completing 24,100 metres of drilling in proximity to
the proposed Hosco pit and the Heva deposit, approximately 3
kilometres west of the proposed Hosco pit. The drilling in the
first quarter was split between the two targets in order to extend
the mineral resources contour and to increase the quality of the
existing indicated and inferred mineral resources. Fayolle
Property Three to four drill rigs were active in the first quarter
completing 16,600 metres of drilling that was divided between
continued exploration of the Fayolle deposit defining the size and
geometry of the deposit on a 25 - 50 metre drill spacing and
exploration of similar geological targets within the 2 kilometre
long gold bearing structure that crosses the property. Marban
Property Two to three drill rigs were active in the first quarter
completing 15,100 metres of drilling focusing on the lateral and
depth extensions of the existing mineral resources. The
drilling to date has validated the geological and structural model
of the deposit; established lateral and vertical continuity to the
mineralized shear zones; and demonstrated the potential for both
bulk tonnage and narrower higher-grade ore shoots. ADDITIONAL
INFORMATION Additional information about the Company's Casa Berardi
Mine and Joanna Gold Development projects as required by NI 43-101,
sections 3.2 and 3.3 and paragraphs 3.4 (a), (c) and (d) can be
found in the Company's Annual Information Form for the year ended
December 31, 2010, and the latest Technical Reports on each
project, copies of which can be found under Aurizon's profile on
SEDAR at www.sedar.com and are also available on the Company's
website at www.aurizon.com. QUALIFIED PERSON AND QUALITY CONTROL
Information of a scientific or technical nature was prepared under
the supervision of Martin Bergeron, P. Eng., Vice-President of
Operations of Aurizon and a qualified person under National
Instrument 43-101. OUTLOOK Based upon lower than expected
gold production in the first quarter of 2011 and a review of the
mine plan which anticipates higher ore throughput for the balance
of the year and higher ore grades in the second half of the year,
Casa Berardi production guidance has been adjusted to approximately
165,000 ounces compared to the previously announced guidance of
165,000 to 170,000 ounces. The continued strength of the Canadian
dollar together with the higher total cash costs in the first
quarter, has also resulted in a revision to the forecast total cash
costs in U.S. dollar terms of US$525 per ounce for the full year,
assuming a Canadian dollar exchange rate of 0.96 against the U.S.
dollar for the balance of the year. This compares to
previously forecasted total cash costs of US$495 per ounce using a
Cad/US$ exchange rate at parity. Onsite mining, milling and
administration costs for 2011 are expected to decrease from the
$129 per tonne experienced in the first quarter and average $117
per tonne, unchanged from previous guidance, and up 8% from 2010
unit operating 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 ($7.0
million incurred in first quarter 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 ($3.3 million incurred in first
quarter 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 as exploring for
extensions of these structures. Feasibility study work on Joanna's
Hosco open pit deposit continues with completion of the study
anticipated during the third quarter 2011. Results from the
step out drill program, performed in 2010 and the first quarter of
2011, 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 be completed in
the second quarter of 2011. The Company has budgeted $5.4
million for feasibility study activities in 2011, of which $1.7
million was incurred in first quarter 2011, and expects the
majority of these costs to be expensed. In addition, an
initial $3.7 million exploration program ($3.3 million incurred in
first quarter 2011), comprising 26,000 metres of surface drilling,
will concentrate on increasing mineral resources in the area of the
proposed Hosco pit and the Heva deposit. 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 $17.1 million (before
tax credits) for the remaining nine months of 2011. NON-GAAP
MEASURES Realized gold price per ounce of gold Realized gold price
per ounce of gold is a non-GAAP measure and is calculated by
adjusting revenue for all realized gains and losses on gold
derivative instruments and then dividing by the gold ounces sold.
Total cash costs per ounce of gold Aurizon has included a non-GAAP
performance measure, total cash costs per ounce of gold in this
report. Aurizon reports total cash costs on a sales
basis. In the gold mining industry, this is a common
performance measure but does not have any standardized meaning, and
is a non-GAAP measure. The Company believes that, in addition
to conventional measures prepared in accordance with GAAP, certain
investors use this information to evaluate the Company's
performance and ability to generate cash flow. Accordingly,
it is intended to provide additional information and should not be
considered in isolation or as a substitute for measures of
performance prepared in accordance with GAAP. Total cash
costs per gold ounce are derived from amounts included in the
Statements of Comprehensive Income and include mine site operating
costs such as mining, processing and administration, but exclude
amortization, reclamation costs, financing costs and capital
development costs. The costs included in the calculation of
total cash costs per ounce of gold are reduced by silver by-product
sales and then divided by gold ounces sold and the average Bank of
Canada Cad$/US$ exchange rate. For the first quarter of 2011,
cost of sales were reduced by depreciation and depletion charges of
$8.0 million and silver revenues of $0.2 million compared to $7.9
million and $0.2 million, respectively for the same period in 2010.
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 is calculated by
adjusting operating costs included in cost of sales, as shown in
the Statements of Comprehensive Income, for inventory adjustments
and then dividing by the tonnes processed through the mill.
For the first quarter of 2011, operating costs were increased by
inventory adjustments of $0.6 million compared to inventory
adjustments of $0.1 million for the same period in 2010. 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 the
first quarter of 2011, the average realized gold price was US$1,392
less total cash costs of US$621 for an operating profit margin of
US$771, compared to an average realized gold price of US$1,010 less
total cash costs of US$538 for an operating profit margin of US$472
in the same quarter of 2010. OUTSTANDING SHARE DATA As of May 10,
2011, Aurizon had 162,282,952 common shares issued and
outstanding. In addition, 9,430,350 incentive stock options
representing 5.8% of outstanding share capital are outstanding and
exercisable into common shares at an average price of $5.11 per
share. Common Shares (TSX - ARZ & NYSE Amex - AZK) March 31,
December 31, 2011 2010 Issued 162,271,702 162,145,702 Fully-diluted
171,815,302 171,815,302 Weighted average 162,260,681 160,249,688
CONFERENCE CALL AND WEBCAST Aurizon management will host a
conference call and live webcast for analysts and investors on
Thursday, May 12, 2011 at 8:00 a.m. Pacific Daylight Time (11:00
a.m. Eastern Daylight Time) to review the results. Conference
Call Numbers: Canada & USA Toll Free Dial In: 1-800-319-4610 or
Outside Canada & USA Call: 1-604-638-5340. The call is being
webcast and can be accessed at Aurizon's website at www.aurizon.com
or enter the following URL into your web browser:
http://services.choruscall.com/links/aurizon110512.html. Those who
wish to listen to a recording of the conference call at a later
time may do so by calling: Canada & USA Toll Free:
1-800-319-6413 or outside Canada & USA: 1-604-638-9010, (Code:
1001#). A replay of the call will be available until
Thursday, May 19, 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 regarding the Company's expectations and
estimates as to future gold production, anticipated rates of
recovery, 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 and feasibility and pre-feasibility studies, permitting
time-lines, evaluation of opportunities, 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. 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, 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 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 to 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. CAUTIONARY NOTE TO US READERS AND INVESTORS As a British
Columbia corporation, the Company is subject to certain rules and
regulations issued by the British Columbia Securities Commission
("BC Securities Commission"). The Company is required to
provide detailed information regarding its properties including
mineralization, drilling, sampling and analysis, security of
samples and mineral resource and mineral reserve estimates.
Further, the Company describes mineral resources associated with
its properties utilizing terminology such as "indicated" or
"inferred" which terms are recognized by Canadian regulations but
are not recognized by the United States Securities and Exchange
Commission ("SEC"). 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 document 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 document 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.
_____________________________________________________________________
|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. |
|_____________________________________________________________________|
Interim Balance Sheets as at, (Unaudited, expressed in thousands of
Canadian dollars) March 31, 2011 December 31, 2010 January 1, 2010
ASSETS Current assets Cash and cash $ 113,098 equivalents $ 142,799
$ 139,341 Marketable - securities 1,098 1,129 Inventories 10,886
12,085 11,897 Accounts receivable and 4,825 other receivables 9,510
7,258 Derivative 5,274 instrument assets - - Tax credits 2,587
receivable 10,676 12,398 Total current assets 174,969 172,211
137,681 Non-current assets Property, plant 163,976 and equipment
155,447 152,012 Mineral properties 4,250 4,220 2,362 Deferred
finance - costs 450 - Other assets 10,563 8,100 14,551 Total
non-current assets 170,710 164,332 180,889 TOTAL ASSETS $ 345,679 $
336,543 $ 318,570 LIABILITIES Current liabilities Accounts payable
and accrued $ 16,451 liabilities $ 22,302 $ 18,905 Derivative
instrument 13,885 liabilities - - Current tax 3,752 liabilities - -
Current portion of long-term 652 obligations 337 756 Total current
liabilities 22,639 19,661 34,740 Non-current liabilities Long-term
705 obligations - - Provisions 14,795 13,114 23,255 Deferred tax
28,150 liabilities 35,649 35,378 Total non-current liabilities
50,444 48,492 52,110 Total liabilities 73,083 68,153 86,850 EQUITY
Shareholders' equity Issued capital 270,244 269,677 253,874
Contributed 979 surplus 1,022 1,022 Stock based 10,514 compensation
14,943 13,719 Deficit and accumulated other (33,647) comprehensive
income (13,613) (16,028) Total shareholders' equity 272,596 268,390
231,720 TOTAL LIABILITIES AND EQUITY $ 345,679 $ 336,543 $ 318,570
Interim Statements of Comprehensive Income Three months
ended (Unaudited, expressed in thousands of Canadian dollars except
per share amounts) March 31, 2011 March 31, 2010 Revenue $ 47,212 $
39,831 Less cost of sales (29,228) (27,274) Gross profit 17,984
12,557 Less: Exploration costs 7,104 1,969 General and
administration costs 6,086 5,175 Other net losses/ (gains) 36 (735)
Operating profit 4,758 6,148 Add: Finance income 339 89 Finance
costs (200) (366) Profit before income tax 4,897 5,871 Less: Income
tax expense 2,451 3,479 PROFIT FOR THE PERIOD $ 2,446 $ 2,392 Other
comprehensive income Unrealized loss on marketable securities (31)
- TOTAL COMPREHENSIVE INCOME FOR THE PERIOD $ 2,415 $ 2,392
Weighted average number of common shares outstanding - Basic
162,260,681 159,143,836 Earnings per share - Basic 0.02 0.02
Weighted average number of common shares outstanding - Diluted
164,935,845 160,662,220 Earnings per share - Diluted 0.02 0.02
Interim Statements of Cash Flows Three months ended
(Unaudited, expressed in thousands of Canadian dollars) March 31,
2011 March 31, 2010 Cash flows from operating activities Net income
for the period $ 2,446 $ 2,392 Adjustment for non-cash items:
Depreciation and depletion 8,036 7,891 Stock-based compensation
1,398 2,861 Unrealized derivative gains - (3,363) Future income tax
expense 271 2,637 Other 2,071 314 14,222 12,732 Decrease (increase)
in non-cash (3,566) working capital items 314 Net cash provided by
operating activities 14,536 9,166 Cash flows from investing
activities Property, plant and equipment (2,811) (1,583) Mineral
properties (7,765) (7,263) Reclamation deposits (418) - Net cash
used in investing activities (10,994) (8,846) Cash flows from
financing activities Issuance of shares 393 422 Deferred finance
costs (477) - Long-term obligations - (20) Net cash (used in)
provided by financing activities (84) 402 NET INCREASE IN CASH AND
CASH EQUIVALENTS 3,458 722 CASH AND CASH EQUIVALENTS - BEGINNING OF
PERIOD 139,341 113,098 CASH AND CASH EQUIVALENTS - END OF PERIOD $
142,799 $ 113,820 To view
this news release in HTML formatting, please use the following URL:
http://www.newswire.ca/en/releases/archive/May2011/12/c3741.html
table valign="top" cellspacing="0" border="0" cellpadding="0" tr td
valign="top" align="center" /td td valign="top"
align="center" /td td valign="top" align="center" or /td /tr
tr td valign="top" align="center" bAurizon Mines Ltd./b /td td
valign="top" /td td valign="top" align="center" bRenmark/bb
Financial Communications Inc./b /td /tr tr td valign="top"
align="center" President & CEO: David P. Hall /td td
valign="top" /td td valign="top" align="center" 1050 - 3400
De Maisonneuve Blvd West /td /tr tr td valign="top" align="center"
Executive Vice President & CFO: Ian S. Walton /td td
valign="top" /td td valign="top" align="center" Montreal,
QC H3Z 3B8 /td /tr tr td valign="top" align="center"
Email: a href="mailto:info@aurizon.com"info@aurizon.com/abr/
Telephone: 604-687-6600br/ Toll Free: 1-800-411-GOLD (4653)br/
Website: a
href="http://www.aurizon.com/"www.aurizon.com/a /td td valign="top"
/td td valign="top" align="center" 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) 939-3989br/ Fax: (514) 939-3717 /td /tr /table p
/p
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