Aurizon Mines Ltd. (TSX:ARZ)(NYSE Amex:AZK) is pleased to announce
its unaudited financial results for the year ended December 31,
2011. All dollar amounts are in Canadian dollars unless otherwise
stated. Our financial results are prepared in accordance with
International Financial Reporting Standards ("IFRS"), which is now
GAAP in Canada.
Fourth quarter 2011 highlights
-- Record revenues of $85.7 million.
-- Record net profits of $21.8 million, or $0.13 per share.
-- Record cash flow from operating activities of $49 million.
-- Total cash costs of US$498 per ounce(1).
-- Gold production of 45,995 ounces.
2011 Annual financial highlights
-- Record revenues of $260 million, up 45% from 2010.
-- Record net profits of $43.9 million, or $0.27 per share, up 155% from
2010.
-- Record cash flow from operating activities of $121.3 million, up 138%
from 2010.
-- Cash balances of $213 million.
-- No debt.
2011 Annual operational highlights
-- Record gold production of 163,845 ounces.
-- Total cash costs of US$537(1) per ounce.
-- Operating profit margin per ounce increased 72% to US$1,041(1), due to
higher realized gold prices.
-- Mineral reserves at Casa Berardi replenished in 2011, totalling
1,459,000 ounces of gold as at December 31, 2011.
-- Measured and indicated mineral resources at Casa Berardi increased 81%
to 1,495,000 ounces of gold.
-- Estimated mineral resources in the Hosco area of the Joanna property
increased by 31%.
From the President and Chief Executive Officer, George
Paspalas:
"The fourth quarter 2011 results capped off a great year for
Casa Berardi and Aurizon. Revenues, cash flow, profits and
production broke historical records. Casa has consistently
delivered, and with the continued in-mine exploration success we
have enjoyed, Casa Berardi is a cornerstone asset from which to
grow the company from. We are on schedule to complete the Joanna
feasibility study in second quarter 2012, and are formulating
resource updates on our two most advanced exploration projects,
Marban and Fayolle."
Financial results
Financial review of the fourth quarter 2011
Net profit of $21.8 million, or $0.13 per share, was achieved in
the fourth quarter of 2011, compared to a net profit of $7.0
million, or $0.04 per share in the same period of 2010. Fourth
quarter 2011 results were positively impacted by higher realized
gold prices, and higher gold sales.
EBITDA(2) rose 181% to $51.1 million, compared to $18.2 million
in 2010, driven by higher gold prices, increased gold production,
and lower cash costs per ounce, partially reduced by higher
exploration and general administrative costs.
Operating profit margins increased dramatically in the fourth
quarter of 2011 to US$1,157 per ounce from US$845 per ounce in the
same period of 2010. Fourth quarter 2011 total cash costs were
US$498 per ounce, similar to the third quarter costs of US$497 per
ounce and lower than the $531 per ounce costs realized in the
fourth quarter of 2010 as a result of the significantly higher
grades in 2011. The average ore grade in the fourth quarter was 9.1
grams per tonne, 33% higher than the 6.9 grams per tonne achieved
in the same quarter of 2010. Daily ore throughput of 1,851 tonnes
per day was achieved in the fourth quarter of 2011, resulting in
unit operating costs(3) on a Canadian dollar basis of $142 per
tonne compared to $127 per tonne for the full year. Additional
stope development and ground support, as well as general
inflationary pressures resulted in the higher unit costs.
Cash flow from operating activities in the fourth quarter of
2011 increased 169% to $49 million, compared to $18.2 million in
2010. Cash flow was positively impacted by increased revenues from
gold sales as well as a decrease of $19.0 million in non-cash
working capital items compared to the same quarter of 2010. A
significant increase in income and resource tax liabilities
totalling $12.7 million, together with a reduction of tax credits
receivable totalling $5.7 million, account for most of the decrease
in non-cash working capital items in the fourth quarter of 2011.
The Company's aggregate operating, investing and financing
activities during the fourth quarter of 2011 resulted in net cash
inflows of $35.5 million.
Financial review of the year ended December 31, 2011
Net profit in 2011 totalled $43.9 million, or $0.27 per share,
compared to net profit of $17.2 million, or $0.10 per share in
2010. Results were positively impacted by a significant increase in
realized gold prices, higher gold production resulting from
expected higher ore grades, and reduced by increased exploration
activities and a significant increase in income taxes. As a result
of the enactment of new Quebec resource tax legislation in 2011 and
higher taxable profits in 2011, income and resource taxes totalled
$42.6 million, up significantly from $13.9 million in 2010.
EBITDA(2) rose 91% to $125 million, compared to $65.4 million in
2010, driven by higher gold prices, increased gold production, and
lower cash costs per ounce, partially reduced by higher exploration
and general administrative costs.
Cash flows from operating activities increased 138% in 2011 to
$121.3 million compared to cash flows of $51.0 million in 2010.
Cash flow in 2011 was positively impacted by higher net profits and
decreases in non-cash working capital items. A significant increase
in income and resource tax liabilities totalling $18.3 million,
together with a reduction of tax credits receivable totalling $7.2
million, are the primary factors resulting in the decrease in
non-cash working capital items. Lower cash operating costs and
rising gold prices in 2011 has allowed operating profit margins(3)
to increase significantly to US$1,041 per ounce compared to US$604
per ounce in 2010.
Balance Sheet
As at December 31, 2011, cash and cash equivalents increased to
$213.5 million compared to $139.3 million as at December 31, 2010.
At the end of 2011, Aurizon had working capital of $197.8 million
compared to $152.6 million at the end of 2010. 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, 2011.
As at the date of this report, Aurizon had 163,280,952 common
shares issued and outstanding. In addition, 10.8 million incentive
stock options are outstanding that are exercisable into common
shares at an average price of $5.45 per share.
Operating review of the year
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Summary of Key Operational Statistics
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Q1 Q2 Q3 Q4 2011 2010
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Operating results
Tonnes milled 161,036 178,233 188,571 170,283 698,123 722,745
Grade - grams/tonne 6.85 8.00 7.95 9.13 8.00 6.75
Mill recoveries - % 90.2% 90.4% 92.2% 92.0% 91.2% 89.8%
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Gold Production - ounces 31,976 41,417 44,457 45,995 163,845 141,116
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Gold sold - ounces 34,306 39,900 40,257 50,787 165,250 139,950
----------------------------------------------------------------------------
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Per ounce data - US$
Average realized gold
price(1) $ 1,392 $ 1,521 $ 1,695 $ 1,655 $ 1,578 $ 1,145
------------------------------------------------
Total cash costs(2) $ 621 $ 544 $ 497 $ 498 $ 537 $ 541
Amortization(3) 238 225 250 238 238 245
------------------------------------------------
Total production costs(4) $ 859 $ 769 $ 747 $ 736 $ 775 $ 786
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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 and amortization expenses.
4. Total cash costs plus depreciation and amortization expenses.
Record gold production totalling 163,845 ounces was achieved at
Casa Berardi in 2011, in line with guidance of approximately
165,000 ounces and 16% higher than 2010. Higher ore grades and
improved mill recoveries account for the improvement over 2010. The
average ore grade of 8.0 grams per tonne achieved in 2011 matched
expectations. Daily ore throughput of 1,913 tonnes per day was
achieved in 2011, 3% lower than plan, and compared to 1,980 tonnes
per day in 2010.
Total cash costs(4) in 2011 were US$537 per ounce, 9% higher
than plan, and 1% lower than the US$541 per ounce costs achieved in
2010. The anticipated higher ore grades in 2011 compared to 2010,
offset higher unit operating costs(4) on a Canadian dollar per
tonne basis. Unit operating costs(4) in 2011 were 9% higher than
plan at $127 per tonne as a result of additional stope development
and ground support, as well as general inflationary pressures. Unit
operating costs in 2010 were $108 per tonne.
Lower cash operating costs and rising gold prices in 2011 has
allowed operating profit margins(4) to increase significantly to
$1,041 per ounce compared to $604 per ounce in 2010.
Non-GAAP measures
a) Realized gold price per ounce
Realized gold price per ounce is a non-GAAP measure and is
calculated by adjusting revenue for all gains and losses on gold
derivative instruments and silver by-product sales and then
dividing that by the gold ounces sold and the average Bank of
Canada Cad$/US$ exchange rate. For 2011, there were no derivative
adjustments required and silver sales totalled $1.1 million
compared to gold derivative losses of $13.0 million and silver
sales totalling $0.6 million in 2010.
b) Total cash costs per ounce of gold
Aurizon has included a non-GAAP performance measure, total cash
costs per ounce of gold, in this report. Aurizon reports total cash
costs on a sales basis. In the gold mining industry, this is a
common performance measure but does not have any standardized
meaning, and is a non-GAAP measure. The Company believes that, in
addition to conventional measures prepared in accordance with GAAP,
certain investors use this information to evaluate the Company's
performance and ability to generate cash flow. Accordingly, it is
intended to provide additional information and should not be
considered in isolation or as a substitute for measures of
performance prepared in accordance with GAAP. Total cash costs per
gold ounce are derived from amounts included in the statements of
earnings and include mine site operating costs such as mining,
processing and administration, but exclude amortization,
reclamation costs, financing costs and capital development costs.
The costs included in the calculation of total cash costs per ounce
of gold are reduced by silver by-product sales and then divided by
gold ounces sold and the average Bank of Canada Cad$/US$ exchange
rate.
c) 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 2011, operating
costs were increased by inventory adjustments of $2.0 million
compared to an operating cost increase of $0.4 million in 2010
resulting from inventory adjustments.
d) 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 2011, the average realized gold
price was US$1,578 less total cash costs of US$537 for an operating
profit margin of US$1,041, compared to an average realized gold
price of US$1,145 less total cash costs of US$541 for an operating
profit margin of US$604 in 2010.
For the fourth quarter ended December 31, 2011, the average
realized gold price was US$1,655 less total cash costs of US$498
for an operating profit margin of US$1,157 compared to an average
realized gold price of US$1,376 less total cash costs of $531 for
an operating profit margin of US$845 in 2010.
e) Earnings before interest, taxes, depreciation and
amortization ("EBITDA")
EBITDA is a non-GAAP measure and is calculated by adjusting the
net profit or loss to exclude depreciation and amortization
charges, finance expense, finance income, and income tax expense.
The following table provides a reconciliation of net profit to
EBITDA for the fourth quarter and twelve months ended December
31:
Fourth Quarter Year ended
---------------------------------------------------- -----------------------
2011 2010 2011 2010
---------------------------------------------------- -----------------------
Net profit for the period $ 21,810 $ 7,004 $ 43,931 $ 17,240
Depreciation & amortization 12,566 8,465 39,131 34,249
Finance income (503) (228) (1,538) (719)
Finance costs 230 176 921 750
Income tax expense 16,968 2,756 42,653 13,911
---------------------------------------------------- -----------------------
EBITDA $ 51,071 $ 18,173 $ 125,098 $ 65,431
---------------------------------------------------- -----------------------
Outlook
With cash balances of $213 million and no debt as at December
31, 2011, Aurizon intends to utilize its strong operating cash
flows and balance sheet to continue upgrading its mineral resources
to mineral reserves; systematically explore its portfolio of
exploration properties in Quebec; and pursue accretive
opportunities.
Casa Berardi enters its sixth year of commercial operations in
2012 following the re-commencement of operations in November 2006.
Based upon the updated reserves estimate as at December 31, 2011,
Casa Berardi's estimated remaining mine life is nine years.
Operating outlook for 2012
It is estimated that Casa Berardi will produce approximately
155,000 - 160,000 ounces of gold in 2012 at an average grade of 7.5
grams of gold per tonne. Average daily ore throughput is estimated
at 2,000 tonnes per day, similar to 2011. Mine sequencing in 2012
will result in ore grades that are expected to be approximately 6%
lower than those achieved in 2011. Approximately 42% of production
will come from Zone 113, 41% 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$600 per ounce in 2012. Onsite mining, milling and administration
costs are expected to average $134 per tonne, up approximately 6%
from 2011 costs as a result of higher stope preparation costs and
smaller stopes.
As quarterly operating results are expected to fluctuate
throughout the year, they will not necessarily be reflective of
these full year averages.
Joanna Gold Development Property, Quebec
Feasibility study work on the Hosco deposit continues with
completion of the study anticipated by midyear. Additional studies
and cost-optimization plans that were initiated in August 2011,
including a review of the mining sequence and layout of the surface
infrastructure and further detailed environmental work, as well as
studies on waste and tailings characterization for potential metal
leaching, optimization of civil works, and selection of the optimal
daily processing rate, are in various stages of progress. The
results of the various studies will be incorporated into the
feasibility study.
The feasibility study will incorporate a reserve update based on
the increased mineral resource estimate of 2,245,000 ounces of gold
(or 54.1 million tonnes at an average grade of 1.29 grams of gold
per tonne) reported in the Company's news release dated June 13,
2011, up from the 1,286,000 ounces of gold (or 30.1 million tonnes
at an average grade of 1.33 grams of gold per tonne) on which the
Pre-Feasibility Study (December 2009) for the Hosco deposit was
based. It will also be based on the selection of the autoclave
recovery process and processing of the ore on-site at Joanna, both
of which are expected to significantly reduce project risk.
While some studies are still in progress, based on its review of
information currently available the Company believes that the
feasibility study is sufficiently advanced to conclude that the
projected capital and unit operating costs will be significantly
higher than estimated in the December 2009 Pre-Feasibility Study,
due in part to the change in the scope of the project, the expanded
mineral resource base, the selection of an autoclave process and a
decision to process the ore on site. Readers are cautioned,
however, that the Company's expectations are based on available
information concerning feasibility study work that is not complete
and has not been the subject of third party review. See further
information under "Forward-Looking Information".
In addition, the Company has initiated a $3.6 million
exploration program, comprising 24,500 metres of drilling in the
area of the Heva deposit which contains 270,000 ounces in measured
and indicated resources, (4.4 million tonnes at an average grade of
1.9 grams per tonne) and 421,000 ounces in inferred ounces (7.7
million tonnes with an average grade of 1.7 grams per tonne) as
reported in the Company's news release dated January 11, 2012. The
program will evaluate the surface potential along a 2.5 kilometre
stretch of the Cadillac fault west of the Hosco deposit.
Other Properties
Aurizon will invest $9.7 million on exploration of the Company's
other Quebec properties in 2012. At Marban, the $4.9 million
program includes 34,000 metres of drilling, metallurgical work,
hydrological characterization and geotechnical studies. An updated
resource estimate is targeted for the second quarter. At Fayolle, a
$1.2 million program will test the lateral and down-dip extensions
of the mineralized system, and generate an updated resource
estimate, also expected in the second quarter.
Conference call and webcast
Aurizon management will host a conference call and live webcast
for analysts and investors on Thursday, March 15, 2012 at 8:00 a.m.
Pacific Standard Time (11:00 a.m. Eastern Standard 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/aurizon120315.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 March
22nd, 2012.
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.
U.S. Registration: (File 001-31893)
News Release: Issue No. 5 - 2012
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 relating to the Company's Casa
Berardi project includes 2012 production estimates, anticipated
average daily ore throughput, total cash costs per ounce, and
milling and administration costs. This information is based on
assumptions that the Company believes are reasonable, including but
not limited to that that the Company's current mine plan can be
achieved, general business and economic conditions will not change
in a material adverse manner, material, equipment and labour costs
and currency exchange rates will remain stable, and that the
Company will not experience any material accident, labour dispute,
or failure of plant or equipment. Forward-looking information
relating to the Joanna project includes statements regarding the
Company's expectations as to timing of completion of the
feasibility study, the impact on previously estimated capital and
unit operating costs of changes in the scope of the project
including but not limited to the impact of the increased mineral
resource base and selection of an autoclave recovery process and
processing of ore on-site, the anticipated effect of the latter in
mitigating risks associated with the project, and plans and budgets
for exploration activities in the area of the Heva deposit.
Forward-looking information is by its nature uncertain and
involves foreseeable and unforeseeable risks and other factors
which may cause the actual outcomes, costs, timing, and performance
to be materially different from those anticipated by such
information. In relation to the Casa Berardi forward-looking
information, such factors include, among others, the risk that some
or all of the assumptions on which such information is based prove
to be invalid including that the cost of labour, equipment or
materials, including power, will increase more than expected, that
the 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, unexpected occurrences that
affect rates of production, including failure or disruption to
plant, process or equipment, labour unrest, unexpected variations
in ore reserves, grade or recovery rates, or accidents, that actual
costs or actual results of reclamation activities are greater than
expected. In relation to the forward-looking information on the
Joanna project, factors and risks that could materially affect such
expectations and information include the possibility that changes
in project parameters as plans continue to be refined, including as
a result of third party review and the results of studies remaining
to be completed, could have a material negative or positive impact
on capital and operating costs, resource and reserves calculations,
and timing of completion of the feasibility study and the impact
could be material, that any of the information available to the
Company to date proves to be inaccurate, that mineral resource and
reserves are not as estimated, or that changes in laws relating to
permitting, construction, environmental and other matters occur
that affect timing, costs, and economics of the project as
presently conceived.
There are a number of other risks and uncertainties associated
with exploration, development and mining activities that may affect
the reliability of such forward-looking information including those
described in Aurizon's Annual Information Form ("AIF") 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 ("40-F"),
which are available on Sedar at www.sedar.com and on Edgar at
www.sec.gov.
There may be factors in addition to those described herein or on
the AIF and 40-F that cause actions, events or results to not be as
anticipated, estimated or intended. 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 Mines Ltd.
Balance Sheets
(Unaudited - Expressed in thousands of Canadian dollars)
December 31, December 31, January 1,
As at, 2011 2010 2010
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ASSETS
Current assets
Cash and cash
equivalents $ 213,486 $ 139,341 $ 113,098
Marketable securities 864 1,129 -
Inventories 12,545 12,085 11,897
Accounts receivable and
other receivables 9,474 7,258 4,825
Derivative instrument
assets 357 - 5,274
Tax credits receivable 5,210 12,398 2,587
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Total current assets 241,936 172,211 137,681
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Non-current assets
Property, plant and
equipment 164,783 152,012 163,976
Mineral properties 4,995 4,220 2,362
Deferred finance costs 343 - -
Other assets 6,324 8,100 14,551
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Total non-current assets 176,445 164,332 180,889
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TOTAL ASSETS $ 418,381 $ 336,543 $ 318,570
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LIABILITIES
Current liabilities
Accounts payable and
accrued liabilities $ 25,788 $ 18,905 $ 16,451
Derivative instrument
liabilities - - 13,885
Current income and
resource tax
liabilities 18,338 - 3,752
Current portion of
long-term obligations - 756 652
----------------------------------------------------------------------------
Total current liabilities 44,126 19,661 34,740
----------------------------------------------------------------------------
Non-current liabilities
Long-term obligations - - 705
Provisions 16,153 13,114 23,255
Deferred tax
liabilities 36,918 35,378 28,150
----------------------------------------------------------------------------
Total non-current
liabilities 53,071 48,492 52,110
----------------------------------------------------------------------------
Total liabilities 97,197 68,153 86,850
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EQUITY
Shareholders' equity
Issued capital 274,165 269,677 253,874
Contributed surplus 1,170 1,022 979
Stock based
compensation 18,711 13,719 10,514
Accumulated other
comprehensive gains
(losses) (386) 379 -
Retained earnings
(Deficit) 27,524 (16,407) (33,647)
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Total shareholders'
equity 321,184 268,390 231,720
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TOTAL LIABILITIES AND
EQUITY $ 418,381 $ 336,543 $ 318,570
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Aurizon Mines Ltd.
Statements of Comprehensive Income
(Unaudited - Expressed in thousands of Canadian dollars, unless otherwise
stated)
Three months ended Twelve months ended
December 31, December 31, December 31, December 31,
For the periods, 2011 2010 2011 2010
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Revenue $ 85,683 $ 48,558 $ 259,999 $ 178,743
Less cost of
sales (38,914) (27,843) (127,725) (112,723)
----------------------------------------------------------------------------
Gross profit 46,769 20,715 132,274 66,020
Other operating
expenses
Exploration costs (6,229) (5,372) (26,468) (15,643)
General and
administration
costs (4,268) (5,659) (19,547) (16,950)
Other net gains
(losses) (1,010) 109 (457) 2,157
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Operating profit 35,262 9,793 85,802 35,584
Finance income 503 228 1,538 719
Finance costs (230) (176) (921) (750)
Other derivative
gains (losses) 3,243 (85) 165 (4,402)
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Profit before
income tax 38,778 9,760 86,584 31,151
Income tax
expense (16,968) (2,756) (42,653) (13,911)
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NET PROFIT FOR
THE PERIOD 21,810 7,004 43,931 17,240
Other
comprehensive
income (loss)
Non-cash gain
(loss) on
marketable
securities (55) (54) (765) 379
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TOTAL
COMPREHENSIVE
INCOME FOR THE
PERIOD $ 21,755 $ 6,951 $ 43,166 $ 17,619
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Weighted average
number of common
shares
outstanding -
Basic 163,043 161,827 162,623 160,250
Earnings per
share (excluding
OCI) - Basic -
expressed in
cents per share $ 0.13 $ 0.04 $ 0.27 $ 0.10
Weighted average
number of common
shares
outstanding -
Diluted 164,440 164,804 164,374 162,149
Earnings per
share (excluding
OCI) - Diluted-
expressed in
cents per share $ 0.13 $ 0.04 $ 0.27 $ 0.10
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Aurizon Mines Ltd.
Statements of Cash Flows
(Unaudited - Expressed in thousands of Canadian dollars, unless otherwise
stated)
Three months ended Twelve months ended
December 31, December 31, December 31, December 31,
For the periods, 2011 2010 2011 2010
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----------------------------------------------------------------------------
Operating activities
Net profit for the
period $ 21,810 $ 7,004 $ 43,931 $ 17,240
Adjustment for non-cash
items:
Depreciation and
amortization 12,566 8,465 39,131 34,249
Share-based
compensation 2,339 3,078 6,526 7,564
Deferred income taxes (2,280) 1,466 1,540 7,227
Refundable and non-
refundable taxes (94) 9,912 2,077 6,904
Derivative losses
(gains) (3,243) 104 (357) (8,611)
Other (1,106) 633 1,077 907
----------------------------------------------------------------------------
29,992 30,662 93,925 65,480
Decrease (increase)
in non-cash working
capital items 19,032 (12,421) 27,372 (14,460)
----------------------------------------------------------------------------
Net cash provided by
operating activities 49,024 18,241 121,297 51,020
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Investing activities
Property, plant and
equipment (13,615) (11,940) (47,270) (32,376)
Mineral properties (140) 1,407 (800) (258)
Other investing
activities - (864) (918) (1,364)
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Net cash used in
investing activities (13,755) (11,397) (48,988) (33,998)
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Financing activities
Issuance of shares 201 1,569 3,102 9,887
Deferred finance
costs (1) - (493) -
Long-term obligations - (5) (773) (666)
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Net cash provided by
financing activities 200 1,564 1,836 9,221
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NET INCREASE IN CASH
AND CASH EQUIVALENTS 35,469 8,408 74,145 26,243
CASH AND CASH
EQUIVALENTS -
BEGINNING OF PERIOD 178,017 130,933 139,341 113,098
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CASH AND CASH
EQUIVALENTS - END OF $
PERIOD 213,486 $ 139,341 $ 213,486 $ 139,341
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(1) See "Non-GAAP measures" on pages 4 and 5
(2) See "Non-GAAP measures" on pages 4 and 5
(3) See "Non-GAAP measures" on pages 4 and 5
(4) See "Non-GAAP measures" on pages 4 and 5
Contacts: Aurizon Mines Ltd. George Paspalas President & CEO
604-687-6600 or Toll Free: 1-800-411-GOLD (4653) Aurizon Mines Ltd.
Ian S. Walton Executive Vice-President and Chief Financial Officer
604-687-6600 or Toll Free: 1-800-411-GOLD (4653) Aurizon Mines Ltd.
Investor Relations 604-687-6600 or Toll Free: 1-800-411-GOLD (4653)
604-687-3932 (FAX)jennifer.north@aurizon.com or info@aurizon.com
www.aurizon.com
Aurizon Mines (AMEX:AZK)
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