Aurizon Reports Mineral Reserve Replenishment and Mineral Resource Update for Casa Berardi Mine
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 02/27/12 -- Aurizon Mines Ltd. (TSX: ARZ)(NYSE Amex: AZK) is pleased to report the replenishment of mineral reserves and an 81% increase in measured and indicated mineral resources at its Casa Berardi mine, located in north western Quebec, Canada.
Highlights include the following:
"This is the fifth consecutive year that Casa Berardi has renewed or increased mineral reserves," said George Paspalas, President and CEO, adding "We are confident that our 2012 $9.4 million exploration program will continue to expand and upgrade existing mineral resources. Casa Berardi continues to confirm that it delivers reliable, sustainable and profitable production that will continue well into the future."
Casa Berardi Mine
The Casa Berardi gold deposits are located along a five kilometre east-west mineralized corridor. They include the East and West mines, and the Principal Zones. The Casa Berardi gold deposits can be classified as an Archean sedimentary-hosted lode gold deposit. The gold mineralization is superimposed on a continuous graphitic mudrock unit corresponding to the Casa Berardi Fault plane. Gold occurs mainly south of the Casa Berardi Fault, and occasionally on both sides of the fault.
The mine has produced approximately 1.5 million recovered gold ounces since commencing production in 1986, including 800,300 recovered ounces since Aurizon recommenced production in November 2006.
The mine produced a record of 163,845 ounces of gold in 2011.
Proven and Probable Mineral Reserves have been renewed as a result of the following:
Changes in Casa Berardi Mineral Reserves
The following table shows the main components of the change in mineral reserves during 2011:
Outlook
Aurizon intends to utilize its strong cash flow to upgrade mineral resources to mineral reserves in order to extend and optimize the current mine plan.
In addition to the Principal Zone's open pit reserves, there are measured and indicated mineral resources that are located beneath the pit shell totalling 1,411,000 tonnes at an average grade of 7.4 grams per tonne, for 334,500 ounces of gold, and inferred mineral resources totalling 628,000 tonnes at an average grade of 6.6 grams per tonne, for 132,700 ounces of gold. The Company plans to drill these zones in 2012 from the 280 metre track drift to assess the potential of establishing a mineral reserve that can be mined from underground.
Aurizon has also increased and converted inferred mineral resources into indicated mineral resources in Zone 160. Aurizon intends to complete a scoping study to assess the relative risks and opportunities of mining Zone 160 by open pit.
The 550 level exploration track drift will be utilized as a drilling platform to extend the continuity between the Principal Zone and Zones 118 and 123S.
In 2012, $16.7 million is budgeted for the deepening of the West Mine production shaft a further 285 metres to provide access to the lower portion of the 113, 118 and 123 Zones. The shaft, currently at a depth of 795 metres, will be extended to approximately 1,080 metres below surface, which will provide access at the 1,010 metre level to develop a drift from the shaft to Zones 118 and 123. The shaft deepening is expected to be completed near the end of 2012 and commissioned by the first quarter of 2013.
Quality control
Underground mineral reserve and resource estimates, implementation and the quality control program were prepared and supervised by Sylvain Picard P. Eng., Principal Mine Geologist for Casa Berardi, and a "qualified person" as defined by the National Instrument 43-101.
Mineral reserve and resource estimates for the Principal Mine and East Mine open pits were prepared by BBA Inc. The "qualified person" for BBA Inc., as defined by National Instrument 43-101, is Patrice Live, Eng.
Information of a technical and scientific nature in the press release has been prepared under the supervision of Christian Bourcier, P. Eng., General Manager for Casa Berardi, and a "qualified person" as defined by the National Instrument 43-101.
Additional Information
One sketch is attached showing the updated mineral reserve and resource outlines at the Casa Berardi Gold Mine. Two appendices attached to this release detail the technical parameters used for the mineral reserve estimates (Appendix A) and the mineral resource estimates (Appendix B). All other information previously released on Casa Berardi is also available on the Aurizon website at .
To view accompanying map, visit the following link:
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 .
FORWARD-LOOKING STATEMENTS AND INFORMATION
This news release contains "forward-looking statements" and "forward-looking information" within the meaning of applicable securities regulations in Canada and the United States (collectively, "forward-looking information"). The forward-looking information contained in this news release is made as of the date of this news release. Except as required under applicable securities legislation, the Company does not intend, and does not assume any obligation, to update this forward-looking information. Forward-looking information includes, but is not limited to, statements with respect to mineral reserve and mineral resource estimates, the 2012 Casa Berardi mine plan and estimates of gold production, grade and long-term average gold prices, anticipated effect of completed drill results on the Casa Berardi project, planned work programs, completion of a scoping study, strategic plans, profitability, future upgrading of mineral resources, completion of deepening of the West Mine production shaft and expected outcomes. Often, but not always, forward-looking information can be identified by the use of words such as "plans", "expects, "is expected", "budget", "scheduled", "estimates", forecasts", "intends", "anticipates", or "believes", or the negatives thereof or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might", or "will" be taken, occur or be achieved.
The forward-looking information contained in this news release is based on certain assumptions that the Company believes are reasonable, including, with respect to mineral reserve and resource estimates, the key assumptions and parameters on which such estimates are based, as set out in the Appendices attached to this news release and the technical report for the property that the current price of and demand for gold will be sustained or will improve, the supply of gold will remain stable, that the general business and economic conditions will not change in a material adverse manner, that financing will be available if and when needed on reasonable terms and that the Company will not experience any material accident, labour dispute, or failure of plant or equipment.
However, forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include, among others, conclusions of economic evaluations, the risk that actual results of exploration activities will be different than anticipated, that cost of labour, equipment or materials will increase more than expected, that the future price of gold will decline, that the Canadian dollar will strengthen against the U.S. dollar, that mineral resources and reserves 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 unexpected variations in mineral resources and reserves, grade or recovery 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 and on Edgar at . 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
As a Canadian reporting issuer, the Company is subject to rules, policies and regulations issued by Canadian regulatory authorities and 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. The Company is required to describe mineral reserves associated with its properties utilizing Canadian Institute of Mining, Metallurgy and Petroleum ("CIM") definitions of "proven" or "probable", which categories of reserves are recognized by Canadian regulations but differ from those definitions recognized by the United States Securities and Exchange Commission ("SEC"). Further, the Company is required to describe mineral resources associated with its properties utilizing CIM definitions of "measured", "indicated" or "inferred", which categories of resources are recognized by Canadian regulations but are not recognized by the SEC.
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. Accordingly, information contained in this News Release regarding our mineral deposits may not be comparable to similar information made public by U.S. companies subject to the reporting and disclosure requirements under the United States federal securities laws and the rules and regulations of the Commission thereunder.
In particular, this News Release uses the term "measured" and "indicated" 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. 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 News Release also uses the term "inferred" 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. investors are cautioned not to assume that part or all of an inferred resource exists, or is economically or legally mineable.
APPENDIX A
Technical Parameters - Mineral Reserve Estimate
The technical parameters for the mineral reserve estimate are as follows:
Appendix B
Technical Parameters - Mineral Resource Estimate
The technical parameters for the mineral resource estimate are as follows:
U.S. Registration (File 001-31893)
News Release Issue No. 2 - 2012
Contacts:
Aurizon Mines Ltd.
George Paspalas
President & CEO
604-687-6600
Aurizon Mines Ltd.
Martin Bergeron
Vice President Operations
819-874-4511
Aurizon Mines Ltd.
Investor Relations
604-687-6600 or Toll Free: 1-800-411-GOLD (4653)
604-687-3932 (FAX)
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Datum: 27.02.2012 - 12:30 Uhr
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