Shares Listed: Toronto Stock Exchange - Ticker Symbol - ARZ
NYSE Amex - Ticker Symbol - AZK
U.S. Registration: (File 001-31893)
News Release Issue No. 37 - 2010
VANCOUVER, Dec. 16 /CNW/ - Aurizon Mines Ltd. (TSX:ARZ; NYSE Amex: AZK)
("Aurizon") is pleased to announce the signing of an option agreement
with Midland Exploration Inc. ("Midland") (TSX-V: MD) on the Patris
gold property, currently held 100% by Midland. The property, which
comprises 50 claims covering a surface area of 22 square kilometres, is
located in La Pause and Clericy townships, 30 kilometres northeast of
Rouyn-Noranda, and 7 kilometres from Aurizon's Joanna project, in the
Abitibi region of Quebec.
Aurizon can acquire a 50% interest in the Patris gold property during a
four-year earn-in period under the following conditions:
Cash payments totalling $230,000, of which $40,000 is payable upon
signing the agreement;
Exploration expenditures totalling $3,000,000, of which $600,000 is a
firm commitment in the first year.
Midland will be the initial operator. Upon acquiring a 50% interest,
Aurizon will be the operator and have the option to acquire an
additional 10% interest by delivering a pre-feasibility study on the
property within a four-year period during which it will make annual
cash payments of $80,000 and complete 40,000 metres of drilling.:
"We are pleased to enter into the option agreement with Midland." said
David Hall, Aurizon's Chief Executive Officer. "The Patris property is
well situated in the heart of the Abitibi gold camp, in the same area
where Aurizon is actively exploring the Joanna and Fayolle properties.
This represents a continuation of Aurizon's strategy to actively
explore an attractive portfolio of properties close to our production
and technical base."
Recent exploration work by Midland on the Patris property consisted of
line cutting followed by ground-based geophysical surveys, comprising a
magnetic survey and an IP survey totalling about 30 kilometres. The
latter geophysical method has the ability to detect even small amounts
of mineralization, often occurring as finely disseminated sulphides in
country rocks, which may contain gold. The newly defined targets mainly
consist of weak chargeability highs combined with higher resistivity
values. This type of IP anomaly is typical of strongly silicified zones
and mineralized felsic intrusive zones. These new anomalies are all
located proximal to the La Pause Fault (Destor-Porcupine South), in
both ultramafic rocks of the Malartic Group and sedimentary rocks of
the Kewagama Group.
The Patris property has a very strong potential for gold discoveries
similar to deposits in the Cadillac and Malartic gold mining camps, as
it covers the faulted and folded contact between sedimentary rocks of
the Kewagama Group and mafic to ultramafic volcanic rocks of the
Malartic Group over more than 4 kilometres of strike length. Several
new folded structures were recently interpreted based on magnetic data,
which represent favourable sites for the injection of porphyry
intrusions and deposition of gold mineralization. Many gold showings
occur near this contact.
The attached sketch shows the location of the Patris property.
Information of a scientific or technical nature in this news release has
been reviewed by Martin Demers, P. Geo, Manager, Exploration, a
Qualified Person as defined by National Instrument 43-101.
Aurizon is a gold producer with a growth strategy focused on developing
its existing projects in the Abitibi region of north-western Quebec,
one of the world's most favourable mining jurisdictions and prolific
gold and base metal regions, and by increasing its asset base through
accretive transactions. Aurizon shares trade on the Toronto Stock
Exchange under the symbol "ARZ" and on the NYSE Amex under the symbol
"AZK". Additional information on Aurizon and its properties is
available on Aurizon's website at www.aurizon.com.
FORWARD LOOKING STATEMENTS AND INFORMATION
This report contains "forward-looking statements" and "forward-looking
information" within the meaning of applicable securities regulations in
Canada and the United States (collectively, "forward-looking
information"). The forward-looking information contained in this report
is made as of the date of this report. Except as required under
applicable securities legislation, the Company does not intend, and
does not assume any obligation, to update this forward-looking
information. Forward-looking information includes, but is not limited
to, statements with respect to and the effects thereof, the entering
into of a final agreement with Midland, the timing and amount of
estimated exploration expenditures, plans and budgets for and expected
timing and results of exploration activities, Forward-looking
information can be identified by the use of words such as "intends", or
statements that certain actions, events or results "would", "will" be
taken, occur or be achieved.
The forward-looking information contained in this report is based on
certain assumptions that the Company believes are reasonable, that the
current price of and demand for gold will be sustained or will improve.
However, forward-looking information involves known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements of the Company to be materially different
from any future results, performance or achievements expressed or
implied by the forward-looking information. Such factors include, among
others, the risk that actual results of exploration activities will be
different than anticipated, that cost of labour, equipment or materials
will increase more than expected, that the future price of gold will
decline, that the Canadian dollar will strengthen against the U.S.
dollar, that mineral resources are not as estimated, that actual costs
or actual results of reclamation activities are greater than expected;
that changes in project parameters as plans continue to be refined may
result in increased costs, of accidents, labour disputes and other
risks generally associated with exploration, unanticipated delays in
obtaining governmental approvals or financing or in the completion of
exploration activities, as well as those factors and other risks more
fully described in Aurizon's Annual Information Form filed with the
securities commission of all of the provinces and territories of Canada
and in Aurizon's Annual Report on Form 40-F filed with the United
States Securities and Exchange Commission, which are available on Sedar
at www.sedar.com and on Edgar at www.sec.gov/. Although the Company has attempted to identify important factors that
could cause actual actions, events or results to differ materially from
those described in forward-looking information, there may be other
factors that cause actions, events or results not to be as anticipated,
estimated or intended. There can be no assurance that forward-looking
information will prove to be accurate, as actual results and future
events could differ materially from those anticipated in such
statements. Readers are cautioned not to place undue reliance on
forward-looking information due to the inherent uncertainty thereof.
SOURCE AURIZON MINES LTD.
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