Aurizon Mines’ Earnings Climb 29% in Second Quarter
Aurizon Mines (ARZ.TSX, AMEX: AZK) announced its second quarter financial results, highlighted by a 29% year-over-year increase in net earnings to $8.6 million. The Canadian-based gold mining company generated revenue from its Casa Berardi operations of $60.9 million from the sale of 37,345 ounces of gold. The average realized gold price was $1,592 per ounce, compared to $1,521 per ounce in the second quarter of 2011.
Highlights:
* Gold production of 37,820 ounces, 12% above the first quarter of 2012
* Aurizon Mines ended the quarter with a cash balance of $208 million and no debt
* The Company completed a feasibility study for the Hosco deposit at its Joanna project, which established in-pit mineral reserves of 1.66 million ounces of gold
* Aurizon reported encouraging exploration results at Casa Berardi and Joanna during the quarter
George Paspalas, President and CEO of Aurizon Mines:
“The exploration success at Casa Berardi which has confirmed continuity and extension of previously identified lenses, and identified potentially new lenses adjacent to the 123 zone, and the encouraging drill results from Heva and the Hosco West extension, highlight the potential for future growth at these two properties.”
Paolo Lostritto, National Bank Financial:
“Balance sheet in good shape to add near-term growth via acquisition…We continue to expect the company to put their balance sheet (~Cdn$208 mln in cash and no debt) to work and grow via acquisition in the near-term potentially taking advantage of current market valuations.”
2012-08-10 03:27:02
Source: http://www.goldalert.com/2012/08/aurizon-mines-earnings-climb-29-in-second-quarter/
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