Shares Listed: Toronto Stock Exchange - Ticker Symbol - ARZ NYSE Amex - Ticker Symbol - AZK U.S. Registration: (File 001-31893) News Release Issue # 37 - 2010
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
"We are pleased to enter into the option agreement with Midland." said
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
Additional Information
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
About Aurizon
Aurizon is a gold producer with a growth strategy focused on developing
its existing projects in the Abitibi region of north-western
FORWARD LOOKING STATEMENTS AND INFORMATION
This report contains "forward-looking statements" and "forward-looking
information" within the meaning of applicable securities regulations in
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
SOURCE Aurizon Mines Ltd.