QualityStocks would like to highlight Aurizon Mines Ltd. (AMEX: AZK). The company 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 favorable mining jurisdictions and prolific gold and base metal regions, and by increasing its asset base through accretive transactions.
In the company’s news yesterday,
Aurizon announced that its 100% owned Casa Berardi mine for the year ended December 31, 2008 produced 158,830 ounces of gold from the processing of 654,397 tonnes at an average grade of 8.2 grams of gold per tonne. These results were in line with the most recent guidance of 155,000 to 160,000 ounces.
According to the press release, ore processed in the fourth quarter totaled 169,291 tonnes at an average grade of 7.7 grams of gold per tonne. The average daily mine production for the quarter was 1,840 tonnes per day, up 4.9% from the previous quarter’s rate of 1,754 tonnes per day. Mill recoveries of 91.5% resulted in gold production of 38,364 ounces for the quarter.
David P. Hall, President and Chief Executive Officer, stated, “Aurizon had a strong 2008. The significant cash flow from Casa Berardi enabled us to reduce debt and increase cash balances during the year. In 2009, we will focus on controlling costs, maintaining a strong financial position and maximizing opportunities to develop our assets and grow our future production profile.”
Forecasting next year’s results, the company stated in the press release that it has been estimated that Casa Berardi will produce between 150,000 to 155,000 ounces of gold in 2009 at an average grade of 7.9 grams of gold per tonne. Average daily mine production is expected to be at 1,800 tonnes per day. The small decrease in gold production from last year is attributable to lower average gold grades.
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Forward-Looking Statement:
This release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. Risks and uncertainties applicable to the company and its business could cause the company's actual results to differ materially from those indicated in any forward-looking statements.
