QualityStocks would like to highlight Aurizon Mines Ltd. (AMEX: AZK). 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".
In the company’s news yesterday,
Aurizon posted its financial results for the third quarter of 2011. All figures are in Canadian dollars.
The company reported record revenue of $68 million for the third quarter of this year, up 71 percent compared to $39.9 million in the comparable quarter of 2010.
Net profit for the third quarter of 2011 was $13.1 million, or $0.08 per share, up 467 percent compared to $2.3 million, or $0.01 per share, reported in the third quarter of 2010.
Aurizon posted gross profit of $38.4 million for third quarter 2011 compared to $12.7 million for the same quarter of 2010.
The company increased its exploration expenditures in the third quarter of 2011 by 29 percent to $7.0 million, compared to $5.5 million for the comparable quarter of 2010, as it optioned new exploration properties as well as continued exploration and feasibility work at its Joanna gold development property.
George Paspalas, the company’s president and CEO, attributed the improved quarterly performance primarily to continued strength of its Casa Berardi gold mine operations. Gold production for the mine increased 49 percent compared to the production achieved in the third quarter of 2010.
“The operating performance at Casa Berardi continues to improve, and we are seeing greater margins as lower operating costs on a per ounce basis complement higher gold prices to realize an operating margin of US$1,198 per ounce for the quarter, an improvement of 233 percent over the corresponding period last year …,” Paspalas stated in the press release. “Our investment in the future of Casa Berardi is progressing well, with the shaft deepening in full swing and very encouraging exploration results from the 123 zone within the West Mine. We have also realized exploration success elsewhere at Fayolle and Marban, and are excited about the future potential for these projects. The optimization of the Joanna feasibility is progressing well, and a final study should be completed in second quarter 2012.”
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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.
