Shares Listed: Toronto Stock Exchange - Ticker Symbol - ARZ NYSE
Alternext. - Ticker Symbol - AZK U.S. Registration: (File
001-31893) VANCOUVER, March 11 /PRNewswire-FirstCall/ -- Aurizon
Mines Ltd. (TSX: ARZ; NYSE Alternext: AZK) reports that an updated
mineral resource estimate has been completed for the Joanna
Property, located in north western Quebec, Canada. The new updated
mineral resource estimate has been prepared by SGS Geostat Ltd.
("Geostat"). The updated measured and indicated mineral resource
estimate integrates results of the 2008 infill drilling program
completed within the limit of the proposed pit outline of the Hosco
Block and the results of all exploration drilling performed outside
of that pit contour above 300 metres. The inferred mineral
resources are estimated down to 600 metres. - Measured and
Indicated mineral resources have increased by 900,000 ounces in
comparison with the previous estimate of September, 2007. The
increase is mainly within the pit outline as proposed in the BBA
preliminary assessment report of May, 2008 - Inferred mineral
resources estimates decreased by 151,000 ounces in comparison with
the previous estimate of September, 2007. The decrease is mainly
due to the upgrade of resources to the measured and indicated
category. In addition to the upgrading of previously reported
mineral resources, total resources have increased within and along
the extension of the previous mineral resources outline.
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JOANNA MINERAL RESOURCES ESTIMATE (1,2,3,)
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December, 2008
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Grade Grams/ Gold Mineral Resources Tonnes tonne Ounces
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Measured Hosco 18,500,000 1.4 827,000
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Indicated Hosco 11,100,000 1.3 446,000 Heva 4,200,000 1.9 257,000
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Total Measured and Indicated 33,800,000 1.4 1,530,000
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Inferred Hosco 19,800,000 1.2 774,000 Heva 8,600,000 1.8 488,000
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28,400,000 1.4 1,262,000
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September 2007
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Grade Grams/ Gold Gain (loss) Mineral Resources Tonnes tonne Ounces
Ounces
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Measured - - - 827,000
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Indicated 8,200,000 1.6 420,000 26,000 3,100,000 2.1 210,000 47,000
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Total Measured and Indicated 11,300,000 1.7 630,000 900,000
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Inferred 24,300,000 1.5 1,150,000 (376,000) 4,300,000 1.9 263,000
225,000
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28,600,000 1.5 1,413,000 (151,000)
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(1) Mineral Resources which are not mineral reserves do not have
demonstrated economic viability (2) Measured and indicated mineral
resources for 2008 are reported to a depth of 300 metres at a cut
off grade of 0.5 grams of gold per tonne. Inferred mineral
resources for 2008 are related to a depth of 600 metres at a cut
off grade of 0.5 grams of gold per tonne. Mineral resources for
2007 are reported to a depth of 600 metres at cut- offs from 0.5 to
1.5 grams of gold per tonne, depending of depth. (3) Historical
production of 9,700 oz (Hosco) and 10,700 oz (Heva), has not been
subtracted from indicated and measured resources. The mineral
resource estimate is in accordance with the Canadian Institute of
Mining, Metallurgy and Petroleum ("CIM") Definitions Standards for
mineral resources and reserves and has been completed in accordance
with the National Instrument 43-101 - Standards of Disclosure for
Mineral Projects. "As the updated mineral resource estimate has
confirmed the quality of the existing mineral resources, Aurizon is
proceeding with the pre-feasibility study which will include all
necessary technical and economic aspects for the project and
address environmental and social issues, including the results of
future discussions with local and municipal organizations," said
Michel Gilbert, ing. Vice President.
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MINERAL RESOURCES - VARIABLE CUT-OFF GRADES
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Cut- Property Measured Indicated Total Measured off & Indicated
(g/t) -----------------------------------------------------------
Tonnes Grade Ozs Tonnes Grade Ozs Tonnes Grade Ozs (M) (g/t) (000)
(M) (g/t) (000) (M) (g/t) (000)
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0.5 Hosco 18,524 1.4 827 11,072 1.3 446 29,596 1.3 1,273 Heva - - -
4,203 1.9 257 4,203 1.9 257
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Total 18,524 1.4 827 15,275 1.4 703 33,799 1.4 1,530
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1.0 Hosco 13,476 1.6 691 6,899 1.5 337 20,375 1.6 1,028 Heva - - -
3,670 2.1 244 3,670 2.1 244
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Total 13,476 1.6 691 10,569 1.6 581 24,045 1.6 1,272
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1.5 Hosco 5,762 2.1 385 2,431 2.1 162 8,193 2.1 547 Heva - - -
2,467 2.5 195 2,467 2.5 195
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Total 5,762 2.1 385 4,898 2.2 357 10,660 2.2 742
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--------------------------------- Cut- Property Inferred off (g/t)
------------------- Tonnes Grade Ozs (M) (g/t) (000)
--------------------------------- 0.5 Hosco 19,767 1.2 774 Heva
8,586 1.8 488 --------------------------------- Total 28,353 1.4
1,262 --------------------------------- 1.0 Hosco 12,618 1.4 586
Heva 7,775 1.9 466 --------------------------------- Total 20,393
1.6 1052 --------------------------------- 1.5 Hosco 3,953 2.0 249
Heva 5,403 2.1 368 --------------------------------- Total 9,356
2.0 617 --------------------------------- Geology -------
Mineralization at Joanna is closely related to the east-west
Cadillac Fault and forms a 200 metre wide corridor composed of
different mineralized lenses parallel to the fault, dipping 55
degrees to the north. Mineralization takes the form of a few
millimetres to 15 centimetres wide quartz veins networks inside
finely disseminated sulphides. Mineralization has been defined and
correlated based on altered mineral assemblages (biotite,
tremolite, carbonates, muscovite, tourmaline, chlorite), quartz
textures, deformation features and sulphides types (pyrrhotite and
arsenopyrite). Mineralization is concentrated within two main
sectors, respectively, Hosco on the eastern side and Heva on the
western side. At Hosco, mineralization is located within three
lenses, one located north of the fault and two others at the
southern side. Each lens shows a thickness between 15 and 60 metres
and a variable lateral extension between 300 and 700 metres. At
Heva, lenses are always located south of the fault and rarely
exceed 10 metres. Data ---- Data from drilling and underground
channel sampling have been used for the mineral resource estimate,
including holes completed by previous owners and four hundred and
seventy (470) holes, totaling 134,489 metres, completed by Aurizon.
All holes were drilled between Sections 4,200m East and 9,700m
East. At Hosco, infill drilling at an average spacing of 25 metres
was completed between section 8,200m East and 9,300m East from
surface to a depth of 200 metres. Preliminary assessment
---------------------- BBA Inc. completed a Preliminary Assessment
Report based on the mineral resources contained in the Hosco block,
as calculated in September, 2007. See news release dated May 12,
2008, and the Preliminary Assessment Report filed under the
Company's profile at http://www.sedar.com/ "BBA Preliminary
Assessment" dated May 22, 2008. The preliminary assessment has not
been revised to incorporate the updated resource estimate prepared
by Geostat. Hosco mineral reserves ---------------------- Aurizon
holds an option to earn a 100% interest in the mineral claims
containing the Hosco mineral reserves. Heva mineral resources
---------------------- The Heva block covers mineral claims under
two different option agreements, namely the Vantex agreement and
Feifer option. Aurizon holds a 75% interest in the claims held
under the Vantex agreement, with the residual 25% interest held by
Stellar Pacific Ventures Inc, subject to dilution, and a 100%
interest in the claims held under the Feifer option. Mineral
resources contained in the Vantex claim blocks comprise indicated
mineral resources of 2,012,000 tonnes at an average grade of 2.4
grams of gold per tonne, and inferred mineral resources of
1,386,000 tonnes at an average grade of 2.0 grams per tonne (at a
variable cut-off with depth). No work has been performed on the
Vantex claims since the previous mineral resource estimate of
September, 2007. Outlook ------- Two (2) drill rigs are currently
active on the Joanna property, one to test a deep exploration
target 400 to 700 metres down-plunge from the existing mineral
resource contour, and a second drill rig is testing geophysics
targets in the northern part of the property and will explore the
main horizon along the recently optioned Alexandria property, to
the east of the Hosco Block. The pre-feasibility study will
incorporate the new resource estimate on the Hosco block of the
Joanna property as well as the results from the metallurgical and
geo-mechanical tests and studies currently in progress. In
addition, a preliminary economic assessment study will be initiated
on the Heva (West) block. The studies are expected to be completed
during the third quarter, 2009. Qualified Person and Quality
Control Information of a scientific or technical nature in this
news release has been prepared by or under the supervision of
Ghislain Fournier ing., Corporate Development Manager and Martin
Demers, P.Geo, Exploration Manager of the Company. Mineral resource
estimates were prepared by Michel Dagbert of Geostat, a "qualified
person" as defined by National Instrument 43-101. Additional
Information Additional information required by Part 3 of NI 43-101
and not otherwise contained in this news release can be found in
the "Technical Report Resource modeling & estimation update
Joanna Gold deposit", dated October 26, 2007 and the "Technical
Report NI 43-101 Preliminary Assessment for the Joanna Gold
Project", dated May 22, 2008, which can be found under Aurizon's
profile on http://www.sedar.com/. Two sketches are attached showing
the updated resource outline at the Joanna Gold Project. You can
view the sketches here:
http://files.newswire.ca/734/NRJoanna_A_031109.pdf and here:
http://files.newswire.ca/734/NRJoanna_B_031109.pdf. An appendix is
also attached detailing the technical parameters used for the
mineral resource estimate. All other information previously
released on Joanna is also available on Aurizon's website at
http://www.aurizon.com/. About Aurizon 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 Alternext (formerly the
American Stock Exchange) under the symbol "AZK". Additional
information on Aurizon and its properties is available on Aurizon's
website at http://www.aurizon.com/. FORWARD-LOOKING STATEMENTS This
News Release contains "forward-looking statements" and
"forward-looking information" within the meaning of applicable
securities legislation. These forward-looking statements include,
but are not limited to, statements and information regarding
estimated mineral resources, anticipated effect of the completed
drill results on the Joanna project, a preliminary assessment,
timing of a pre-feasibility study, and timing and expectations for
future work programs. Forward-looking statements express, as at the
date of this News Release, the Company's plans, estimates,
forecasts, projections, expectations, or beliefs as to future
events or results and the Company does not intend, and does not
assume any obligation to update these forward-looking statements.
Forward-looking statements are based on certain assumptions,
including, those referred to in this news release and, with respect
to mineral resource estimates, the key assumptions and parameters
on which such estimates are based, as set out in the technical
report for the property, and involve risks and uncertainties, and
there can be no assurance that such statements will prove to be
accurate. Therefore, actual results and future events could differ
materially from those anticipated in such statements. Factors that
could cause results or events to differ materially from current
expectations expressed or implied by the forward-looking
statements, include, but are not limited to conclusions of economic
evaluations; changes in project parameters as plans continue to be
refined; future prices of gold; possible variations in ore
resources, grade or recovery rates; failure of plant, equipment or
processes to operate as anticipated; accidents, labour disputes,
delays in work programs due to shortage of labour, equipment or
financial resources, environmental risks and hazards and other
risks of the mining industry; and other risks more fully described
in Aurizon's Annual Information Form filed with the Securities
Commissions of the provinces of British Columbia, Alberta,
Manitoba, Ontario and Quebec, and in Aurizon's Annual Report on
Form 40-F filed with the United States Securities and Exchange
Commission. These documents are available on Sedar at
http://www.sedar.com/ and on Edgar at http://www.sec.gov/.
CAUTIONARY NOTE TO US READERS As a British Columbia corporation,
the Company is subject to certain rules and regulations issued by
the British Columbia Securities Commission ("BC Securities
Commission"). The Company is required to provide detailed
information regarding its properties including mineralization,
drilling, sampling and analysis, security of samples and mineral
resource and mineral reserve estimates. Further, the Company
describes mineral resources associated with its properties
utilizing terminology such as "indicated" or "inferred" which terms
are recognized by Canadian regulations but are not recognized by
the United States Securities and Exchange Commission ("SEC").
Cautionary Note to U.S. Investors Regarding Mineral Resources The
SEC allows mining companies, in their filings with the SEC, to
disclose only those mineral deposits they can economically and
legally extract or produce. The Company may use certain terms in
this document, such as "mineral resources", "indicated mineral
resources" and "inferred resources" that are recognized and
mandated by Canadian securities regulators but are not recognized
by the SEC. This News Release may use the term "indicated"
resources. U.S. readers are cautioned that while that term is
recognized and required by Canadian regulations, the SEC does not
recognize it. U.S. investors are cautioned not to assume that any
part or all of mineral deposits in this category will ever be
converted into mineral reserves. This News Release may also use the
term "inferred" resources. U.S. readers are cautioned that while
this term is recognized and required by Canadian regulations, the
SEC does not recognize it. "Inferred resources" have a great amount
of uncertainty as to their existence, and great uncertainty as to
their economic and legal feasibility. It cannot be assumed that all
or any part of an Inferred Mineral Resource will ever be upgraded
to a higher category. Under Canadian rules, estimates of Inferred
Mineral Resources may not form the basis of feasibility or
pre-feasibility studies, except in rare cases. U.S. investors are
cautioned not to assume that part or all of an inferred resource
exists, or is economically or legally mineable Appendix --------
Technical Parameters - Mineral Resource Estimate
------------------------------------------------ Technical
parameters used for the updated mineral resource estimate are as
follows: - For the block model calculation, the block size is 5m
(EW) x 2m (NS) x 5m (Z) - The average gold grade of each block is
interpolated by ordinary kriging from the grades of nearby 2 metre
composites. - Higher grade intercepts have been revised and capped
at 15 grams of gold per tonne on the 2 metre composite, in
comparison with 25 grams of gold per tonne on 1 metre composite at
Heva and 15 grams of gold per tonne at Hosco as previously used. -
The specific gravity used in the tonnage calculation is 2.66 tonnes
per cubic metre. - The minimum cut off grade of 0.5 grams of gold
per tonne, which is in line with the BBA preliminary assessment
completed in 2008, was based on a gold price of US$650 per ounce, a
Canadian dollar exchange rate of 1.17, and milling recovery of 77%.
DATASOURCE: Aurizon Mines Ltd. CONTACT: AURIZON MINES LTD.: David
Hall, President and C.E.O., Telephone: (604) 687-6600, Toll Free:
1-888-411-GOLD, Fax: (604) 687-3932; Michel Gilbert, Vice
President, Telephone: (819) 874-4511, Fax: (819) 874-3391, Web
Site: http://www.aurizon.com/; Email: ; Or Renmark Financial
Communications Inc., 2080 Rene-Levesque Blvd. West, Montreal, QC,
H3H 1R6, Barry Mire, ; Jen Power, ; Media: Vanessa Napoli, , Tel:
(514) 939-3989, Fax: (514) 939-3717
Copyright