| | |
| ||
| |
|  | |  | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | |  Joanna Gold Project, Quebec The Joanna Gold Project is located along the Cadillac Break, in Joannes Township, two kilometres northeast of the Rouyn-Noranda airport and 20 kilometres east of Rouyn-Noranda. The property extends east-west for more than eight kilometres and reached three kilometres in width. The property comprises 111 contiguous mineral claims. Exploration activities in the first half of 2009 resulted in the discovery of two new mineralized trends which were identified north and south of the main Heva-Hosco gold bearing trend at Joanna. Both discoveries remain open on strike and down dip. A winter program comprising 17,000 metres of drilling to test the aforementioned targets and to optimise the mineral resources in the Hosco block has been initiated. Two drill rigs are currently active and a third rig is expected to be added before year end. Outlook Aurizon Mines Ltd. is pleased to report that it has received a positive Pre-feasibility Study and is proceeding to final feasibility on its Joanna project. Joanna is expected to create excellent synergies with Aurizon's asset base in the prolific gold producing Abitibi region of Quebec and the proposed open pit operation has the potential in itself to increase Aurizon's gold production by 60% to approximately 260,000 ounces per year. Aurizon also continues to actively pursue merger and acquisition opportunities that would also be accretive to shareholder value. The Pre-feasibility Study was prepared by BBA Inc., Montreal, Quebec ("BBA") with contributions from other leading engineering firms and consultants, in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects as defined by ("NI 43-101") and highlights are summarized below:
At the prevailing gold price as of November 6, 2009, of US$1,090 per ounce and a Canadian to U.S dollar exchange rate of 1.07, Aurizon has determined that the pre-tax NPV increases to $249 million at a 5% discount rate and the pre-tax IRR increases to 31.8%. The study was prepared as a stand-alone project, relating solely to the mineral reserves located on the Hosco deposit, and accordingly does not take into account any of the mineral resources contained in the Heva deposit, which also forms a significant part of the Joanna Project. The Pre-feasibility Study also does not take into account all the synergies which would be anticipated from Aurizon's ability to utilize its milling facilities, management and infrastructure at Casa Berardi to improve the economics of the Joanna Project; nor does it consider the excellent exploration potential within Aurizon's large land position surrounding the Hosco deposit. These matters will be addressed in the final feasibility study, which has now been commissioned and is expected to be completed in the fourth quarter of 2010. "We are very pleased to release the Pre-feasibility Study on the Hosco deposit." said David P. Hall, President and Chief Executive Officer. "Due to the dedication and diligence of Aurizon's technical team and consultants, we have been able to deliver this study within just three years of optioning the property and we are proud to see Joanna progress as the next step in our strategic growth profile, creating shareholder value through successful exploration and development while continuing to seek out other worthwhile opportunities for growth." The delivery of the Pre-feasibility Study completes the first stage of Aurizon's Continuous Development Program at Joanna, aimed at advancing the Joanna Project to commercial production, by demonstrating an economic, environmental and social gain, while mitigating the technical, financial, and environmental risks of the Project. As mineral reserves could be affected by permitting and social acceptance issues, Aurizon held 35 meetings prior to the completion of the Pre-feasibility Study with various stakeholder groups and has incorporated most of their views and recommendations into the current study or as recommendations to be addressed in the final Feasibility Study. A contract has been awarded to BBA to complete a final Feasibility Study by the fourth quarter of 2010. Discussions with stakeholders will resume in order to ensure that the final Feasibility Study will integrate their views with a view to providing economical, environmental and social gains for all concerned parties. Please go to our news release page to view the entire news release on the Joanna Pre-feasibility study dated November 11, 2009.  Mineral Resources 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. Click here to view the entire report dated April 07, 2009 titled Technical Report - Resource Modeling and Estimation Update - Joanna Gold Deposit - Aurizon Mines Ltd. | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|  |
Corporate |
Operations |
News |
Investors |
QwikReport |
Contact Us |
Home © 2007 Aurizon Mines Ltd. All Rights Reserved. | Disclaimer |  | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||