Shares Listed: Toronto Stock Exchange - Ticker Symbol - ARZ NYSE
Amex: - Ticker Symbol - AZK U.S. Registration: (File 001-31893)
VANCOUVER, May 13 /PRNewswire-FirstCall/ -- Aurizon is pleased to
announce highlights of its financial results for the first quarter
of 2009, which have been prepared on the basis of available
information up to May 11, 2009. (To review the complete interim
unaudited financial statements or Management's Discussion and
Analysis, which should be read in conjunction with the most recent
financial statements, please see the Company's SEDAR filings at
http://www.sedar.com/ or on the Company's website at
http://www.aurizon.com/.). The first quarter was highlighted by the
following activities: - Cash flow from operating activities
increased 27% to $19.7 million compared to same quarter of 2008. -
Earnings of $5.0 million, or $0.03 per share, and adjusted earnings
of $7.1 million, or $0.05 per share. - Gold production of 38,966
ounces, in line with plan. - Total cash costs of US$379 per ounce,
10% lower than same quarter of 2008. - Project debt reduced by $8.2
million. - Subsequent to March 31, 2009, an equity financing
realized net proceeds of $47.4 million. "Aurizon posted another
quarter of consistent operating performance and strong cash flow,"
said David Hall, President and Chief Executive Officer. "With a
strong financial position, several major studies underway,
increased exploration budgets and escalating corporate development
activity, we are well positioned to continue to add value for our
shareholders." FINANCIAL RESULTS First Quarter 2009 Earnings of
$5.0 million, or $0.03 per share, were achieved in the first
quarter of 2009, compared to a loss of $3.8 million, or ($0.03) per
share, in the same period of 2008. Operating results were impacted
by non-cash derivative losses of $0.7 million and foreign exchange
losses of $1.3 million, on an after tax basis. After adjusting for
these items, earnings for the quarter were $7.1 million, or $0.05
per share, compared to adjusted earnings in the first quarter of
2008 of $3.3 million or $0.02 per share. Revenue from Casa Berardi
operations increased to $41.6 million in the first quarter of 2009
from the sale of 37,400 ounces of gold, compared to $35.1 million
from the sale of 39,611 ounces of gold in the same quarter of 2008,
primarily as a result of a weaker Canadian dollar. The average
realized gold price was US$888 per ounce and the average Cad/US
exchange rate was 1.25, compared to realized prices of US$877 per
ounce at an average exchange rate of 1.01 in the same quarter of
2008. The 2009 average realized gold price includes the sale of
20,191 ounces of gold at an average price of US$868 per ounce from
the exercise of call options, compared to 17,111 ounces of gold
sold at an average price of US$833 per ounce from the exercise of
call options in the first quarter of 2008. Actual gold production
in the quarter was 38,966 ounces, compared to 42,074 ounces in the
same quarter of 2008. Operating costs in the first quarter of 2009
totalled $17.7 million, while depletion, depreciation and accretion
("DD&A") totalled $8.5 million. On a unit cost basis, total
cash costs per ounce of gold sold was US$379 and DD&A
amortization was US$183 per ounce, for a total production cost of
US$562 per ounce. In the first quarter of 2009, rising gold prices
together with a weaker Canadian dollar, partially mitigated by the
expiry of gold options and foreign exchange contracts, resulted in
a non-cash charge of $0.9 million due to an increase in the net
unrealized derivative liabilities to $26.3 million at March 31,
2009. In the same quarter of 2008, $9.9 million was charged to
operations. There are no margin requirements with respect to these
derivative positions. Administrative and general costs in the first
quarter of 2009 totalled $2.8 million, slightly higher than the
$2.6 million incurred in the same period of 2008. Included in these
costs are stock based compensation charges totaling $0.9 million
compared to $0.4 million in the same period of 2008. Exploration
expenditures of $1.2 million incurred at Joanna and Kipawa were
charged to operations during the first quarter of 2009, compared to
$2.3 million in the same period of 2008. Interest costs associated
with the project debt facility dropped to $0.3 million from $1.1
million in the first quarter of 2008 as a result of principal debt
repayments of $39.8 million made in 2008 together with declining
interest rates during the first quarter of 2009. Income and
resource taxes totaled $3.6 million, of which $1.2 million are
current Quebec mining taxes and $2.4 million are future income
taxes. The future income taxes are the result of temporary
differences between the tax and accounting bases of the Company's
assets and liabilities. Foreign exchange losses totalling $1.7
million were realized in the first quarter of 2009, compared to
gains of $1.2 million in the same quarter of 2008. Summary of
Results
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(in thousands of dollars, except per share data)
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1st 1st Quarter Quarter 2009 2008
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Revenue $41,566 $35,134 Operating costs 17,667 16,869
Administrative and general costs 2,794 2,569 Exploration costs
1,232 2,272 Unrealized derivative losses 933 9,922 Net Earnings
(Loss) 5,048 (3,776) Earnings (Loss) per share - basic and diluted
0.03 (0.03)
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Cash flow from operating activities increased 27% to $19.7 million
in the first quarter of 2009, compared to cash flow of $15.6
million in the same period of 2008. A significantly weaker Canadian
dollar and similar realized US dollar gold prices resulted in a 26%
increase in realized Canadian dollar gold prices and a wider
operating profit margin in the first quarter of 2009 compared to
the same period last year. Capital expenditures totalled $10.5
million in the first quarter, of which $7.8 million was on
sustaining capital and $2.1 million was on exploration activity at
Casa Berardi. In accordance with the terms of the project debt
facility, restricted cash accounts are maintained for Casa
Berardi's operations. These restricted cash balances increased by
$5.0 million in the first quarter of 2009 as a result of positive
cash flow from Casa Berardi operations, net of sustaining capital
and an $8.2 million principal payment. Aggregate investing
activities resulted in cash outflows of $15.5 million during the
first quarter of 2009, compared to cash inflows of $6.6 million in
the same period of 2008. Financing activities during the first
quarter of 2009 resulted in a net cash outflow of $6.0 million,
primarily due to a principal debt repayment of $8.2 million in
March from the Company's restricted cash account. The exercise of
incentive stock options provided $2.3 million. In the same period
of 2008, financing activities resulted in a net cash outflow of
$25.6 million as a principal debt repayment of $26.7 million was
made at the end of March 2008. CASH RESOURCES AND LIQUIDITY As at
March 31, 2009, cash and cash equivalents stood at $32.6 million,
compared to $34.3 million at the beginning of the year. In
addition, restricted cash balances in respect of the Casa Berardi
debt facility totalled $26.2 million, compared to $21.2 million as
at December 31, 2008. On May 6, 2009, $13.0 million was released
from the restricted cash accounts, following an $8.2 million debt
repayment on March 31, 2009. Aurizon had working capital of $22.0
million as at March 31, 2009, compared to $24.1 million at the end
of 2008. Included in current liabilities are the two final project
debt repayments due in September 2009 and March 2010 totalling
$21.0 million. Also included in current liabilities at March 31,
2009 are non-cash derivative liabilities totaling $17.2 million
compared to $13.7 million at the end of 2008. Long-term debt at
March 31, 2009 totalled $1.3 million of which $1.2 million is
refundable government assistance and $0.1 million is equipment
capital leases, compared to long-term debt of $9.4 million at the
beginning of the year. Subsequent to March 31, 2009, the Company
closed a bought deal equity financing for gross proceeds of $50
million, whereby the Company issued a total of 9,708,800 common
shares at a price of $5.15 per share. Net proceeds of the financing
after underwriters' commissions and related costs total $47.4
million. CALCULATION OF ADJUSTED EARNINGS Adjusted earnings are
calculated by removing the gains and losses, net of income tax,
resulting from the mark-to-market revaluation of the Company's gold
and foreign currency price protection contracts, as well as
currency exchange fluctuations, as detailed on the table below.
Adjusted earnings do not constitute a measure recognized by
generally accepted accounting principles (GAAP) in Canada or the
United States, and do not have a standardized meaning defined by
GAAP. The Company discloses this measure, which is based on its
financial statements, to assist in the understanding of the
Company's operating results and financial position.
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(in thousands of Canadian dollars, except per share amounts)
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1st 1st Quarter Quarter 2009 2008
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Earnings (loss) as reported $5,048 ($3,776) Unrealized loss on
derivative instruments(1) 720 7,987 Foreign exchange loss (gain)(1)
1,310 (934)
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Adjusted earnings 7,078 3,277
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Adjusted earnings per share $0.05 $0.02
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(1) - Net of income taxes CASA BERARDI Casa Berardi produced 38,966
ounces of gold in the first quarter of 2009, of which 37,400 ounces
were sold at an average price US$888 per ounce. Since commissioning
the mill in November 2006, Casa Berardi has produced 374,996 ounces
of gold.
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1st 1st Quarter Quarter 2009 2008
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Operating results Tonnes milled 167,484 163,694 Grade - grams/tonne
7.93 8.63 Mill recoveries - % 91.3% 92.6%
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Gold Production - ounces 38,966 42,074
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Gold sold - ounces 37,400 39,611
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Per ounce data - US$ Average realized gold price $888 $877
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Total cash costs(1) $379 $422 Amortization(2) $183 $191
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Total production costs(3) $562 $613
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Table footnotes: (1) Operating costs net of by-product silver
credits, divided by ounces sold, and divided by the average Bank of
Canada Cad$/US$ rate. (2) Depreciation, depletion and accretion
expenses divided by ounces sold, and divided by the average Bank of
Canada Cad$/US$ rate. (3) Total cash costs plus depreciation,
depletion and accretion expenses per ounce of gold sold. Ore
throughput in the mill during the first quarter of 2009 increased
to 167,484 tonnes from 163,694 tonnes in the same period of 2008 as
a stable daily production rate of 1,860 tonnes per day was
achieved. An average ore grade of 7.9 grams/tonne was achieved in
the first quarter of 2009, matching the ore grades planned for
2009. Mill recoveries averaged 91.3% in the first quarter of 2009.
This compares to ore grades of 8.6 grams/tonne and mill recoveries
of 92.6% in the first quarter of 2008. Ore feed is now provided by
three different zones including the 113 Zone, the NW Zone, and the
newly developed Lower Inter Zone, thereby improving flexibility in
the mining operations. Total cash costs, on the basis of gold sold,
were US$379 per ounce in the first quarter of 2009, 3% lower than
the 2009 plan, and compared to US$422 per ounce in the first
quarter of 2008. The weakness of the Canadian dollar in the first
quarter of 2009 was the primary factor for the lower unit costs.
Unit mining costs in the first quarter of 2009 were $108 per tonne,
2% lower than the same quarter of 2008 costs of $110 per tonne.
Operating profit margin per ounce increased 12% to US$509 per ounce
from US$455 per ounce in the same quarter of 2008. OTHER PROPERTIES
Joanna Gold Property In the first quarter of 2009, two drill rigs
were active on the Joanna property testing a deep exploration
target 400 to 700 metres down-plunge from the Hosco mineral
resource contour, and also testing geophysical targets in the
northern part of the property. In addition, drill targets along the
main horizon of the recently optioned Alexandria property, to the
east of the main Hosco Block were tested. A total of 8,404 metres
of surface drilling were completed during the quarter and results
should be released during the second quarter, 2009. Kipawa
Gold/Uranium Property Exploration activity at Kipawa consisted of
the analysis and interpretation of results from the surface
programs performed in 2008, in order to define a summer field work
program. OUTLOOK Based upon first quarter results and the 2009 mine
plan, Casa Berardi remains on target to produce between 150,000 -
155,000 ounces of gold at a total cash cost of approximately US$390
per ounce, using a Cad$/US$ exchange rate of 1.20. Sustaining
capital costs at Casa Berardi for the remainder of 2009 are
estimated to total $9.8 million, primarily for the development of
the upper and lower portions of the 113 Zone and of the Lower Inter
Zone. An additional $8.5 million is planned on property, plant and
mine equipment improvements. This includes an additional capital
budget of $3.7 million for mining equipment to replace
contractor-owned equipment with the objective of lowering operating
and total production costs. The Company's strong financial position
at March 31, 2009, together with the net proceeds from the $50
million equity financing in April 2009, and the operating cash
flows that are anticipated from Casa Berardi over the next twelve
months are expected to allow Aurizon to meet its financial
obligations as they become due and also fund its planned
exploration and capital programs. Exploration At Casa Berardi,
underground exploration will continue from the exploration drift at
the 810 metre level of the West mine, to test the depth extension
of Zone 113 and the continuity and extension of Zones 118 and
123-South. In addition, a new underground and surface drill program
has recently been approved to initiate exploration along the west
extension of the Lower Inter Zone, along the Principal Zone and
along the dip extension of the East Mine with the objective of
delineating inferred and indicated mineral resources. For the
remainder of 2009, $12.4 million will be invested at Casa Berardi
for exploration activities, including $5.5 million on underground
development and infrastructure, and $6.9 million on surface and
underground drilling. Technical Studies At Casa Berardi, a
feasibility study on mining the crown pillar of the East Mine by
open pit has been awarded to Scott Wilson RPA Inc. In addition, a
preliminary technical assessment study on mining the upper portion
of the Principal Zones by open pit will be initiated. At Joanna, a
pre-feasibility study has been awarded to BBA Inc., which will
incorporate the new resource estimate on the Hosco Block of the
Joanna property. All studies will be completed in accordance with
the Company's global development principles supporting technical,
economic, environmental and social considerations. Metallurgical
and geotechnical testwork and meetings with various stakeholders
are in progress. The studies are anticipated to be completed in the
third quarter of 2009. Corporate Development Activities Roger Walsh
was appointed Vice President, Corporate Development for the Company
during the first quarter, 2009. With the stability of operations at
Casa Berardi providing significant cash flow and a strong balance
sheet, the Company is actively pursuing opportunities to enhance
its growth profile. Common Shares (TSX: ARZ & NYSE Amex:AZK)
-------------------------------------------- March 31, December 31,
2009 2008 -------------------------------------------- Issued
148,813,932 148,068,298 Fully-diluted 156,890,782 156,586,548
Weighted average 148,495,299 147,707,642
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-------------------------------------------- NON-GAAP MEASURES a)
Total Cash Costs Per Gold Ounce Aurizon has included a non-GAAP
performance measure of total cash costs per ounce of gold in this
report. Aurizon reports total cash costs on a sales basis. In the
gold mining industry, this is a common performance measure, but
does not have any standardized meaning, and is a non-GAAP measure.
The Company believes that, in addition to conventional measures,
prepared in accordance with GAAP, certain investors use this
information to evaluate the Company's performance and ability to
generate cash flow. Accordingly, it is intended to provide
additional information and should not be considered in isolation or
as a substitute for measures of performance prepared in accordance
with GAAP. Total cash costs per gold ounce are derived from amounts
included in the statements of earnings and include mine site
operating costs such as mining, processing and administration, but
exclude amortization, reclamation costs, financing costs and
capital development costs. These costs are reduced by silver by-
product sales and then divided by gold ounces sold and the average
Bank of Canada Cad$/US$ exchange rate to arrive at the cash
operating costs per ounce. b) Unit Mining Costs Per Tonne Unit
mining costs per tonne is a non-GAAP measure and may not be
comparable to data prepared by other gold producers. The Company
believes that this generally accepted industry measure is a
realistic indication of operating performance and is useful in
allowing year over year comparisons. Unit mining costs per tonne is
calculated by adjusting operating costs as shown in the Statements
of Earnings and Comprehensive Income for inventory adjustments and
then dividing by the tonnes of ore processed through the mill. c)
Operating Profit Margins Per Ounce Operating profit margins per
ounce are a non-GAAP measure, and are calculated by subtracting the
cash costs per ounce from the average realized gold price. For the
quarter ended March 31, 2009, the average realized gold price was
US$888 less total cash costs of US$379 for a operating profit
margin of US$509 per ounce, compared to an average realized gold
price of US$877 less total cash costs of US$422 for a operating
profit margin of US$455 per ounce for the first quarter of 2008.
Qualified Person and Quality Control Information of a scientific or
technical nature was prepared under the supervision of Michel
Gilbert, P. Eng., Vice-President of Aurizon and a qualified person
under National Instrument 43-101. Conference Call Aurizon
management will host a conference call and live webcast for
analysts and investors on Wednesday, May 13, 2009 at 11:00 a.m.
Pacific Standard Time (2:00 p.m. Eastern Standard Time) to review
the results. You may access the call by calling the operator at
416-915-9619 or toll free access at 1-866-215-9524 ten (10) minutes
prior to the scheduled start time. The call is being webcast and
can be accessed at Aurizon's website at http://www.aurizon.com/ or
enter the following URL into your web browser:
http://www.snwebcastcenter.com/event/?event_id=381. Those who wish
to listen to a recording of the conference call at a later time may
do so by calling 416-915-1035 or 1-866-245-6755 (Passcode 380581).
This playback version of the call will be available until
Wednesday, May 20, 2009. Forward Looking Statements and Information
This report contains "forward-looking statements" and
"forward-looking information" within the meaning of applicable
securities regulations in Canada and the United States
(collectively, "forward-looking information"). The forward-looking
information contained in this report is made as of the date of this
report. Except as required under applicable securities legislation,
the Company does not intend, and does not assume any obligation, to
update this forward-looking information. Forward-looking
information includes, but is not limited to, statements with
respect to anticipated rates of recovery, timing and amount of
future production, anticipated total cash cost per ounce of gold to
be produced at the Casa Berardi Mine, currency exchange rates, the
future price of gold and the effects thereof, the estimation of
mineral reserves and mineral resources, the realization of mineral
reserve and mineral resource estimates and the economic viability
thereof, the timing and amount of estimated capital expenditures,
costs and timing of the development of new deposits, plans and
budgets for and expected , timing and results of exploration
activities, permitting time-lines, requirements for additional
capital, government regulation of mining operations, environmental
risks, reclamation obligations and expenses, title disputes or
claims, adequacy of insurance coverage, the availability of
qualified labour, acquisition plans and strategies, and the payment
of dividends in the future. Often, but not always, forward-looking
information can be identified by the use of words such as "plans",
"expects, "is expected", "budget", "scheduled", "estimates",
forecasts", "intends", "anticipates", or "believes", or the
negatives thereof or variations of such words and phrases or
statements that certain actions, events or results "may", "could",
"would", "might", or "will" be taken, occur or be achieved. The
forward-looking information contained in this report is based on
certain assumptions that the Company believes are reasonable,
including the exchange rates of the U.S. and Canadian currency in
2009, that the current price of and demand for gold will be
sustained or will improve, the supply of gold will remain stable,
that the current mill recovery rates at the Company's Casa Berardi
Mine will continue, that the Company's current mine plan can be
achieved, that the general business and economic conditions will
not change in a material adverse manner, that financing will be
available if and when needed on reasonable terms and that the
Company will not experience any material accident, labor dispute,
or failure of plant or equipment. 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 reserves or 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 lower rates of production than expected, of
unexpected variations in ore reserves, grade or recover rates, of
failure of plant, equipment or processes to operate as anticipated,
of accidents, labour disputes and other risks generally associated
with mining, unanticipated delays in obtaining governmental
approvals or financing or in the completion of development or
construction 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 Canada and in Aurizon's Annual Report on Form 40-F
filed with the United States Securities and Exchange Commission,
which are available on Sedar at http://www.sedar.com/ and on Edgar
at http://www.sec.gov/. Although the Company has attempted to
identify important factors that could cause actual actions, events
or results to differ materially from those described in
forward-looking information, there may be other factors that cause
actions, events or results not be as anticipated, estimated or
intended. There can be no assurance that forward-looking
information will prove to be accurate, as actual results and future
events could differ materially from those anticipated in such
statements. Readers are cautioned not to place undue reliance on
forward-looking information due to the inherent uncertainty
thereof. 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 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". Additional information on Aurizon and its properties
is available on Aurizon's website at http://www.aurizon.com/.
Aurizon Mines Ltd. Balance Sheets (unaudited) - as at March 31
December 31 (in thousands of Canadian Dollars) 2009 2008
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$ $ ASSETS CURRENT Cash and cash equivalents 32,587 34,337
Restricted cash 26,238 21,225 Accounts receivable and prepaid
expenses 2,726 4,419 Refundable tax credits and mining duties 5,301
5,301 Derivative instrument assets 166 412 Inventories 10,608
10,145
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77,626 75,839 Derivative instrument assets 428 1,420 Other assets
1,766 1,553 Property, plant & equipment 55,489 54,761 Mineral
properties 125,614 124,378
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TOTAL ASSETS 260,923 257,951
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LIABILITIES CURRENT Accounts payable and accrued liabilities 15,616
15,067 Derivative instrument liabilities 17,206 13,727 Current
portion of long-term debt 21,626 21,663 Current provincial mining
taxes payable 1,167 1,302
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55,615 51,759 Derivative instrument liabilities 9,690 13,474
Long-term debt 1,270 9,430 Asset retirement obligations 21,152
20,905 Future income tax liabilities 19,822 17,442
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TOTAL LIABILITIES 107,549 113,010
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SHAREHOLDERS' EQUITY Share Capital 198,098 194,647 Contributed
Surplus 872 872 Stock based compensation 8,947 9,013 Deficit
(54,543) (59,591)
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TOTAL SHAREHOLDERS' EQUITY 153,374 144,941
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TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 260,923 257,951
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Aurizon Mines Ltd. Statements of Earnings (Loss) and Comprehensive
Income (Loss) (unaudited) - For the three months ended March 31,
(in thousands of Canadian Dollars, except for share and per share
amounts) 2009 2008
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$ $ REVENUE Mining operations 41,566 35,134
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EXPENSES Operating costs 17,667 16,869 Depreciation, depletion and
accretion 8,512 7,550 Administrative and general costs 2,794 2,569
Exploration costs 1,232 2,272 Unrealized derivative losses 933
9,922 Interest on long-term debt 251 1,146 Foreign exchange loss
(gain) 1,696 (1,160) Capital taxes 203 225 Other income (317) (750)
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32,971 38,643
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Earnings (loss) for the period before income taxes 8,595 (3,509)
Current provincial mining taxes (1,167) - Future income tax expense
relating to mining duties (422) (761) Future income tax recovery
(expense) (1,958) 494
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Earnings (loss) and comprehensive income (loss) for the period
5,048 (3,776)
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Earnings (loss) per share - basic and diluted 0.03 (0.03)
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Weighted average number of common shares outstanding (thousands)
148,495 147,113
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Statements of Deficit (unaudited) - For the three months ended
March 31, (in thousands of Canadian Dollars) 2009 2008
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$ $ Deficit - Beginning of period as previously reported (59,591)
(69,006) Retrospective adoption of new accounting standard - 4,494
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Deficit - as adjusted (59,591) (64,512) Earnings (loss) for the
period 5,048 (3,776)
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Deficit - end of period (54,543) (68,288)
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Aurizon Mines Ltd. Statements of Cash Flow (unaudited) - For the
three months ended March 31, (in thousands of Canadian Dollars)
2009 2008
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$ $ CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES Earnings (loss)
for the period 5,048 (3,776) Adjustments for non-cash items:
Depreciation, depletion, and accretion 8,512 7,550 Refundable tax
credits (213) (383) Loss (gain) on sale of property, plant and
equipment 34 (11) Stock based compensation 923 361 Unrealized
non-hedge derivative losses 933 9,922 Future income tax expense
2,380 267
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17,617 13,930 Decrease in non-cash working capital items 2,118
1,636
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19,735 15,566
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CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES Property, plant and
equipment (3,525) (1,548) Mineral properties (6,981) (2,393)
Restricted cash proceeds (funding) (5,013) 11,028 Refundable tax
credits - (534)
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(15,519) 6,553
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CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES Issuance of shares
2,262 926 Long-term debt (8,228) (26,532)
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(5,966) (25,606)
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DECREASE IN CASH AND CASH EQUIVALENTS (1,750) (3,487) CASH AND CASH
EQUIVALENTS - BEGINNING OF PERIOD 34,337 24,837
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CASH AND CASH EQUIVALENTS - END OF PERIOD 32,587 21,350
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DATASOURCE: Aurizon Mines Ltd. CONTACT: AURIZON MINES LTD., David
P. Hall, President and C.E.O.; Ian S. Walton, Executive Vice
President and C.F.O., Telephone: (604) 687-6600, Toll Free:
1-888-411-GOLD, Fax: (604) 687-3932, Web Site:
http://www.aurizon.com/, Email: ; or Renmark Financial
Communications Inc., 2080 Rene-Levesque Blvd. West, Montreal, QC,
H3H 1R6, Barry Mire: ; Henri Perron: ; Media - Vanessa Napoli: ,
Tel: (514) 939-3989, Fax: (514) 939-3717
Copyright