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Aurizon Mines Ltd ARZ TSE November 4, 1996 Record Cash Flow of $5.1 Million ANCOUVER, Nov. 4 /CNW/ - THIRD QUARTER Aurizon reported significantly higher earnings, cash flow and revenues in the third quarter of 1996 compared with the same period of 1995. Net earnings were $940,978 (3 cents per share) on revenues of $4,613,671 for the three months ended September 30, 1996, compared with $483,587 (1 cent per share) on revenues of $2,970,657 for the same period of 1995. Cash flow from operations in the third quarter increased 58% to $1.7 million (5 cents per share) compared with $1.1 million (3 cents per share) for the same period in 1995. Gold production was 8,440 ounces in the third quarter, 59% higher than 5,307 ounces produced in the same period of 1995. This increase is attributable to the Beaufor Mine commencing production in the beginning of 1996. Cash operating costs for the quarter improved from the first half of the year to U.S.$219 per ounce. The average realized gold price for the third quarter of U.S.$392 (Cdn.$543) per ounce compares favourably with the average spot price of U.S.$383 per ounce. The average realized gold price for the third quarter of 1995 was U.S.$400 (Cdn.$553). NINE MONTHS For the nine months ended September 30, 1996, net earnings of $2.8 million (8 cents per share) were achieved, compared with earnings of $2.7 million (8 cents per share) for the same period in 1995. Cash flow from operations for the nine months rose 21% to $5.1 million (14 cents per share) on revenues of $15.1 million compared with $4.2 million (12 cents per share) on revenues of $10.1 million in the same period of 1995. Gold production for the nine months rose to 27,701 ounces, 51% higher than for the same period of 1995. Cash operating costs continue to improve from those forecast in 1996 to U.S.$232 per ounce for the nine month period. Although higher than U.S.$196 per ounce realized for the same period of 1995, operating costs on a per ounce basis had been expected to increase in 1996 due to the initial startup of Beaufor and higher forecast costs at Sleeping Giant. At September 30, 1996, Aurizon had no long term debt, cash of $9.2 million and bullion settlements of $1.3 million. Working capital was $9.3 million. SLEEPING GIANT During the third quarter, a drift on the 545 metre level has, to date, extended the 20 Zone 80 metres (260 ft.) beyond the previously known ore limit (a 50% increase). The average grade of ore in this new area is approximately 20 grams per tonne, nearly double the average grade of the present mining reserves. This new development confirms the significant exploration potential outside of the present mining area. On the D Zone, 1,000 metres west of the current operations, diamond drilling, above the 295 metre level, has confirmed the potential of this zone. Recent drilling has returned grades and widths similar to the 20 and 30 Zones. BEAUFOR At Beaufor, exploration drilling west of the C Zone and above the 1,750 foot level has been successful in extending this zone 50 metres beyond the previously established ore limits. This zone remains open to the west, to depth and to surface. Drilling of the up dip extensions of the D, E and F veins has intersected numerous veins, confirming the existence of ore in this area. Drilling continues to enable an interpretation of these results. OPERATING RESULTS Three months ended Nine months ended September 30 September 30 ------------------- ----------------- 1996 1995 1996 1995 Sleeping Giant Production Tonnes milled 30,806 28,455 94,081 95,257 Ore grade (grams/tonne) 11.8 12.0 13.2 12.3 Gold production - ounces 11,206 10,614 38,511 36,707 Aurizon's 50% share 5,603 5,307 19,256 18,353 Operating costs/ounce - U.S.$ $216 $202 $216 $196 Depreciation and amortization/ounce - U.S.$ $85 $76 $71 $60 Beaufor Production Tonnes milled 18,426 - 63,560 - Ore grade (grams/tonne) 9.7 - 8.4 - Gold production - ounces 5,675 - 16,891 - Aurizon's 50% share 2,837 - 8,445 - Operating costs/ounce - U.S.$ $224 - $268 - Depreciation and amortization/ounce - U.S.$ $31 - $26 - GOLD PRODUCTION Number of ounces 8,440 5,307 27,701 18,353 Operating costs/ounce - U.S.$ $219 $202 $232 $196 Depreciation and amortization/ounce - U.S.$ $67 $76 $57 $60 Realized gold selling price - U.S.$ $392 $400 $393 $390 - Cdn$ $544 $553 $543 $545 FINANCIAL HIGHLIGHTS Three months ended Nine months ended September 30 September 30 ------------------ ----------------- 1996 1995 1996 1995 $ $ $ $ Revenue 4,163,671 2,970,657 15,128,570 10,105,217 Net Earnings 940,978 483,587 2,821,849 2,694,713 Operating Cash Flow 1,711,199 1,080,421 5,148,426 4,254,593 Earnings per share 0.03 0.01 0.08 0.08 Cash Flow per share 0.05 0.03 0.14 0.12 ------------------------------------------------------------------------ For further information: David P. Hall, President; Ian S. Walton, Chief Financial Officer or Investor Relations (604) 687-6600, toll-free 1-888-411-GOLD, fax (604) 687-3932. E-mail: aurizon(at)mindlink.bc.ca This release processed by Canstock at 16:13:55 Pacific Time | ||||||||||||||
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