Aurizon Mines (ARZ.TSX, AMEX: AZK) announced financial and operating results for the second quarter of 2011. The Canadian-based gold miner reported that gross profit came in at $29.1 million, a 45% increase over the second quarter of 2010. Net income rose 17% to $6.3 million, or $0.04 per share.
The Company also reported that it is working on a feasibility study on the Hosco deposit of its Joanna property in northwestern Quebec. Aurizon recently announced that in-pit measured and indicated mineral resources at Hsoco increased by 31% over the previous resource estimate.
* Cash flow from operations surged 40% over the prior year period to $23.1 million.
* Gold production came in at 41,418 ounces, an 8% increase over Q2 2010.
* New CEO, George Paspalas, is joining Aurizon effective August 15, 2011.
David Hall, President and CEO:
“We produced stronger cash flow and profits in the second quarter compared to first quarter 2011 due to improved operational performance at Casa Berardi…In addition, we commenced shaft deepening at Casa Berardi and embarked upon the largest exploration program in Aurizon’s history, initiatives which we are confident will deliver incremental value for our shareholders in the future.”