Aurizon assays confirm grade, thickness at North zone

2009-01-26 09:38 ET - News Release

Mr. David Hall reports

GRADE AND THICKNESS CONFIRMED ALONG THE NORTH ZONE AT JOANNA

Aurizon Mines Ltd. has received all assays from the recently completed infill drill program at its Joanna project, located 20 kilometres from Rouyn-Noranda, in northwestern Quebec.

Four hundred sixty-three holes totalling 134,489 metres have been completed by Aurizon at Joanna, with the objective of confirming results from previous drilling and extending mineralized zones. Results from 389 holes have been previously released, and results from the last 74 holes of the infill drilling program are included in this release.

As well as confirming continuity and grade outside the former indicated resources block outline, the new results confirm a significant thickness in the North zone, inside the proposed pit outline (BBA preliminary assessment report, see news in Stockwatch May 12, 2008, and report filed on under the company's profile at SEDAR).

Of the 38 new holes that cross the western edge of the North zone over a 200-metre area, 29 holes returned intervals above 1.0 gram of gold per tonne over 20 metres (true thickness), including 16 holes with intervals greater than 1.0 gram of gold per tonne over 30 metres. The best results reported from the North zone are shown in the table, "Best results from North zone," and include holes with a true thickness over 40 metres or grades over 3.0 grams of gold per

Of the remaining 74 holes, 37 holes were planned to test the North zone above elevation of 200 metres and were not planned to intersect the South zone. Results of the 64 holes representing one or more individual mineralized intersections with grades over 1.0 gram of gold per tonne over more than five metres are indicated on attached tables. The details of 10 holes with grades below 1.0 gram of gold per tonne are not included in the table.

An additional table provides distinct intervals of 10 grams or more of gold per tonne.

East block (Hosco)

Infill drilling has been performed on a 25-metre by 25-metre spacing within the core of the East block, previously known as the Hosco zone as defined by BBA in the preliminary assessment. In this area, gold mineralization is located within different lenses located on both sides of the Cadillac break both dipping 55 degrees to the north. The South zone, extending for more than 800 metres, corresponds to the entire length of the deposit. The North zone is restricted to an extension of 400 metres. To date, 403 holes of 412 holes drilled on the East block, successfully intersected mineralization above the cut-off grade of 0.5 gram of gold per tonne as defined by the preliminary assessment report.

Preliminary assessment report

The BBA preliminary assessment concluded that based upon the September, 2007, mineral resources estimate for the East block (Hosco) above the 200-metre level, the Joanna project is potentially feasible as a stand-alone open-pit mine operation and recommended that additional work be undertaken to advance the project to the prefeasibility stage. In addition, the report provided guidelines on the environmental risks.

Based on the preliminary pit optimization studies and mine design in the BBA report, the estimated diluted in pit resources contained in the detailed pit design are 9.08 million tonnes in the indicated mineral resource category at a grade of 1.5 grams of gold per tonne and 9.07 million tonnes in the inferred mineral resource category at a grade of 1.4 grams of gold per tonne, based on a cut-off grade of 0.5 gram of gold per tonne. The overall life of mine stripping ratio was estimated at 3.4 tonnes of waste per tonne of ore, with an interramp pit slope of 55 degrees. Total metal recoverable was estimated at 653,000 ounces of gold assuming a mill recovery of 77 per cent.

The BBA preliminary assessment is preliminary in nature, includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. There is no certainty that the preliminary assessment will be realized. The basis for the preliminary assessment, and the qualifications and assumptions for the report were previously provided in Stockwatch May 12, 2008.

Outlook

With the infill program now completed and all results received, a new resource estimate is currently being prepared by SGS Geostat Ltd. Aurizon has appointed BBA to prepare the prefeasibility study upon completion of the updated resource estimate. Other contracts have been awarded to the following companies: Roche Ltd., to complete the required environmental studies; Golder Associates, the rock mechanic evaluation of the pit design; and SGS Lakefield Research Limited, the metallurgy processes. The prefeasibility study will include the results of the expanded drill program, resource modelling, rock mechanic modelling, environmental studies and the metallurgical testworks that are presently in progress. Aurizon estimates that the prefeasibility study should be completed by late in the second quarter, 2009.

Two rigs are currently active on the property, testing high-grade potential along the dip extension below 700 metres, and geophysical and geochemical targets outside of the main orebody, including the recently optioned Alexandria property located along the eastern extension of the Joanna deposit.

Hg