VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 8, 2012) - Aurizon Mines Ltd. (News - Market indicators)(NYSE MKT:AZK) reports unaudited financial results for the third quarter of 2012, which have been prepared on the basis of available information up to November 7, 2012. Management's Discussion and Analysis should be read in conjunction with the most recent annual financial statements of the Company. All dollar amounts are expressed in Canadian dollars unless otherwise stated.

Third Quarter 2012 Highlights and Significant Items

• Net profit of $5.5 million, or $0.03 per share
  
  
• EBITDA¹ of $18.9 million
  
  
• Operating profit margin¹ of US$894 per ounce
  
  
• Cash balance of $199 million and no debt
  
  
• Gold production of 29,913 ounces, resulting in revised annual gold production guidance of approximately
  137,000 ounces for 2012
  
  
• Casa Berardi enters transition phase to accommodate shaft sinking and access to new zones
  
  
• Successful transition from contractor to owner-operated mining at Casa Berardi
  
  
• Encouraging exploration results on the Heva and Hosco West Extension areas
  
  
• Receipt of Marban and Fayolle resource updates
  
  

From the President and Chief Executive Officer, George Paspalas

"Production performance was below expectations during the third quarter 2012 due to two isolated events. The ore grade from three stopes was significantly lower than expected based upon the mine plan, resulting in 4,600 fewer ounces of gold. Further definition drilling and grade reconciliation of subsequently mined stopes has determined this to be an isolated occurrence. Secondly, during a scheduled replacement of the shaft hoist cable, a technical issue resulted in four days of lost production. 

We are currently in a transition phase at Casa Berardi while we install the required infrastructure to commence mining new areas east of the production shaft. 

These new mining areas will be the foundation of future production at Casa Berardi. The shaft sinking and lateral development out to the 118 and 123 Zones are in progress and the operation will transition from the existing mining areas over the next 18 months.

In view of these events, we believe it is prudent to modify our 2012 production guidance from 150,000 to 137,000 ounces and total full year cash costs from $US645 to approximately $US695 per ounce.

During the transition phase to the new mining areas at Casa Berardi, we anticipate that some mining flexibility may be lost until we are fully operational in these new areas. Consequently, we expect our 2013 production to be in the range of 125,000 to 130,000 ounces. Major shutdowns are planned for 2013, particularly in the first quarter, in order to switch over to the deepened shaft and incorporate new infrastructure into the mining schedule.

Following the transition period, we expect to see Casa Berardi return to historical production levels, and we continue to believe that Casa Berardi is a long-life asset in a favourable mining jurisdiction with ongoing excellent exploration potential. The key elements that we are focusing on at Casa Berardi will be the introduction of the East Mine Crown Pillar open pit, and the mining of the Principal area of the West Mine from the existing 280 level drift, which will complement mining of the remaining ore blocks in the West Mine area and the new 118 and 123 Zones."

FINANCIAL RESULTS

Third Quarter 2012

Net profit of $5.5 million, or $0.03 per share, was achieved in the third quarter 2012 compared to $13.1 million, or $0.08 per share, in the same period of 2011. The decline in net profit compared to the third quarter 2011 was mainly attributable to a 25% decline in ounces of gold sold and a 25% decline in operating profit margin¹ per ounce. 

Revenue from Casa Berardi operations was $49.8 million in the third quarter 2012 from the sale of 30,134 ounces of gold, compared to $68.1 million from the sale of 40,257 ounces of gold in the same quarter of 2011. The realized gold price¹ was US$1,653 per ounce at an average CAD$/US$ exchange rate of 0.99, compared to US$1,695 per ounce at an average exchange rate of 0.99 in the same quarter of 2011. The average London afternoon gold fix for the third quarter 2012 was US$1,652 per ounce compared to US$1,700 per ounce for the same period of 2011. 

Cost of sales from Casa Berardi operations, comprising operating costs and depreciation and amortization expense of $23.0 million and $9.4 million, respectively, totalled $32.4 million. On a unit cost basis, total cash costs¹ were US$759 per ounce and depreciation and amortization¹ was US$314 per ounce, for total production costs¹ of US$1,073 per ounce. The shaft sinking project has impacted both mining and development productivity, which has constrained the ability of the mine to provide ore to the mill, and resulted in limited underground operational flexibility and higher unit operating costs. The shaft sinking project is expected to be completed in the second half of 2013 and operational by the end of 2013.

Gross profit was $17.3 million compared to $38.4 million for the same period of 2011. A moderately lower realized gold price¹ per ounce, combined with higher operating costs, resulted in an operating profit margin¹ of US$894 per ounce, compared to US$1,198 per ounce in the same quarter of 2011. Higher depreciation and amortization¹ charges of US$314 per ounce also impacted third quarter results, compared to US$248 per ounce in the same quarter of 2011.

EBITDA¹ declined to $18.9 million from $33.4 million in the same period of 2011. This decline is mostly due to lower gold sales volume and higher operating costs.

Exploration expenditures totalled $3.8 million compared to $7.0 million in the same period of 2011. Exploration activities in the third quarter 2012 were conducted primarily on the Heva and Hosco West Extension areas, and on the Marban and Opinaca-Wildcat projects.

General and administrative costs totalled $3.9 million and were $1.2 million lower than in the same period of 2011. The majority of this decrease is due to a reduction in share-based compensation expense by $0.6 million. 

Income and resource tax expense declined to $4.3 million, or 43.8% of profit before income and resource taxes, significantly lower than the $10.6 million for the same period of 2011, primarily the result of lower earnings. The combined Canadian statutory income and resource tax rate for the Company in 2012 is 38.4%. The difference in the statutory rate from the effective rate in 2012 is primarily due to the non-deductibility of certain costs, particularly for the determination of the Quebec resource tax. 

Cash flows from operating activities totalled $11.9 million, compared to $34.7 million in the same period of 2011. This decrease in cash flow is principally due to a lower gold sales volume and a lower operating profit margin¹. 

Investing activities totalled $21.0 million, compared to $11.2 million for the same period of 2011. Capital expenditures at Casa Berardi totalled $20.6 million in the third quarter 2012, primarily in respect of mine development ($4.6 million), shaft deepening ($3.6 million), infrastructure ($5.8 million), machinery and equipment ($2.7 million) and exploration ($2.5 million) Infrastructure investments comprised the paste backfill plant, tailings pond and other facilities in the amounts of $1.7 million, $2.7 million, and $1.4 million, respectively.

Financing activities related to the issuance of shares upon the exercise of stock options, resulted in cash inflows totalling $0.4 million compared to $2.1 million in the same period of 2011.

Year-to-date 2012

Net profit for the nine months ended September 30, 2012 was $22.4 million, or $0.14 per share, compared to $22.1 million, or $0.14 per share, in the same period of 2011. Year-to-date operating results were impacted by a lower gold sales volume and higher total production costs¹, partially reduced by a higher realized gold price¹, compared to the same period of 2011. Profits in the same period of 2011 were impacted by a significant increase in resource taxes associated with the enactment of higher tax rates, which were retroactive to 2010.

Lower ore grades and lower throughput in the first nine months of 2012 resulted in gold production totalling 101,221 ounces, compared to 117,850 ounces in the same period of 2011. A weaker Canadian dollar over the first nine months of 2012, compared to the same period of 2011, had a positive effect on US dollar denominated gold sales.¹

Cash flow from operating activities totalled $37.0 million in the first nine months of 2012, compared to $72.3 million for the same period of 2011. This reduction of cash flow is primarily attributable to non-cash working capital movements in respect of income and resource tax balances and a lower operating profit. The non-cash working capital movements in respect of income and resource tax balances contributed a decrease of $16.6 million in 2012 compared to an increase of $7.1 million in the same period of 2011. The $16.6 million movement for the 2012 period is largely due to $18.4 million of income and resource taxes paid in respect of 2011 taxes owed. 

Investing activities in the first nine months of 2012 totalled $57.1 million, of which $54.9 million was invested in capital and exploration expenditures at Casa Berardi. Expenditures at Casa Berardi were primarily in respect of mine development ($13.0 million), shaft deepening ($11.0 million), infrastructure ($10.4 million), machinery and equipment ($11.0 million) and exploration ($7.5 million). Infrastructure investments comprised the paste backfill plant, tailings pond and other facilities in the amounts of $4.6 million, $3.0 million, and $2.8 million, respectively. In the same period of 2011, investing activities totalled $35.2 million, of which $33.3 million was invested in capital and exploration expenditures at Casa Berardi.

Financing activities, primarily related to the issuance of shares upon the exercise of stock options, resulted in cash inflows of $5.7 million in the first nine months of 2012 compared to cash inflows of $1.6 million for the same period of 2011.

CASH RESOURCES AND LIQUIDITY

As at September 30, 2012, cash and cash equivalents were $199.2 million, compared to $213.5 million as at December 31, 2011. Cash balances were impacted primarily by $37.0 million of net cash provided by operating activities offset by $54.8 million of investment in property, plant and equipment mostly at the Casa Berardi mine. Working capital increased to $202 million compared to $198 million as at December 31, 2011. The US$50 million revolving credit facility established on January 31, 2011 remains un-utilized as at November 7, 2012.

OPERATIONS - CASA BERARDI

Casa Berardi Operating Results

Ore throughput and ore grades declined 4% and 16%, respectively, in the third quarter compared to the second quarter 2012. Ore production was impacted by an extended interruption of operations related to a replacement of the production hoist cable. Additionally, the shaft sinking project has impacted both mining and development productivity, which has constrained the ability of the mine to provide ore to the mill. Ore grades in the third quarter were impacted by significantly lower than expected ore grades in three mined stopes, which resulted in approximately 4,600 fewer ounces of gold. A review of the ore reserve block model compared to the production results indicates that this is an isolated occurrence. The ore reserve grade reconciliation of subsequently mined stopes has returned to normal. Gold production from the Casa Berardi mine in the third quarter 2012 totalled 29,913 ounces, 21% lower than the second quarter 2012, and lower than the third quarter 2011 production of 44,457 ounces. 

Daily ore throughput of 1,836 tonnes at an average grade of 6.07 grams per tonne was achieved in the third quarter 2012, compared to 2,050 tonnes per day at an average grade of 7.95 grams per tonne in the same quarter of 2011. Unit mining costs¹ in the third quarter of 2012 were higher than plan at $145 per tonne, due to smaller stope sizes and lower ore throughput. Unit mining costs¹ in the same quarter of 2011 were $117 per tonne.

The higher unit mining costs¹ per tonne in 2012, together with lower than expected ore grades, resulted in total cash costs¹ of US$759 per ounce in the third quarter 2012, compared to US$497 per ounce in the same quarter of 2011. A combination of a 24% increase in unit operating costs, together with 24% lower ore grades, resulted in the higher total cash costs¹ in the third quarter 2012, compared to the same quarter of 2011. 

A slightly lower realized gold price¹ per ounce, together with higher operating costs, resulted in operating profit margin¹ declining to US$894 per ounce compared to US$1,198 per ounce in the same quarter of 2011. Ore throughput and grades are anticipated to be higher in the fourth quarter 2012, which is expected to result in higher quarterly gold production and lower total cash costs per ounce¹ than those realized in the first nine months of 2012. 

The manpower transition from contract miners to Aurizon employees at Casa Berardi was successfully completed in the third quarter 2012. The change to owner mining is expected to enhance mining productivity and the Company's ability to recruit, attract and retain miners. 

Casa Berardi Shaft Deepening and Paste Backfill Plant 

Shaft deepening of the West Mine production shaft continued in the third quarter with the installation of the infrastructure required for the Phase II conventional shaft sinking. The shaft is presently at the 888 metre level with a planned 1,100 metre depth. Shaft deepening is expected to be completed in the second half of 2013 and operational by the end of 2013. The shaft will provide access to the lower portion of Zones 113, 118, and 123 from a drift at the 1,010 metre level. With production priorities impacting the scheduling and productivity of the shaft deepening project, as well as general inflationary cost pressures, the capital costs for the shaft deepening and lateral drift development at the 1,010 metre level are projected to be approximately $52 million, of which $11 million was incurred in the first nine months of the year, and a total of $20.8 million has been incurred to date. Approximately $5.1 million will be incurred in the fourth quarter 2012 and the balance of approximately $26.1 million in 2013-2014.

With the receipt of the necessary permits, construction of the paste backfill plant project will accelerate in the fourth quarter of 2012, with an anticipated commissioning in the second quarter of 2013. The paste backfill will maximize the extraction of the high grade ore from Zone 113 and provide greater mining flexibility. Key elements of the paste backfill plant, including the thickener and building are currently being fabricated. Two 4.5 kilometre-length pipes, that will transport the tailings slurry from the mill to the West Mine area, were delivered to the mine and are being installed. Current challenges in drilling the boreholes through the Casa Berardi fault from surface to the underground infrastructure, together with other cost increases, have resulted in projected costs of approximately $20 million. As of September 30, 2012, $4.6 million had been incurred on the project and an additional $9.8 million will be incurred in the fourth quarter of 2012. The balance of approximately $5.7 million will be incurred on the project in 2013.

Casa Berardi Exploration

Three surface drill rigs and eight underground drill rigs were active at Casa Berardi during the third quarter 2012. The underground drill rigs continue to focus on infill and step-out drilling of the upper extensions of Zones 118 and 123 from the 550 metre level drift as well as depth extensions of Zones 118 and 123. Drilling in the vicinity of Zone 123 from the 810 metre drift has confirmed the identification of new mineralized lenses outside of the known resource block.

The surface drill rigs continue to be active exploring the depth extensions of the West and East Mine areas. 

EXPLORATION DISCUSSION

Advanced Stage Gold Development Property - Heva and Hosco West Extension areas

The 2012 drill program at the Heva and Hosco West Extension areas, comprising 53,234 metres of drilling and 143 additional holes, has been completed. As announced during the year, results were received from 110 drill holes, of which 69 drill holes returned between one to six mineralized intersections, calculated with a minimum cut-off of 0.5 grams of gold per tonne over five metres above a vertical depth of 200 metres. Thirty-four drill holes intersected mineralization exceeding three grams of gold per tonne over a minimum true width of three metres, down to a maximum depth of 400 metres.

The objective of the 2012 exploration program was to identify sufficient non-refractory gold mineralization that could lead to a stage development of the Hosco mineral reserves and improve the overall economics of the feasibility study completed in June 2012.

With the 2012 drill program at Heva now completed, it is intended that an in-pit resource be completed in the first half of 2013. In addition, the interpretation of the higher grade trends shows a well-defined plunge, indicating the potential of both surface and underground production targets. 

Initial metallurgical testwork of the Heva mineralization indicates that it is non-refractory, and could potentially deliver high recoveries through direct cyanidation of the ore. Further test work will be performed in early 2013.

Exploration expenditures at the Heva and Hosco West Extension areas during the third quarter 2012 totalled $2.8 million and year to date total $6.7 million. Expenditures relating to the Hosco Pit feasibility work during the third quarter 2012 totalled $174,000 and year to date total $1.8 million.

Marban Property

An updated mineral resource estimate, based on the Phase I drill results and historical data, was received in September 2012, as well as basic technical studies and metallurgical test work. In addition to nine holes previously drilled by NioGold Mining Corporation, this estimate includes a total of 137 holes and 41,270 metres drilled between August 30, 2010 and August 9, 2011.

Based on a cut-off grade of 0.35 grams of gold per tonne and a high capping value of 25 grams of gold per tonne, the updated in-pit mineral resources are estimated at 20,700,000 tonnes at 1.58 grams of gold per tonne or 1,053,000 ounces of gold in the measured and indicated category and at 3,780,000 tonnes at 1.60 grams of gold per tonne or 194,000 ounces of gold in the inferred category. The resources outside of the pit shell, using a cut-off grade of 2.0 grams of gold per tonne, are estimated at 980,000 tonnes at 2.82 grams of gold per tonne or 89,000 ounces of gold in the measured and indicated category plus 800,000 tonnes at 2.68 grams of gold per tonne or 69,000 ounces of gold in the inferred category.

Expenditures during the third quarter 2012 totalled $324,000 and year to date total $4.6 million. An updated mineral resource estimate on the Phase II drilling is in progress and is expected to be completed by early 2013. Following the updated mineral resource estimate on Phase II drilling, the Company will review and evaluate a Phase III drill program.

Aurizon may earn up to a 65% interest in the Marban property, which comprises 42 mining claims and 3 mining concessions covering 976 hectares in the heart of the Malartic gold mining camp in the Abitibi region of Quebec, subject to underlying royalties. 

Fayolle Property

During the third quarter 2012, the Company announced an updated mineral resource estimate for the Fayolle deposit as well as results of preliminary metallurgical test work on the property. The updated mineral resource estimate integrates the results of all the drill programs on the Fayolle deposit since the mineral resource estimate prepared for Typhoon Exploration Inc. in 2007. A total of 253 surface holes and 68,826 metres are included in the updated mineral resource estimate, of which 92 holes and 30,927 metres have been drilled since May 2010 when Aurizon and Typhoon Exploration Inc. entered into an option and joint venture agreement. 

The updated mineral resources are estimated at 1,814,800 tonnes at 2.7 grams of gold per tonne, or 156,000 ounces of gold at a minimum cut-off grade of 0.8 grams of gold per tonne. All of the updated mineral resources are in the indicated mineral resource category. 

Preliminary metallurgical testwork indicates a process recovery between 94% and 97% with straight cyanidation. 

Expenditures during the third quarter 2012 totalled $124,000 and year to date total $1.7 million. Prior to continuing further exploration activity, the potential at the Fayolle property will be re-evaluated within the context of the new mineral resource estimate.

Aurizon may earn up to a 65% interest in the Fayolle property, subject to an underlying 2% net smelter return royalty. The Fayolle Property comprises 39 mining claims covering 1,373 hectares across the Porcupine-Destor Break and is situated ten kilometres north of Aurizon's Heva-Hosco Project in north-western Quebec.

Duverny Property

During the third quarter 2012, a drill program covering an area of 15 square kilometres and comprising 21 diamond drill holes totalling 4,441 metres to test a series of geophysical and soil anomaly targets was completed. Of the 21 holes drilled, two holes have intersected gold mineralization. One hole intercepted 8.4 gold grams per tonne over 3.5 metres and 11.7 gold grams per tonne over 1.5 metres and another hole intercepted 17.8 gold grams per tonne over 1.0 metres. The remaining 19 holes returned low or no significant values. The results of this program are being evaluated in order to determine the next phase of exploration. Expenditures during the third quarter 2012 totalled $269,000 and year to date total $1.1 million.

Aurizon owns a 100% interest in 144 mineral claims covering 6,200 hectares, 25 kilometres northeast of Amos, Quebec, which includes 14 mineral claims which are subject to a royalty. 

Opinaca-Wildcat Property

Field exploration work performed during the third quarter 2012 cost $590,000 with a total of $1.3 million incurred year-to-date. This integrated program initially included property scale till sampling and airborne geophysics to secure the entire land package and allow an evaluation of the project. During the second phase of work, additional efforts focused on particular anomalies and trends with exploration, trenching and channel sampling.

Possible future drilling targets have been identified along the same geological structure that hosts the Eleonore deposit. The results from all available sampled media (i.e., rock, soil, till, boulders) indicate a concentration of anomalies along a ten kilometre trend.

Duvay-Fontana

An exploration program on the Fontana and other claims blocks of the Duvay-Fontana project was performed during the third quarter 2012, along with compilation of historical drill results. Expenditures during the third quarter 2012 totalled $147,000 and year to date total $1.2 million, primarily for a large sampling program on the Duvay claims block.

Patris Property

The receipt and evaluation of the results of the exploration programs conducted at Patris have resulted in the Company's decision not to continue the earn-in of this early stage project.

OUTLOOK

Casa Berardi Operations

Given the weaker than expected third quarter performance at Casa Berardi and a review of the fourth quarter mine plan, production guidance for the full year has been lowered to approximately 137,000 ounces compared to previous guidance of 150,000 ounces of gold. The shaft sinking project, together with lower productivity in developing access to new ore zones, has resulted in a lack of operational flexibility to provide the expected tonnage to the mill. Total cash costs¹ for the full year are now estimated at approximately US$695 per ounce, assuming a Canadian dollar exchange rate at parity against the US dollar for the balance of the year, compared to previous guidance of US$645 per ounce and the exchange rate at parity.

Unit mining costs¹ for 2012 are expected to decrease from $146 per tonne experienced in the first nine months of 2012 and average $143 per tonne for the year, unchanged from the guidance provided in the second quarter report, and compared to the $134 per tonne guidance provided at the beginning of the year.

Capital expenditures at Casa Berardi in the fourth quarter 2012 are expected to total approximately $25 million and be funded by cash flow from operations. The focus of these expenditures will be the continuation of two major capital projects: shaft sinking and related underground development; and construction of a paste backfill plant to maximize the extraction of high grade ore from Zone 113 and allow greater mining flexibility. 

An additional $2 million will be invested on exploration at Casa Berardi in the fourth quarter 2012 which will include approximately 20,000 metres of surface and underground diamond drilling. Up to three surface and five to seven underground drill rigs will continue to be active during the remainder of 2012. These costs will be capitalized as the primary objective of the drilling will be to improve the quality of the known reserves and resources as well as identifying extensions of these structures.

Looking beyond this year, the next 18 months will be transitional period for Casa Berardi as the shaft sinking; lateral development out to Zones 118 and 123; and construction of a paste backfill plant and related distribution infrastructure are completed. Until these projects are complete, operational flexibility will be constrained. Preliminary 2013 Casa Berardi production plan results indicate that production next year will be in the range of 125,000 to 130,000 ounces of gold as the shaft sinking and lateral development out to the 118 and 123 Zones continue. 

An evaluation of Casa Berardi's three open pit opportunities has resulted in a decision to secure the necessary permits required to initially develop the East Mine open pit that is situated in close proximity to the mill facility. The East Mine open pit contains mineral reserves of 81,000 ounces of gold at an average grade of 4.0 grams per tonne and a further 66,000 ounces of gold mineral resources at an average grade of 2.9 grams per tonne. Permitting is expected to take approximately six months, after which overburden stripping and waste removal may commence. Subject to unforeseen challenges in excavating the top soil and soft clay layers, mining of the orebody is expected in early 2014, supplementing the ore provided from the West Mine underground operations.

In addition, further drilling in 2012 beneath the Principal open pit reserves and above the 280 metre level track drift and completion of a preliminary underground mining plan has been encouraging. It is anticipated that rehabilitation work and development of this zone will be awarded to a contractor in early 2013 and that initial development ore from this area would be available toward the end of 2013 and production from stopes in 2014.

Exploration Properties

Exploration activities in the fourth quarter 2012 will be focused on the compilation and interpretation of data at the Heva and Hosco West Extension areas, resource updates on the Marban and Heva projects and regional exploration at the Company's early stage projects and are estimated to total $0.9 million. 

Corporate Development 

Aurizon continues to focus on its organic growth within the Abitibi area and evaluate accretive opportunities within the Americas to enhance its reserve and production profile. 

NON-GAAP MEASURES

In addition to GAAP measures presented in the Company's unaudited financial statements prepared under IFRS, the Company and certain investors utilize non-GAAP financial measures in evaluating operating performance. These non-GAAP financial measures do not have any standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other issuers. The following table provides a reconciliation of non-GAAP financial measures to revenue, cost of sales and net profit as reported in the unaudited statements of comprehensive income:

1. This inventory adjustment in the calculation of unit mining costs reflects production costs associated with unsold gold bullion and ore inventory.

Financial results for the last eight quarters reflect higher realized Canadian dollar gold prices and rising production costs. The average realized Canadian dollar gold price in the first nine months of 2012 was $1,652 (US$1,643) per ounce and for the calendar year 2011 was $1,567 (US$1,578) per ounce.

OUTSTANDING SHARE DATA

As of November 7, 2012, Aurizon had 164,532,827 common shares issued and outstanding. In addition, 8,936,475 incentive stock options representing 5.4% of outstanding share capital are outstanding and exercisable into common shares at an average price of $5.65 per share.

ADDITIONAL INFORMATION

Additional information about the Company's Casa Berardi Mine and Heva and Hosco Gold Development projects as required by NI 43-101, sections 3.2 and 3.3 and paragraphs 3.4 (a), (c) and (d) can be found in the Company's Annual Information Form for the year ended December 31, 2011, and the latest Technical Reports on each project, copies of which can be found under Aurizon's profile on SEDAR at www.sedar.com and are also available on the Company's website at www.aurizon.com.

QUALIFIED PERSON AND QUALITY CONTROL

Information of a scientific or technical nature in this document was prepared under the supervision of Martin Bergeron, P. Eng., Vice-President of Operations of Aurizon and a qualified person under National Instrument 43-101. 

CONFERENCE CALL AND WEBCAST

Aurizon management will host a conference call and live webcast for analysts and investors on Thursday, November 8, 2012 at 8:00 a.m. Pacific Standard Time (11:00 a.m. Eastern Standard Time) to review the results. 

Conference Call Numbers:

Canada & USA Toll Free Dial In: 1-800-319-4610 or Outside Canada & USA Call: 1-604-638-5340.

The call is being webcast and can be accessed at Aurizon's website at www.aurizon.com or enter the following URL into your web browser: http://services.choruscall.ca/links/aurizon121108.html.

Those who wish to listen to a recording of the conference call at a later time may do so by calling: Canada & USA Toll Free: 1-800-319-6413 or outside Canada & USA: 1-604-638-9010, (Code: 1001#). A replay of the call will be available until Thursday, November 15, 2012.

About Aurizon

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 favourable mining jurisdictions and 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 MKT under the symbol "AZK". Additional information on Aurizon and its properties is available on Aurizon's website at www.aurizon.com.

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 based on information available to the Company 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 regarding the Company's expectations and estimates as to future gold production, anticipated rates of recovery, anticipated total cash cost per ounce of gold to be produced at the Casa Berardi Mine, onsite mining, milling and administration costs, anticipated ore throughput and grades, timing and estimated costs for the completion of the shaft deepening project at Casa Berardi, anticipated effects of the transition from contract to employee miners at Casa Berardi, estimated timing for the development and mining of the East Mine open pit and Principal areas at Casa Berardi, timing of updated resource estimates for the Marban project, 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 anticipated conversion of mineral resources to mineral reserves and the timing 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 and feasibility and pre-feasibility studies, permitting time-lines, evaluation of opportunities, 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. 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.

Such forward-looking information is based on a number of assumptions, including but not limited to those set out in this report, the most recent technical reports for the Company's properties and the Company's annual information form ("AIF") for its most recent year end filed on SEDAR. Such assumptions include those relating to US : Canadian dollar exchange rates, gold price per ounce, anticipated fuel prices, that the mine plan and gold recoveries will be achieved, that pre-production capital costs, operating costs and sustaining and restoration costs will be as estimated, the availability of an experienced workforce and suppliers for the project, that equipment will be available when required and at estimated costs, that the assumptions underlying mineral resource estimates are valid and that no unforeseen accident, fire, ground instability, flooding, labour disruption, equipment failure, metallurgical, environmental or other events that could delay or increase the cost of development will occur, that the results of exploration activities will be consistent with the Company's expectations, that the current price of and demand for gold will be sustained or will improve, the supply of gold will remain stable, that the general business, political and economic conditions as well as those specific to the Company's operations will not change in a material adverse manner, and that financing will be available if and when needed on reasonable terms.

Forward-looking information is by its nature uncertain and involves foreseeable and unforeseeable risks and other factors which may cause the actual outcomes, costs, timing and performance to be materially different from those anticipated by such information. Such risks and factors include, among others, the risk that any of the assumptions on which the forward looking information is based prove to be incorrect or invalid, the risk of unexpected variations in mineral resources and reserves, grade or recovery rates, of failure of plant, equipment or processes to operate as anticipated, of accidents, labour disputes, of unanticipated delays in obtaining governmental approvals or financing or in the completion of development or construction activities, risk that estimated costs, including costs of labour, equipment and materials, including power, are not as anticipated, of an undiscovered defect in title or other adverse claim, that results of exploration activities will be different than anticipated, that the future price of gold will decline, that the Canadian dollar will strengthen against the U.S. dollar, that mineral resources and reserves are not as estimated, that actual costs of restoration activities are greater than expected and that changes in project parameters as plans continue to be refined result in increased costs There are a number of other risks and uncertainties associated with exploration, development and mining activities that may affect the reliability of the forward looking information herein, including those described in Aurizon's AIF and in Aurizon's Annual Report on Form 40-F ("40-F") filed with the United States Securities and Exchange Commission. The AIF and 40-F are available respectively on SEDAR at www.sedar.com and on EDGAR at www.sec.gov/. There may be factors in addition to those described herein or in the AIF or 40F that cause actions, events or results not to be as anticipated, estimated or intended. Readers are cautioned not to place undue reliance on forward-looking information due to the inherent uncertainty thereof.

CAUTIONARY NOTE TO U.S. READERS

As a Canadian reporting issuer, the Company is subject to rules, policies and regulations issued by Canadian regulatory authorities and is required to provide detailed information regarding its properties including mineralization, drilling, sampling and analysis, security of samples and mineral resource and mineral reserve estimates. In addition, as a Canadian reporting issuer, the Company is required to describe mineral resources associated with its properties utilizing Canadian Institute of Mining, Metallurgy and Petroleum ("CIM") definitions of "indicated" or "inferred", which categories of resources are recognized by Canadian regulations but are not recognized by the United States Securities and Exchange Commission ("SEC").

The SEC allows mining companies, in their filings with the SEC to disclose only those mineral deposits they can economically and legally extract or produce. Accordingly, information contained in this Report regarding our mineral deposits may not be comparable to similar information made public by U.S. companies subject to the reporting and disclosure requirements under the United States federal securities laws and the rules and regulations of the Commission thereunder.

In particular, this Report uses the term "indicated" resources. U.S. readers are cautioned that while that term is recognized and required by Canadian regulations, the SEC does not recognize it. U.S. investors are cautioned not to assume that any part or all of mineral deposits in this category will ever be converted into mineral reserves.

This Report also uses the term "inferred" resources. U.S readers are cautioned that while this term is recognized and required by Canadian regulations, the SEC does not recognize it. "Inferred resources" have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category. Under Canadian rules, estimates of inferred mineral resources may not form the basis of feasibility or pre-feasibility studies, except in rare cases. U.S. readers are cautioned not to assume that part or all of an inferred resource exists, or is economically or legally mineable.

U.S. Registration (File 001-31893)