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Aurizon Loses Earlier Gains, Now Down 1% as Reports New High Grade Values at Fayolle

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Aurizon Mines Ltd. (ARZ.TO) is now down more than 1% at around $6.15 having risen to a day high $6.33 earlier as it announced a new series of drill results from the ongoing infill drilling program on the Fayolle project located 20 kilometres north-east of Rouyn-Noranda, Quebec and 10 kilometres north of Aurizon's Joanna project. The targeted area is located along the Manneville Structural Zone, an extension of the Destor-Porcupine fault zone.

Since May 2010, Aurizon has invested $5 million on two drill programs under the joint venture agreement announced on May 18, 2010 with Typhoon Exploration Inc. (TYP.V). The Fayolle property is 100% owned by Typhoon and Aurizon can earn a 50% interest, subject to an underlying 2% net smelter royalty, by incurring expenditures of $10 million, and subscribing for $2 million in common shares of Typhoon, over four years. Aurizon can earn an additional 15% interest for a total interest of 65% by either delivering a feasibility study or spending an additional $15 million on the project.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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