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Aurizon Mines Reports Joanna Feasibility Study Delayed; Also Announces Q2 Results and Names New CEO

Aurizon Mines Ltd. (ARZ.TO) reported that it has delayed the completion of the feasibility study on the Hosco deposit of the Joanna property, located 20 kilometres from Rouyn-Noranda, in north-western Quebec.

Today, Aurizon also reported unaudited financial results for the second quarter of 2011, which have been prepared on the basis of available information up to August 10, 2011. In addition, it said George Paspalas is joining Aurizon as Chief Executive Officer effective August 15, 2011.

On the Joanna property, Aurizon is currently working on a feasibility study on the Hosco deposit of the property, which incorporates the increased mineral resource estimate of 54.1 million tonnes at an average grade of 1.29 grams of gold per tonne or 2,245,000 ounces of gold, together with results of metallurgical pilot tests, geotechnical study, updated capital and operating cost estimates, and other relevant studies.

It said: "Some of the studies are still in progress, however, an initial review has indicated that the projected capital and operating costs appear to be significantly higher than previously anticipated. The increased scope of the project, as a result of the expanded mineral resource base, has increased capital costs, including those associated with an autoclave process. The costs of ore and waste stockpiles, tailings and of materials and equipment have also all been trending higher, along with the gold price. Consequently, additional studies and cost-optimization plans have been initiated, including a review of the mining sequence and layout of the surface infrastructure and further detailed environmental work. This additional work will delay the completion of the feasibility study."

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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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