Friendly bid comes barely a month after the Vancouver-based company rejected a hostile offer from fellow Canadian miner Alamos God.
The company said it is "inadequate and opportunistic."
Canadian gold producer Aurizon Mines has discovered three new lenses at its Casa Berardi mine in northwestern Quebec.
George Paspalas, CEO of Aurizon Mines, stirred the rumour pot today, telling The Montreal Gazette the company is being approached by potential buyers:
Aurizon Mines slipped 2% today on news that the gold miner is cutting production in 2012.
Aurizon Mines (TSE:ARZ) was down 1.82% today despite announcing a record year for gold production and strong growth prospects.
Shares in NioGold Mining (TSX-V:NOX) are up 3.28% today on brisk mid-day trading, after the company announced promising drill results from its Marban Block property, located in the Abitibi region of Quebec, Canada.
Highlights from 10 new drill holes at the Marban deposit include an intersection at depth of 7.0 grams of gold per tonne (g/t Au) over 10.9 metres (MB-08-053ext) and shallow intersections obtained at the west end of the deposit of 5.9 g/t Au over 15.7 metres (MB-11-195) and 906.2 g/t Au over 2.6 metres (MB-11-198).
Map by NioGold Mining Corp.
Aurizon Mines reported gross profits of $29.1 million in the second quarter, a 45% increase from the same period last year, while net profit was up 17%.
Chief executive David Hall credited stronger cash flows due to better performance from the Casa Berardi mine in the Abitibi region of Quebec, Canada, where the company is deepening the shaft and conducting the largest exploration program in Aurizon's history. Aurizon produced 41,418 ounces of gold in Q2, an 8% increase from the same period last year, at cash costs of US$544/oz.
Image of Aurizon Mines' Joanna project
NioGold Mining Corporation (TSX-V:NOX) and Aurizon Mines Ltd. are pleased to report on the latest drilling results at the Marban Block property, located in the Malartic gold camp, Abitibi region of Quebec. Highlights from 23 new drill holes include 5.3 …
Aurizon Mines Ltd. (TSX: ARZ)(NYSE Amex: AZK) is pleased to report that an updated mineral resource estimate has been completed for the Hosco deposit at its 100% owned Joanna Property, located 20 kilometres east of Rouyn-Noranda, in north-western Quebec. The updated mineral resource estimate was prepared by SGS Canada Inc. – Geostat ("SGS Geostat") in collaboration with Aurizon's personnel.
Image of the Joanna Gold Project by Aurizon Mines Ltd.
Aurizon Mines Ltd. notched an $18 million gross profit in the first quarter of 2011, bettering Q1 of 2010 by 43%. The Toronto-listed miner chalked up $14.5 million in cash flow from operations, a 58% increase from the same period last year.
The company says its results were positively impacted by rising operating profit margins, and offset by increased exploration at its exploration properties. Revenue from its Casa Berardi operation increased, from $39.8 million in the first quarter of 2010, to $47.2 million in Q1 of 2011, on higher gold prices.
Image by Aurizon Mines
Northern Securities Analyst Matthew Zylstra seeks out junior precious metals stocks with value in the ground and growth potential that are not yet obvious to the markets. He also looks for companies that have unrecognized base metal potential that can significantly reduce the cash costs of precious metals production.
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