The Gold Report

Aurizon Mines Ltd. TICKER: ARZ:TSX; AZK:NYSE.A Visit Company Website Aurizon Mines Ltd. is a gold producer with a growth strategy focused on developing its existing projects in the Abitibi region of northwestern Quebec, Canada—one of the world's most-favorable mining jurisdictions and prolific gold and base metal regions—and on increasing production through accretive transactions. Exploration is currently being conducted at Aurizon's Casa Berardi and Joanna gold projects, as well as its gold/rare earth project, Kipawa.

The information provided below is from analysts, newsletters and other contributors. Please contact the company and visit its website before making an investment decision.

Expert Analysis

Paolo Lostritto, National Bank Financial (1/26/12) "Aurizon Mines Ltd.'s joint-venture (JV) partner, Typhoon Exploration, released 13 new holes from their Fayolle JV property. . .results indicate an uncut weighted average grade of 1.8 g/t, which compares favorably with the Inferred resource grade of 1.6 g/t. . .we believe these results point to a potential for increased ounces and grade in the updated resource expected this quarter. . .we reiterate our Sector Perform rating and $6.15 price target."

Nana Sangmuah, Clarus Securities (1/23/12) "We maintain a Buy rating and $8/share target price on Aurizon Mines Ltd. . .with construction of a paste backfill plant at CA$12M, representing 15% of Casa's CA$80M capex for 2012, we expect improvements in ground control and flexibility in mine sequencing to increase throughput beyond Casa's typical rate. . .we are encouraged that deepening of the West shaft to the 1,010m level will maximize extraction of high-grade ore from Zone 113 and serve to further steady production."

Paolo Lostritto, National Bank Financial (1/20/12) "Aurizon Mines Ltd.'s pending reserve update is expected to increase mine life while maintaining higher grades for longer. We believe that the reserve update should extend mine life at a long-term grade above our current model grade of 6.5 g/t gold. . .we reiterate our Sector Perform rating and $6.15 price target. . .we continue to believe that the Aurizon team is one of the best in the industry."

The Gold Report Interview with Rick Mills (1/18/12) "Aurizon Mines Ltd. right now can earn 65% interest in NioGold's Marban Block property, an initial 50% by spending $20M over three years, completing an updated NI 43-101-compliant mineral resource estimate (which will be done this March) and then making a resource payment for 50% of the total gold ounces defined by that resource estimate.

So far, Aurizon has completed a first phase, drilling 50,000m, spending $6M and identifying two new gold zones. The second phase will be a $5M, 34,000m diamond drill program, updated resource estimate and basic technical studies this year. If it sees what it needs to see in the resource estimate—and I don't see why it won't, because it already has two new discoveries. . .I would think that Aurizon would buy NioGold out as soon as it gets a feel for what's there." More >

Paul Burchell, Dundee Securities (1/13/12) "Aurizon Mines Ltd.'s 100%-owned Casa Berardi mine produced a solid 45,995 oz gold in Q411, resulting in full-year production of 163,845 oz; production in 2012 is expected to be between 155–160 Koz. . .we continue to maintain our Buy rating for the company. . .while Aurizon might not be for investors looking for immediate production growth, it does provide solid cash flow in a safe jurisdiction and a strong balance sheet."

• Corporate Fact Sheet (12/21/11)
• Corporate Presentation (10/20/11)

(1/13/12) CEO George Paspalas Discusses Casa Berardi

(6/22/11) ARZ Corporate Video

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