Aurizon posts loss on improved output

Despite higher gold production and realized prices for the yellow metal, Aurizon Mines (ARZ-T) incurred a loss of $1 million (or 2 per share) during the recent second quarter.

By comparison, the company posted a loss of $1.4 million (4 per share) for the second quarter of 2001. Revenue between the two periods grew to $4.2 million from $3.4 million. Operating cash improved to negative $190,000 from negative $874,000.

For the first half of the year, the loss amounted to $1.3 million (3 per share) on revenue of $8.7 million, compared with a year-earlier shortfall of $2.7 million (7 per share) on $6.8 million. Cash flow was $200,000 to the good, a turnaround from the $1.1 million bled in the first half of 2001.

The Sleeping Giant mine in Quebec, co-owned with Cambior (CBJ-T), produced 16,854 oz. gold (8,427 oz. for Aurizon’s account) in the recent quarter, just below expectations. Cash costs totalled US$238 per oz., or US$12 higher than a year earlier.

The company realized an average of US$302 per oz. for its quarterly production, and US$297 per oz. for the half-year.

The partners are studying the feasibility of deepening the main shaft, and will announce a decision in the fourth quarter.

During the recent quarter, Aurizon wrapped up two private placements for net proceeds of $12.4 million. It then acquired TVX Gold‘s (TVX-T) residual interest in the Casa Berardi property in northwestern Quebec, where a $2-million exploration program is under way.

At the end of June, Aurizon was debt-free and had working capital of more than $7 million.

Print

Be the first to comment on "Aurizon posts loss on improved output"

Leave a comment

Your email address will not be published.


*


By continuing to browse you agree to our use of cookies. To learn more, click more information

Dear user, please be aware that we use cookies to help users navigate our website content and to help us understand how we can improve the user experience. If you have ideas for how we can improve our services, we’d love to hear from you. Click here to email us. By continuing to browse you agree to our use of cookies. Please see our Privacy & Cookie Usage Policy to learn more.

Close