Aurizon reports highlights of first quarter 2009 results

Shares Listed: Toronto Stock Exchange - Ticker Symbol - ARZ NYSE Amex: - Ticker Symbol - AZK U.S. Registration: (File 001-31893) 


VANCOUVER, May 13  /PRNewswire-FirstCall/ -- Aurizon is pleased to announce highlights of its financial results for the first quarter of 2009, which have been prepared on the basis of available information up to May 11, 2009. (To review the complete interim unaudited financial statements or Management's Discussion and Analysis, which should be read in conjunction with the most recent financial statements, please see the Company's SEDAR filings at http://www.sedar.com/ or on the Company's website at http://www.aurizon.com/.).

  The first quarter was highlighted by the following activities:

  -   Cash flow from operating activities increased 27% to $19.7 million
      compared to same quarter of 2008.

  -   Earnings of $5.0 million, or $0.03 per share, and adjusted earnings
      of $7.1 million, or $0.05 per share.

  -   Gold production of 38,966 ounces, in line with plan.

  -   Total cash costs of US$379 per ounce, 10% lower than same quarter of
      2008.

  -   Project debt reduced by $8.2 million.

  -   Subsequent to March 31, 2009, an equity financing realized net
      proceeds of $47.4 million.



"Aurizon posted another quarter of consistent operating performance and strong cash flow," said David Hall, President and Chief Executive Officer. "With a strong financial position, several major studies underway, increased exploration budgets and escalating corporate development activity, we are well positioned to continue to add value for our shareholders."

  FINANCIAL RESULTS

  First Quarter 2009



Earnings of $5.0 million, or $0.03 per share, were achieved in the first quarter of 2009, compared to a loss of $3.8 million, or ($0.03) per share, in the same period of 2008. Operating results were impacted by non-cash derivative losses of $0.7 million and foreign exchange losses of $1.3 million, on an after tax basis. After adjusting for these items, earnings for the quarter were $7.1 million, or $0.05 per share, compared to adjusted earnings in the first quarter of 2008 of $3.3 million or $0.02 per share.

Revenue from Casa Berardi operations increased to $41.6 million in the first quarter of 2009 from the sale of 37,400 ounces of gold, compared to $35.1 million from the sale of 39,611 ounces of gold in the same quarter of 2008, primarily as a result of a weaker Canadian dollar. The average realized gold price was US$888 per ounce and the average Cad/US exchange rate was 1.25, compared to realized prices of US$877 per ounce at an average exchange rate of 1.01 in the same quarter of 2008. The 2009 average realized gold price includes the sale of 20,191 ounces of gold at an average price of US$868 per ounce from the exercise of call options, compared to 17,111 ounces of gold sold at an average price of US$833 per ounce from the exercise of call options in the first quarter of 2008. Actual gold production in the quarter was 38,966 ounces, compared to 42,074 ounces in the same quarter of 2008.

Operating costs in the first quarter of 2009 totalled $17.7 million, while depletion, depreciation and accretion ("DD&A") totalled $8.5 million. On a unit cost basis, total cash costs per ounce of gold sold was US$379 and DD&A amortization was US$183 per ounce, for a total production cost of US$562 per ounce.

In the first quarter of 2009, rising gold prices together with a weaker Canadian dollar, partially mitigated by the expiry of gold options and foreign exchange contracts, resulted in a non-cash charge of $0.9 million due to an increase in the net unrealized derivative liabilities to $26.3 million at March 31, 2009. In the same quarter of 2008, $9.9 million was charged to operations. There are no margin requirements with respect to these derivative positions.

Administrative and general costs in the first quarter of 2009 totalled $2.8 million, slightly higher than the $2.6 million incurred in the same period of 2008. Included in these costs are stock based compensation charges totaling $0.9 million compared to $0.4 million in the same period of 2008.

Exploration expenditures of $1.2 million incurred at Joanna and Kipawa were charged to operations during the first quarter of 2009, compared to $2.3 million in the same period of 2008.

Interest costs associated with the project debt facility dropped to $0.3 million from $1.1 million in the first quarter of 2008 as a result of principal debt repayments of $39.8 million made in 2008 together with declining interest rates during the first quarter of 2009.

Income and resource taxes totaled $3.6 million, of which $1.2 million are current Quebec mining taxes and $2.4 million are future income taxes. The future income taxes are the result of temporary differences between the tax and accounting bases of the Company's assets and liabilities.

Foreign exchange losses totalling $1.7 million were realized in the first quarter of 2009, compared to gains of $1.2 million in the same quarter of 2008.

  Summary of Results
  -------------------------------------------------------------------------
  (in thousands of dollars, except per share data)
  -------------------------------------------------------------------------
                                                          1st          1st
                                                      Quarter      Quarter
                                                         2009         2008
  -------------------------------------------------------------------------
  Revenue                                             $41,566      $35,134
  Operating costs                                      17,667       16,869
  Administrative and general costs                      2,794        2,569
  Exploration costs                                     1,232        2,272
  Unrealized derivative losses                            933        9,922
  Net Earnings (Loss)                                   5,048       (3,776)
  Earnings (Loss) per share  - basic and diluted         0.03        (0.03)
  -------------------------------------------------------------------------



Cash flow from operating activities increased 27% to $19.7 million in the first quarter of 2009, compared to cash flow of $15.6 million in the same period of 2008. A significantly weaker Canadian dollar and similar realized US dollar gold prices resulted in a 26% increase in realized Canadian dollar gold prices and a wider operating profit margin in the first quarter of 2009 compared to the same period last year.

Capital expenditures totalled $10.5 million in the first quarter, of which $7.8 million was on sustaining capital and $2.1 million was on exploration activity at Casa Berardi.

In accordance with the terms of the project debt facility, restricted cash accounts are maintained for Casa Berardi's operations. These restricted cash balances increased by $5.0 million in the first quarter of 2009 as a result of positive cash flow from Casa Berardi operations, net of sustaining capital and an $8.2 million principal payment.

Aggregate investing activities resulted in cash outflows of $15.5 million during the first quarter of 2009, compared to cash inflows of $6.6 million in the same period of 2008.

Financing activities during the first quarter of 2009 resulted in a net cash outflow of $6.0 million, primarily due to a principal debt repayment of $8.2 million in March from the Company's restricted cash account. The exercise of incentive stock options provided $2.3 million. In the same period of 2008, financing activities resulted in a net cash outflow of $25.6 million as a principal debt repayment of $26.7 million was made at the end of March 2008.

CASH RESOURCES AND LIQUIDITY

As at March 31, 2009, cash and cash equivalents stood at $32.6 million, compared to $34.3 million at the beginning of the year. In addition, restricted cash balances in respect of the Casa Berardi debt facility totalled $26.2 million, compared to $21.2 million as at December 31, 2008. On May 6, 2009, $13.0 million was released from the restricted cash accounts, following an $8.2 million debt repayment on March 31, 2009.

Aurizon had working capital of $22.0 million as at March 31, 2009, compared to $24.1 million at the end of 2008. Included in current liabilities are the two final project debt repayments due in September 2009 and March 2010 totalling $21.0 million. Also included in current liabilities at March 31, 2009 are non-cash derivative liabilities totaling $17.2 million compared to $13.7 million at the end of 2008.

Long-term debt at March 31, 2009 totalled $1.3 million of which $1.2 million is refundable government assistance and $0.1 million is equipment capital leases, compared to long-term debt of $9.4 million at the beginning of the year.

Subsequent to March 31, 2009, the Company closed a bought deal equity financing for gross proceeds of $50 million, whereby the Company issued a total of 9,708,800 common shares at a price of $5.15 per share. Net proceeds of the financing after underwriters' commissions and related costs total $47.4 million.

CALCULATION OF ADJUSTED EARNINGS

Adjusted earnings are calculated by removing the gains and losses, net of income tax, resulting from the mark-to-market revaluation of the Company's gold and foreign currency price protection contracts, as well as currency exchange fluctuations, as detailed on the table below. Adjusted earnings do not constitute a measure recognized by generally accepted accounting principles (GAAP) in Canada or the United States, and do not have a standardized meaning defined by GAAP. The Company discloses this measure, which is based on its financial statements, to assist in the understanding of the Company's operating results and financial position.

  -------------------------------------------------------------------------
  (in thousands of Canadian dollars, except per share amounts)
  -------------------------------------------------------------------------
                                                          1st          1st
                                                      Quarter      Quarter
                                                         2009         2008
  -------------------------------------------------------------------------
  Earnings (loss) as reported                          $5,048      ($3,776)
  Unrealized loss on derivative instruments(1)            720        7,987
  Foreign exchange loss (gain)(1)                       1,310         (934)
  -------------------------------------------------------------------------
  Adjusted earnings                                     7,078        3,277
  -------------------------------------------------------------------------
  Adjusted earnings per share                           $0.05        $0.02
  -------------------------------------------------------------------------

  (1) - Net of income taxes


  CASA BERARDI



Casa Berardi produced 38,966 ounces of gold in the first quarter of 2009, of which 37,400 ounces were sold at an average price US$888 per ounce. Since commissioning the mill in November 2006, Casa Berardi has produced 374,996 ounces of gold.

  -------------------------------------------------------------------------
                                                          1st          1st
                                                      Quarter      Quarter
                                                         2009         2008
  -------------------------------------------------------------------------
  Operating results
  Tonnes milled                                       167,484      163,694
  Grade - grams/tonne                                    7.93         8.63
  Mill recoveries - %                                   91.3%        92.6%
  -------------------------------------------------------------------------
  Gold Production - ounces                             38,966       42,074
  -------------------------------------------------------------------------
  -------------------------------------------------------------------------
  Gold sold - ounces                                   37,400       39,611
  -------------------------------------------------------------------------
  -------------------------------------------------------------------------
  Per ounce data - US$
  Average realized gold price                            $888         $877
  -------------------------------------------------------------------------
  Total cash costs(1)                                    $379         $422
  Amortization(2)                                        $183         $191
  -------------------------------------------------------------------------
  Total production costs(3)                              $562         $613
  -------------------------------------------------------------------------

  Table footnotes:

  (1) Operating costs net of by-product silver credits, divided by ounces
      sold, and divided by the average Bank of Canada Cad$/US$ rate.
  (2) Depreciation, depletion and accretion expenses divided by ounces
      sold, and divided by the average Bank of Canada Cad$/US$ rate.
  (3) Total cash costs plus depreciation, depletion and accretion expenses
      per ounce of gold sold.



Ore throughput in the mill during the first quarter of 2009 increased to 167,484 tonnes from 163,694 tonnes in the same period of 2008 as a stable daily production rate of 1,860 tonnes per day was achieved. An average ore grade of 7.9 grams/tonne was achieved in the first quarter of 2009, matching the ore grades planned for 2009. Mill recoveries averaged 91.3% in the first quarter of 2009. This compares to ore grades of 8.6 grams/tonne and mill recoveries of 92.6% in the first quarter of 2008.

Ore feed is now provided by three different zones including the 113 Zone, the NW Zone, and the newly developed Lower Inter Zone, thereby improving flexibility in the mining operations.

Total cash costs, on the basis of gold sold, were US$379 per ounce in the first quarter of 2009, 3% lower than the 2009 plan, and compared to US$422 per ounce in the first quarter of 2008. The weakness of the Canadian dollar in the first quarter of 2009 was the primary factor for the lower unit costs. Unit mining costs in the first quarter of 2009 were $108 per tonne, 2% lower than the same quarter of 2008 costs of $110 per tonne. Operating profit margin per ounce increased 12% to US$509 per ounce from US$455 per ounce in the same quarter of 2008.

  OTHER PROPERTIES

  Joanna Gold Property



In the first quarter of 2009, two drill rigs were active on the Joanna property testing a deep exploration target 400 to 700 metres down-plunge from the Hosco mineral resource contour, and also testing geophysical targets in the northern part of the property. In addition, drill targets along the main horizon of the recently optioned Alexandria property, to the east of the main Hosco Block were tested. A total of 8,404 metres of surface drilling were completed during the quarter and results should be released during the second quarter, 2009.

Kipawa Gold/Uranium Property

Exploration activity at Kipawa consisted of the analysis and interpretation of results from the surface programs performed in 2008, in order to define a summer field work program.

OUTLOOK

Based upon first quarter results and the 2009 mine plan, Casa Berardi remains on target to produce between 150,000 - 155,000 ounces of gold at a total cash cost of approximately US$390 per ounce, using a Cad$/US$ exchange rate of 1.20.

Sustaining capital costs at Casa Berardi for the remainder of 2009 are estimated to total $9.8 million, primarily for the development of the upper and lower portions of the 113 Zone and of the Lower Inter Zone. An additional $8.5 million is planned on property, plant and mine equipment improvements. This includes an additional capital budget of $3.7 million for mining equipment to replace contractor-owned equipment with the objective of lowering operating and total production costs.

The Company's strong financial position at March 31, 2009, together with the net proceeds from the $50 million equity financing in April 2009, and the operating cash flows that are anticipated from Casa Berardi over the next twelve months are expected to allow Aurizon to meet its financial obligations as they become due and also fund its planned exploration and capital programs.

Exploration

At Casa Berardi, underground exploration will continue from the exploration drift at the 810 metre level of the West mine, to test the depth extension of Zone 113 and the continuity and extension of Zones 118 and 123-South.

In addition, a new underground and surface drill program has recently been approved to initiate exploration along the west extension of the Lower Inter Zone, along the Principal Zone and along the dip extension of the East Mine with the objective of delineating inferred and indicated mineral resources.

For the remainder of 2009, $12.4 million will be invested at Casa Berardi for exploration activities, including $5.5 million on underground development and infrastructure, and $6.9 million on surface and underground drilling.

Technical Studies

At Casa Berardi, a feasibility study on mining the crown pillar of the East Mine by open pit has been awarded to Scott Wilson RPA Inc. In addition, a preliminary technical assessment study on mining the upper portion of the Principal Zones by open pit will be initiated.

At Joanna, a pre-feasibility study has been awarded to BBA Inc., which will incorporate the new resource estimate on the Hosco Block of the Joanna property.

All studies will be completed in accordance with the Company's global development principles supporting technical, economic, environmental and social considerations. Metallurgical and geotechnical testwork and meetings with various stakeholders are in progress. The studies are anticipated to be completed in the third quarter of 2009.

Corporate Development Activities

Roger Walsh was appointed Vice President, Corporate Development for the Company during the first quarter, 2009. With the stability of operations at Casa Berardi providing significant cash flow and a strong balance sheet, the Company is actively pursuing opportunities to enhance its growth profile.

                              Common Shares
                       (TSX: ARZ & NYSE Amex:AZK)
               --------------------------------------------
                                    March 31,  December 31,
                                      2009         2008
               --------------------------------------------
                Issued            148,813,932  148,068,298
                Fully-diluted     156,890,782  156,586,548
                Weighted average  148,495,299  147,707,642
               --------------------------------------------
               --------------------------------------------

  NON-GAAP MEASURES

  a)  Total Cash Costs Per Gold Ounce

      Aurizon has included a non-GAAP performance measure of total cash
      costs per ounce of gold in this report. Aurizon reports total cash
      costs on a sales basis. In the gold mining industry, this is a common
      performance measure, but does not have any standardized meaning, and
      is a non-GAAP measure. The Company believes that, in addition to
      conventional measures, prepared in accordance with GAAP, certain
      investors use this information to evaluate the Company's performance
      and ability to generate cash flow. Accordingly, it is intended to
      provide additional information and should not be considered in
      isolation or as a substitute for measures of performance prepared in
      accordance with GAAP. Total cash costs per gold ounce are derived
      from amounts included in the statements of earnings and include mine
      site operating costs such as mining, processing and administration,
      but exclude amortization, reclamation costs, financing costs and
      capital development costs. These costs are reduced by silver by-
      product sales and then divided by gold ounces sold and the average
      Bank of Canada Cad$/US$ exchange rate to arrive at the cash operating
      costs per ounce.

  b)  Unit Mining Costs Per Tonne

      Unit mining costs per tonne is a non-GAAP measure and may not be
      comparable to data prepared by other gold producers. The Company
      believes that this generally accepted industry measure is a realistic
      indication of operating performance and is useful in allowing year
      over year comparisons. Unit mining costs per tonne is calculated by
      adjusting operating costs as shown in the Statements of Earnings and
      Comprehensive Income for inventory adjustments and then dividing by
      the tonnes of ore processed through the mill.

  c)  Operating Profit Margins Per Ounce

      Operating profit margins per ounce are a non-GAAP measure, and are
      calculated by subtracting the cash costs per ounce from the average
      realized gold price. For the quarter ended March 31, 2009, the
      average realized gold price was US$888 less total cash costs of
      US$379 for a operating profit margin of US$509 per ounce, compared to
      an average realized gold price of US$877 less total cash costs of
      US$422 for a operating profit margin of US$455 per ounce for the
      first quarter of 2008.

  Qualified Person and Quality Control



Information of a scientific or technical nature was prepared under the supervision of Michel Gilbert, P. Eng., Vice-President of Aurizon and a qualified person under National Instrument 43-101.

Conference Call

Aurizon management will host a conference call and live webcast for analysts and investors on Wednesday, May 13, 2009 at 11:00 a.m. Pacific Standard Time (2:00 p.m. Eastern Standard Time) to review the results. You may access the call by calling the operator at 416-915-9619 or toll free access at 1-866-215-9524 ten (10) minutes prior to the scheduled start time.

The call is being webcast and can be accessed at Aurizon's website at http://www.aurizon.com/ or enter the following URL into your web browser: http://www.snwebcastcenter.com/event/?event_id=381. Those who wish to listen to a recording of the conference call at a later time may do so by calling 416-915-1035 or 1-866-245-6755 (Passcode 380581). This playback version of the call will be available until Wednesday, May 20, 2009.

Forward Looking Statements and Information

This report contains "forward-looking statements" and "forward-looking information" within the meaning of applicable securities regulations in Canada and the United States (collectively, "forward-looking information"). The forward-looking information contained in this report is made as of the date of this report. Except as required under applicable securities legislation, the Company does not intend, and does not assume any obligation, to update this forward-looking information. Forward-looking information includes, but is not limited to, statements with respect to anticipated rates of recovery, timing and amount of future production, anticipated total cash cost per ounce of gold to be produced at the Casa Berardi Mine, currency exchange rates, the future price of gold and the effects thereof, the estimation of mineral reserves and mineral resources, the realization of mineral reserve and mineral resource estimates and the economic viability thereof, the timing and amount of estimated capital expenditures, costs and timing of the development of new deposits, plans and budgets for and expected , timing and results of exploration activities, permitting time-lines, requirements for additional capital, government regulation of mining operations, environmental risks, reclamation obligations and expenses, title disputes or claims, adequacy of insurance coverage, the availability of qualified labour, acquisition plans and strategies, and the payment of dividends in the future. Often, but not always, forward-looking information can be identified by the use of words such as "plans", "expects, "is expected", "budget", "scheduled", "estimates", forecasts", "intends", "anticipates", or "believes", or the negatives thereof or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might", or "will" be taken, occur or be achieved.

The forward-looking information contained in this report is based on certain assumptions that the Company believes are reasonable, including the exchange rates of the U.S. and Canadian currency in 2009, that the current price of and demand for gold will be sustained or will improve, the supply of gold will remain stable, that the current mill recovery rates at the Company's Casa Berardi Mine will continue, that the Company's current mine plan can be achieved, that the general business and economic conditions will not change in a material adverse manner, that financing will be available if and when needed on reasonable terms and that the Company will not experience any material accident, labor dispute, or failure of plant or equipment.

However, forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include, among others, the risk that actual results of exploration activities will be different than anticipated, that cost of labour, equipment or materials will increase more than expected, that the future price of gold will decline, that the Canadian dollar will strengthen against the U.S. dollar, that mineral reserves or mineral resources are not as estimated, that actual costs or actual results of reclamation activities are greater than expected; that changes in project parameters as plans continue to be refined may result in increased costs, of lower rates of production than expected, of unexpected variations in ore reserves, grade or recover rates, of failure of plant, equipment or processes to operate as anticipated, of accidents, labour disputes and other risks generally associated with mining, unanticipated delays in obtaining governmental approvals or financing or in the completion of development or construction activities ,as well as those factors and other risks more fully described in Aurizon's Annual Information Form filed with the securities commission of all of the provinces and territories of Canada and in Aurizon's Annual Report on Form 40-F filed with the United States Securities and Exchange Commission, which are available on Sedar at http://www.sedar.com/ and on Edgar at http://www.sec.gov/. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not be as anticipated, estimated or intended. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Readers are cautioned not to place undue reliance on forward-looking information due to the inherent uncertainty thereof.

Aurizon is a gold producer with a growth strategy focused on developing its existing projects in the Abitibi region of north-western Quebec, one of the world's most prolific gold and base metal regions, and by increasing its asset base through accretive transactions. Aurizon shares trade on the Toronto Stock Exchange under the symbol "ARZ" and on the NYSE Amex under the symbol "AZK". Additional information on Aurizon and its properties is available on Aurizon's website at http://www.aurizon.com/.

                           Aurizon Mines Ltd.
                   Balance Sheets (unaudited) - as at

                                                     March 31   December 31
  (in thousands of Canadian Dollars)                   2009         2008
  -------------------------------------------------------------------------
                                                         $            $
  ASSETS
  CURRENT
    Cash and cash equivalents                          32,587       34,337
    Restricted cash                                    26,238       21,225
    Accounts receivable and prepaid expenses            2,726        4,419
    Refundable tax credits and mining duties            5,301        5,301
    Derivative instrument assets                          166          412
    Inventories                                        10,608       10,145
  -------------------------------------------------------------------------
                                                       77,626       75,839
  Derivative instrument assets                            428        1,420
  Other assets                                          1,766        1,553
  Property, plant & equipment                          55,489       54,761
  Mineral properties                                  125,614      124,378
  -------------------------------------------------------------------------

  TOTAL ASSETS                                        260,923      257,951
  -------------------------------------------------------------------------
  -------------------------------------------------------------------------

  LIABILITIES
  CURRENT
    Accounts payable and accrued liabilities           15,616       15,067
    Derivative instrument liabilities                  17,206       13,727
    Current portion of long-term debt                  21,626       21,663
    Current provincial mining taxes payable             1,167        1,302
  -------------------------------------------------------------------------
                                                       55,615       51,759
  Derivative instrument liabilities                     9,690       13,474
  Long-term debt                                        1,270        9,430
  Asset retirement obligations                         21,152       20,905
  Future income tax liabilities                        19,822       17,442
  -------------------------------------------------------------------------
  TOTAL LIABILITIES                                   107,549      113,010
  -------------------------------------------------------------------------

  SHAREHOLDERS' EQUITY
  Share Capital                                       198,098      194,647
  Contributed Surplus                                     872          872
  Stock based compensation                              8,947        9,013
  Deficit                                             (54,543)     (59,591)
  -------------------------------------------------------------------------
  TOTAL SHAREHOLDERS' EQUITY                          153,374      144,941
  -------------------------------------------------------------------------
  TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY          260,923      257,951
  -------------------------------------------------------------------------
  -------------------------------------------------------------------------



                           Aurizon Mines Ltd.
      Statements of Earnings (Loss) and Comprehensive Income (Loss)
           (unaudited) - For the three months ended March 31,

  (in thousands of Canadian Dollars,
   except for share and per share amounts)             2009         2008
  -------------------------------------------------------------------------
                                                         $            $
  REVENUE
    Mining operations                                  41,566       35,134
  -------------------------------------------------------------------------
  EXPENSES
    Operating costs                                    17,667       16,869
    Depreciation, depletion and accretion               8,512        7,550
    Administrative and general costs                    2,794        2,569
    Exploration costs                                   1,232        2,272
    Unrealized derivative losses                          933        9,922
    Interest on long-term debt                            251        1,146
    Foreign exchange loss (gain)                        1,696       (1,160)
    Capital taxes                                         203          225
    Other income                                         (317)        (750)
  -------------------------------------------------------------------------
                                                       32,971       38,643
  -------------------------------------------------------------------------
  Earnings (loss) for the period before income taxes    8,595       (3,509)
  Current provincial mining taxes                      (1,167)           -
  Future income tax expense relating to mining duties    (422)        (761)
  Future income tax recovery (expense)                 (1,958)         494
  -------------------------------------------------------------------------
  Earnings (loss) and comprehensive income (loss)
   for the period                                       5,048       (3,776)
  -------------------------------------------------------------------------
  Earnings (loss) per share - basic and diluted          0.03        (0.03)
  -------------------------------------------------------------------------
  -------------------------------------------------------------------------
  Weighted average number of common shares
   outstanding (thousands)                            148,495      147,113
  -------------------------------------------------------------------------
  -------------------------------------------------------------------------


  Statements of Deficit (unaudited) - For the three months ended March 31,

  (in thousands of Canadian Dollars)                   2009         2008
  -------------------------------------------------------------------------
                                                         $            $
  Deficit - Beginning of period as
   previously reported                                (59,591)     (69,006)
  Retrospective adoption of new accounting standard         -        4,494
  -------------------------------------------------------------------------
  Deficit - as adjusted                               (59,591)     (64,512)
  Earnings (loss) for the period                        5,048       (3,776)
  -------------------------------------------------------------------------
  Deficit - end of period                             (54,543)     (68,288)
  -------------------------------------------------------------------------
  -------------------------------------------------------------------------



                           Aurizon Mines Ltd.
                  Statements of Cash Flow (unaudited) -
                   For the three months ended March 31,

  (in thousands of Canadian Dollars)                   2009         2008
  -------------------------------------------------------------------------
                                                         $            $
  CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES
    Earnings (loss) for the period                      5,048       (3,776)
    Adjustments for non-cash items:
      Depreciation, depletion, and accretion            8,512        7,550
      Refundable tax credits                             (213)        (383)
      Loss (gain) on sale of property,
       plant and equipment                                 34          (11)
      Stock based compensation                            923          361
      Unrealized non-hedge derivative losses              933        9,922
      Future income tax expense                         2,380          267
  -------------------------------------------------------------------------
                                                       17,617       13,930
    Decrease in non-cash working capital items          2,118        1,636
  -------------------------------------------------------------------------
                                                       19,735       15,566
  -------------------------------------------------------------------------
  CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES
    Property, plant and equipment                      (3,525)      (1,548)
    Mineral properties                                 (6,981)      (2,393)
    Restricted cash proceeds (funding)                 (5,013)      11,028
    Refundable tax credits                                  -         (534)
  -------------------------------------------------------------------------
                                                      (15,519)       6,553
  -------------------------------------------------------------------------
  CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES
    Issuance of shares                                  2,262          926
    Long-term debt                                     (8,228)     (26,532)
  -------------------------------------------------------------------------
                                                       (5,966)     (25,606)
  -------------------------------------------------------------------------
  DECREASE IN CASH AND CASH EQUIVALENTS                (1,750)      (3,487)

  CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD      34,337       24,837
  -------------------------------------------------------------------------
  CASH AND CASH EQUIVALENTS - END OF PERIOD            32,587       21,350
  -------------------------------------------------------------------------
  -------------------------------------------------------------------------


DATASOURCE: Aurizon Mines Ltd.



CONTACT:  AURIZON MINES LTD., David P. Hall, President and C.E.O.; Ian S.

Walton, Executive Vice President and C.F.O., Telephone: [phone], Toll

Free: 1-888-411-GOLD, Fax: [phone], Web Site: http://www.aurizon.com/, Email:

; or Renmark Financial Communications Inc., 2080 Rene-Levesque

Blvd. West, Montreal, QC, H3H 1R6, Barry Mire: ;

Henri Perron: ; Media - Vanessa Napoli:

, Tel: [phone], Fax: [phone]

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