January 28, 2011
Please find below a link to a BNN interview with David Hall, CEO of Aurizon Mines. The interview is seven minutes long and the focus is on NioGold’s Marban block which is part of NioGold’s 120 sq km Malartic project near Val d’Or Quebec.
The NioGold/Aurizon agreement is summarized below:
As of January 2010 indicated resources for the Marban block property, located in the Malartic gold camp in the Abitibi region, Quebec totaled 598,000 ounces, while inferred resources totaled 361,000 ounces. The gold resources are defined along a three-kilometre segment of the Norbenite-Marbanite fault zone, in and around the former Marban, Norlartic and Kierens gold mines, which collectively produced 600,000 ounces of gold.
Aurizon Mines Ltd. has signed an option and joint venture agreement with Niogold Mining Corp. on the Marban block property, pursuant to which:
Aurizon can earn a 50-per-cent interest in the Marban block, subject to underlying royalties, by:
Incurring expenditures of $20-million over three years, of which $5-million is a firm commitment to be spent in the first year;
Completing an updated NI 43-101-compliant mineral resource estimate;
Making a resource payment equal to the sum of $30 (or $40 if the price of gold is then above $1,560 (U.S.)) multiplied by 50 per cent of the number of total gold ounces in the measured and indicated resource categories plus $20 (or $30 if the price of gold is then above $1,560 (U.S.)) multiplied by 50 per cent of the number of total gold ounces in the inferred resource category, based on the updated resource estimate.
Aurizon can earn an additional 10-per-cent interest, for a total 60-per-cent interest, by delivering a feasibility study.
Aurizon can earn an additional 5 per cent, for a toal 65-per-cent interest, by arranging project financing for capital expenditures estimated by the feasibility study to place the project into commercial production.
NioGold will be operator during the initial earn-in period, and Aurizon will provide input on exploration programs and will become operator after the initial 50-per-cent interest has been earned.
For further information please contact: