Aurizon cash flow slipped in ’95

Cash flow for Aurizon Mines (TSE) dipped to $4.4 million (or 12 cents per share) in 1995 from the $7 million (20 cents per share) reported in 1994.

The company holds a half interest in the Sleeping Giant mine in northwestern Quebec; the remaining half is held by Cambior (TSE).

The mine produced 48,042 oz. gold from 137,260 tons of ore grading 0.36 oz. gold per ton. Production in the previous year totalled 43,003 oz. from 134,600 tons grading 0.33 oz. gold.

Cash flow in 1994 included a gain of $1.9 million from the sale of resource pools.

Operations in 1995 were also hampered by direct charges for exploration on non-producing projects, increased capital taxes, Quebec taxes on mining profits and a general increase in costs.

After including an investment writedown of $2.5 million, Aurizon reported a net loss for 1995 of $545,838, compared with earnings in 1994 of $6.1 million.

At year-end, Aurizon had $6.13 million in working capital, no long-term debt and 36.5 million shares outstanding.