Aurizon mines’ earnings reflect record output at Sleeping Giant (September 04, 1995)

Higher grades at the Sleeping Giant mine, owned by Aurizon Mines (TSE) and Cambior (TSE), pushed gold production to a record 15,170 oz. for the second quarter of 1995. Total production at the mine, 80 km north of Amos, Que., was 26,092 oz. for the first half of 1995, up from 20,072 oz. in the same period of 1994.

Aurizon’s revenues for the first half of 1995 were $7.1 million, up from $5.3 million in the first half of 1994. Unit production costs were lower, but total operating costs included an increased investment in equipment and underground development. The higher operating costs left earnings of $2.2 million or 6 cents per share for the six months ended June 30, 1995, compared with $2.5 million or 7 cents per share in the first six months of 1994.

At the Beaufor project, where Aurizon is an equal partner with Louvem Mines, revenue from development ore provided a surplus of $1.1 million over costs in the first half of 1995 (T.N.M., Aug. 21/95). The surplus is being applied to exploration and development costs.