Aurizon beats estimates for quarter
Aurizon Mines Ltd beat analyst estimates by increasing earnings to C$9.9 million, or C6 cents a share for the last quarter. Last year in the same quarter earnings a share came in at a loss of C$4.1 million, or C3 cents a share.
While an increase in gold prices was the key reason for the increase in profits, there was also C$4.5 million of non-refundable tax credits which helped them as well.
Analysts had been looking for earnings of C4 cents a share of revenue of C$36.7 million.
One concern for 2010 is the decreasing gold production at their major mine in Quebec, which is expected to fall from 159,261 ounces in 2009 to between 145,000 and 155,000 in 2010. Lower grades of gold was cited as the reason behind that.
That could be why Aurizon Mines has mentioned acquiring early stage gold mines in the near future.
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