George Paspalas Joins Aurizon
as Chief Executive Officer; David Hall Continues as Chairman of the Board
Further to the Company's announcement on
June 27, 2011, Aurizon
Mines Ltd. (TSX:ARZ)(NYSE Amex:AZK) is pleased
to confirm that effective today, Mr. George N. Paspalas
has joined the Company as its new President and Chief Executive Officer and as
a member of the Company's Board of Directors. In addition, the Company confirms
that Mr. David Hall, who has retired from his positions as
President and Chief Executive Officer, will continue to serve the Company as
Chairman of the Board.
"We are delighted to welcome George
to the Aurizon team," said Mr. Hall, Chairman.
"His strong leadership skills, combined with a successful track record of
value creation and team building will contribute greatly in building the
Company's growth profile, establishing new opportunities and capitalizing on
other strategic initiatives."
career includes fourteen years in senior management positions, most recently as
the Chief Operating Officer at Silver Standard Resources Inc. Before
joining Silver Standard, Mr. Paspalas held senior
management positions with Placer Dome Inc., including Executive
Vice-President and Senior Vice President Projects - Technical Development
and as President and Chief Executive Officer of Placer Dome Africa.
"We have greatly appreciated
David's leadership as President and Chief Executive Officer of Aurizon and are extremely pleased that he will continue to
serve as the Company's Chairman," said Brian S. Moorhouse, the Board's Lead Director. "In his
capacity as Chairman, David's vast knowledge, expertise and leadership will
continue to serve the Company well during this exciting new chapter in Aurizon's history."
Mr. Hall has been with Aurizon since its inception in 1988, and has served as the
Company's President and Chief Executive Officer since 1991. He has been
instrumental in developing the Company into a profitable gold producer with a
strong portfolio of exploration properties.
Pursuant to the Company's stock option
plan, the Company has granted options to purchase up to an aggregate of 600,000
common shares of the Company exercisable at a price of $6.38,
for a five year term with 25% vesting immediately and an additional 25% vesting
on each of the first, second and third anniversary of August 15, 2011.
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 favourable mining
jurisdictions and 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.
Forward Looking Statements and
This news release 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 news release is made as of the date of this news
release and, except as required under applicable securities legislation, the
Company does not intend, and does not assume any obligation, to update this
forward-looking information. The forward-looking information contained in this
news release is based on certain assumptions that the Company believes are
reasonable. However, forward-looking statements involve significant known and
unknown risks, uncertainties and assumptions. Many factors could cause actual
results, performance or achievements to be materially different from any future
results, performance or achievements that may be expressed or implied by such
forward-looking statements including, without limitation those 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 the Company's
website at www.aurizon.com and on Sedar at www.sedar.com and on Edgar at 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 to 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.
U.S. Registration (File 001-31893)
FOR FURTHER INFORMATION PLEASE CONTACT:
Aurizon Mines Ltd.
David P. Hall