Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
VANCOUVER, BRITISH COLUMBIA–(Marketwire – June 11, 2012) – Aurizon Mines Ltd. (“Aurizon”) (TSX:ARZ)(NYSE MKT:AZK)(NYSE Amex:AZK) announces that pursuant to the terms of the Fayolle Property option agreement, it has acquired an additional 1,923,077 common shares (the “Shares”) of Typhoon Exploration Inc. (“TYP”) at a cost of $500,000. The Shares represent approximately 8.8% of the issued and outstanding common shares of TYP. As a result of the acquisition of the Shares, Aurizon now owns 3,166,738 common shares, representing approximately 14.5% of the issued and outstanding common shares of TYP.
The common shares were purchased by Aurizon pursuant to the terms of an option agreement, whereby Aurizon can earn up to 65% interest in the Fayolle Property located 10 kilometres north of Aurizon’s Joanna Property in Quebec. Aurizon has acquired the Shares for investment purposes only and may, depending on market and other conditions, increase or decrease its beneficial ownership, control or direction, or exercise its current rights to acquire, common shares or other securities of TYP through market transactions, private agreements or otherwise.
A copy of the Early Warning Report being filed with the applicable securities regulators regarding the acquisition of the Shares is available on SEDAR (www.sedar.com) and may also be obtained by contacting the Corporate Secretary of Aurizon at the telephone number below.
