12:03 PM EST - Aurizon Mines Ltd. : announced a new series of drill results from the exploration program on the Fayolle project located 20 kilometres north-east of Rouyn-Noranda, Québec and 10 kilometres north of Aurizon's Joanna project. The current drill program is the first phase of a work program totaling $3.5 million to be spent by Aurizon under the joint venture agreement announced on May 18, 2010 with Typhoon Exploration Inc. The Fayolle property is 100% owned by Typhoon and Aurizon can earn a 50% interest, subject to an underlying 2% net smelter royalty, by incurring expenditures of $10 million, and subscribing for $2 million in common shares of Typhoon. Aurizon can earn an additional 15% interest for a total interest of 65% by either delivering a feasibility study or spending an additional $15 million on the project. Aurizon Mines Ltd.
shares T.ARZ are trading up $0.17 at $7.20.
