Mr. George Paspalas reports

AURIZON ANNOUNCES RECORD 2011 GOLD PRODUCTION AND 2012 PLANS

Aurizon Mines Ltd. has provided its 2011 gold production results and 2012 production guidance, as well as capital and exploration budgets.

• Record gold production of 163,845 ounces in 2011;
• 2012 gold production expected to approximate 155,000 to 160,000 ounces;
• Expenditures of $71-million at Casa Berardi for the continuation of the shaft deepening, equipment, infrastructure and sustaining capital;
• Exploration expenditures at Casa Berardi of $9.4-million including 88,000 metres of drilling;
• Expenditures of $2.3-million at Joanna for metallurgical testwork and completion of the final feasibility and related studies;
• Exploration drilling program of 24,500 metres on Joanna's Heva deposit at a cost of $3.6-million;
• Exploration expenditures of $9.7-million on Aurizon's other properties including 47,000 metres of drilling.

"We are very pleased with the improvement in gold production at Casa Berardi in 2011, up 16 per cent from 2010, and setting a record for annual ounces produced for the corporation," said George Paspalas, president and chief executive officer. "An estimated $210-million in cash at year-end, continued strong cash flow from Casa Berardi into the future and an undrawn $50-million credit facility provide Aurizon with the flexibility to fund capital and exploration projects whilst maintaining a strong financial position. We will be making a significant investment in infrastructure at our flagship property Casa Berardi to further develop the lower levels and new lateral areas of the West mine to maintain a solid production profile going forward. In addition, we are also investing approximately $3.6 in exploration at Joanna and $9.7-million to actively explore our other Quebec exploration properties and create further value for our shareholders."

2011 gold production

Record gold production from Aurizon's 100-per-cent-owned Casa Berardi mine for the year ended Dec. 31, 2011, totalled 163,845 ounces from the processing of 698,123 tonnes at an average grade of 8.0 grams of gold per tonne. Recoveries for the year averaged 91.3 per cent. Actual gold production was in line with the company's 2011 guidance of approximately 165,000 ounces and it is anticipated that total cash costs per ounce will be below the company's guidance of $535 (U.S.) per ounce for 2011.

Fourth quarter 2011 gold production

Ore processed in the fourth quarter 2011 amounted to 170,283 tonnes at an average grade of 9.1 grams of gold per tonne. Metallurgical recoveries of 92 per cent resulted in gold production of 45,995 ounces in the quarter.

Forecast gold production for 2012

It is estimated that Casa Berardi will produce approximately 155,000 to 160,000 ounces of gold in 2012 at an average grade of 7.5 grams of gold per tonne. Average daily ore throughput is estimated at 2,000 tonnes per day, similar to 2011. Mine sequencing in 2012 will result in ore grades that are expected to be approximately 6 per cent lower than those achieved in 2011. Approximately 42 per cent of production will come from zone 113, 41 per cent from the Lower Inter zone, and the residual 17 per cent from smaller zones and development material.

Assuming a Canadian/U.S.-dollar exchange rate at parity, total cash costs per ounce for the year are anticipated to approximate $600 (U.S.) per ounce in 2012. On-site mining, milling and administration costs are expected to average $134 per tonne, up approximately 12 per cent from 2011 projected costs as a result of higher stope preparation costs and longer haulage distances.

As quarterly operating results are expected to fluctuate throughout the year, they will not necessarily be reflective of these full year averages.

Casa Berardi gold mine, Quebec

Capital expenditures at Casa Berardi, financed from operating cash flow, are estimated to total $80-million in 2012, as a result of three major capital projects: shaft sinking, construction of a paste backfill plant to maximize the extraction of high-grade ore from zone 113 and to allow greater mining flexibility, and continued replacement of mobile equipment. These expenditures comprise the amounts in the table.

                          CAPITAL EXPENDITURES
                                                                2012 budget
                                                               (in millions)

Sustaining capital                                                    $29.2
Shaft deepening                                                       $16.7
Property, plant and equipment                                         $10.4
Paste backfill plant                                                  $12.0
Tailings pond                                                          $2.3
Exploration                                                            $9.4
                                                                      -----
Total                                                                 $80.0
                                                                      =====

Sustaining capital expenditures at Casa Berardi are budgeted to be $29.2-million and will include continued development of the lower portions of zone 118 and 123.

In 2012, $16.7-million is budgeted for the deepening of the West mine production shaft 285 metres farther to provide access to the lower portion of the 113, 118 and 123 zones. The shaft, currently at a depth of 795 metres, will be extended to approximately 1,080 metres below surface, which will provide access at the 1,010-metre level to develop a drift from the shaft to zones 118 and 123. The shaft deepening is expected to be completed near the end of 2012 and commissioned by the first quarter of 2013.

Mining equipment replacement and fleet expansion to support the expanded development activities is budgeted at $10.4-million. A further $12.0-million will be invested in the construction of a paste backfill plant and $2.3-million will be invested on raising the tailings pond for future capacity.

Casa Berardi exploration

In 2012, $9.4-million will be invested on exploration at Casa Berardi which will include approximately 88,000 metres of surface and underground diamond drilling. Up to three surface and five to seven underground drill rigs will be active during the course of 2012. The company expects to capitalize these costs as the primary objective of the drilling will be to improve the quality of the known reserves and resources as well as exploring for extensions of these structures.

Surface exploration will include testing of the following:

• Eastern extension of the Principal zone;
• Northwest extension of the Lower Inter zone in the West mine;
• Extension of zone 123 at depth;
• Southern area of zone 123 at depth;
• Potential of the southern area between the Principal and the East mine;
• Extension of zone 160.

Underground rigs will primarily focus on definition drilling of the Lower Inter, and zones 109, 113, 118 and 123. In addition, exploration drilling will be performed on the Principal, 118 and 140 zones.

Joanna gold development property, Quebec

Feasibility study work on the Hosco deposit will continue in 2012 with completion of the study anticipated by midyear. The feasibility study will incorporate a reserve update based on the increased mineral resource estimate announced on June 13, 2011, together with results of metallurgical pilot tests, a geotechnical study, updated capital and operating cost estimates, and other relevant studies.

The company has budgeted $2.3-million for completion of the feasibility study.

In addition, an initial $3.6-million exploration program, comprising 24,500 metres of surface drilling, is planned for the Heva deposit, with an evaluation of the surface potential along the 2.5-kilometre stretch of the Cadillac fault west of the Hosco deposit. Two to four drill rigs will be active during the first five months of 2012.

Other properties

Exploration programs are also planned at the company's other Quebec properties. A total $9.7-million will be invested in the properties in the table during 2012.

                              EXPLORATION EXPENDITURES
                                                                2012 budget
                                                               (in millions)

Marban                                                                 $4.9
Fayolle                                                                $1.2
Early stage projects                                                   $1.9
General exploration                                                    $1.7
                                                                       ----
Total                                                                  $9.7
                                                                       ====

Marban property

A second phase of drilling at Marban has commenced and will be split between surface targets and the down-dip extension targets below 250 metres to assess the gold distribution within the deposit and extend the inventory at depth. The $4.9-million budget includes 34,000 metres of drilling, updated resource estimates, which are expected by the second quarter of 2012, and metallurgical work, hydrological characterization and geotechnical studies.

Aurizon may earn up to a 65-per-cent interest in the Marban property, which comprises 42 mining claims and three mining concessions covering 976 hectares in the centre of the Malartic gold mining camp in the Abitibi region of Quebec, subject to underlying royalties. The Marban block covers three kilometres of a one-kilometre-wide favourable gold-bearing deformation zone punctuated by historic production, current mineral resources and exploration potential. Underground potential can be projected by following down-dip extensions, similar to other deposits in the Abitibi area.

Fayolle property

The 2011 drill program demonstrated the extension of the mineralized system at surface, approximately one kilometre from the Fayolle deposit, however understanding the geological structures controlling the higher grade lenses is challenging. The company expects to generate a mineral resource estimate from the 2011 drill activity. The $1.2-million proposed drill program for 2012 consists of 7,000 metres with the objective of testing the lateral and down-dip extensions of the mineralized system.

Aurizon may earn up to a 65-per-cent interest in the Fayolle property, comprising 39 mining claims covering 1,373 hectares across the Porcupine-Destor break, one of the most productive gold-bearing structures of the Abitibi belt. The Fayolle property is situated 10 kilometres north of Aurizon's Joanna project in northwestern Quebec.

Rex South property

An extensive program was conducted in 2011 with the objective of expanding the prospecting coverage across the property and to initiate a drill program on the Augossan zone. As a result, a number of new mineralized structures, extending along the 30-kilometre-long Qualluviartuq corridor, were identified.

Drilling on Augossan was performed on widely spaced sections and covered a five-kilometre-long continuous geophysical anomaly. In addition, field investigations performed on Augossan identified a well-defined altered shear zone, a few hundred metres east of the main Augossan zone, which returned positive gold results along a kilometric sector. Prospecting work also identified additional quality targets in other sectors.

Drilling and prospecting results of the summer 2011 program are currently under review and will be released on a timely basis. The approach in 2012 will be established as soon as this phase is completed in order to optimize future drilling programs on the property.

Aurizon may earn up to a 65-per-cent interest in the Rex South property comprising 2,138 claims covering a surface area of 931 square kilometres, about 145 kilometres southeast of the community of Puvirnituq in Northern Quebec. The Rex South property hosts strong exploration potential based on extensive geochemical anomalies, geophysical signatures, and the presence of several mineralized prospects including high-grade gold and copper values obtained in grab samples.

Opinaca-Wildcat properties

During 2011, an extensive exploration program was conducted at the Opinaca and Wildcat properties, situated in the James Bay area, 350 kilometres north of Matagami, Que., and in close proximity to Goldcorp's Eleonore project. At the Opinaca property, approximately $2.4-million was incurred, including 5,000 metres of drilling, and at the Wildcat property, approximately $1.0-million was incurred, which included 2,000 metres of drilling.

The objectives of the 2011 program were to test, by drilling, the two showings located in the southern part of the joint venture claimsholding, and to sample systematically the arsenic anomaly in the lakes surrounding the drilling areas.

The company's approach for 2012 will be to review the data gathered in 2011 in order to optimize future work.

Duverny property

At Duverny, the 2012 exploration program will include 6,000 metres of drilling and will test an area that is two kilometres by six kilometres in size. The exploration program in 2011 included geophysics, prospecting and soil surveys, and results have identified a large gold anomaly situated in the centre of the property.

Aurizon may earn a 100-per-cent interest in 44 mineral claims covering 2,100 hectares, 25 kilometres northeast of Amos, Que., subject to underlying royalties. The Duverny property covers part of a mafic volcanic belt associated with the Chicobi fault corridor. Gold mineralization indicators in this area have similarities to the Timmins context, such as carbonate saturation and the presence of extensive quartz vein systems associated with folded structures.

Duvay property

The exploration program commenced in 2011 with the excavation of five small bulk samples on the main gold-bearing structure. To date, $900,000 has been invested.

The initial objective was to assess the impact of the well-known nugget effect of the Duvay mineralization. Gold and sulphides from a large sample have been processed and concentrated to compare the grades obtained versus standard sampling methods. Results from this work are expected in the first quarter of 2012. This work will evolve into a drilling program to test the potential of the main Duvay zone.

The company may earn an initial 50-per-cent interest in the Duvay property by making cash payments of $1.5-million and incurring work expenditures totalling $6.5-million, over the next four years, of which firm commitments totalling $2.5-million must be incurred in the first 18 months of the agreement. An additional 15-per-cent interest may be earned by either delivering a prefeasibility study on the property or by incurring $13-million of additional exploration expenditures within a three-year period of achieving the 50-per-cent initial interest.

The Duvay property comprises 132 mineral claims covering 4,999 hectares and is adjacent to the Duverny project located in the Chicobi deformation system in an area characterized by a higher density of felsic intrusions. Historical trenching and bulk sampling had identified an extensive quartz vein network presenting a potential for large targets.

Corporate development

The 2012 exploration strategy is a pragmatic approach that will target exploration projects that offer better opportunities to reach advanced stage development within a one- to three-year period.

Aurizon continues to focus on its organic growth within the Abitibi area, whilst evaluating accretive opportunities within the Americas to enhance its reserve and production profile.

2011 year-end financial results

Aurizon expects to release fourth quarter and 2011 year-end financial results on or about March 15, 2012, and will hold a conference call to discuss the results. Details of the call, including times and contact numbers, will be announced closer to the date.

Aurizon also expects to release an updated mineral reserves and resources estimate for the Casa Berardi mine in early March, 2012.

Quality control

Information of a scientific or technical nature in this news release was prepared under the supervision of Martin Bergeron, PEng, vice-president, operations, and Martin Demers, PGeo, general manager of exploration, both qualified persons under National Instrument 43-101.

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