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Aurizon Mines


shares advanced Thursday after the company's board of directors unanimously recommended that shareholders reject an unsolicited takeover bid by

Northgate Minerals Corp.

( NXG).

Northgate's unsolicited offer to acquire all of the issued and outstanding shares of Aurizon, on the basis of 0.741 of a Northgate share for each Aurizon share, represents an 8.4% discount to Aurizon's closing share price on June 14.

"Our Board is of the unanimous view that Northgate's offer is inadequate, opportunistic and fails to recognize the value of Aurizon's future prospects," Aurizon CEO David Hall said in a statement, adding "we are in discussions with parties who have expressed an interest in pursuing an alternative transaction with Aurizon." Shares climbed 16 cents, or 6.8%, to $2.50 in recent trading.

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