Gold ETFs, GLD Climb, Aurizon Surges 5.5%

GOLD ETFS & GLD NEWS Gold ETFs climbed Tuesday as inflation worries escalated on Wall Street. The SPDR Gold Trust (GLD) rose $0.90 to $133.85 per share. The rally in gold ETFs and the GLD came as the yellow metal advanced $10.29 to $1,372.04 per ounce. With today s spike in gold ETFs, the GLD extended its monthly gain to 3.1%.

While gold ETFs rallied, several gold companies posted gains exceeding that of the GLD. Aurizon Mines (ARZ.TSX, AZK:AMEX) surged as much as 5.5% to $7.61 per share after announcing that it has received high tungsten grades of up to 4.62% from check analysis performed on 37 tungsten-bearing grab samples collected during the 2010 field program on the Rex South property. Located in Nunavik, Quebec, Canada, Rex South is comprised of 1,822 claims covering 794 square kilometers.

Aurizon Mines has an option agreement on Rex South with Azimut Exploration (AZXM.TSXV), whereby it can purchase an initial 50% interest in the project by performing $5.0 million in exploration work over a five-year period, and an additional 15% interest upon delivery of a bankable feasibility study. Aurizon recently announced plans to accelerate the 2011 work program with a $4.1 million budget.

The Canadian-based gold miner reported that an average grade increase of 130% for tungsten was obtained due to the use of the more accurate X-Ray fluorescence method of analysis. Furthermore, 32 of the 37 tungsten-bearing samples were collected along the six kilometer long by 50 to 300m wide Augossan Zone which is open in all directions.

Significant results for copper (up to 2.56%), gold (up to 23.3 grams per tonne) and silver (up to 90.0 g/t) have been obtained at the Augossan Zone. Aurizon noted that the Augossan Zone appears as a very attractive exploration target for a large deposit in terms of metal content. The polymetallic and disseminated nature of the mineralization, as well as dense veining, and its association with a fluor-rich intrusion show similarities with porphyry type mineralized systems.

Alongside gold ETFs such as the GLD, other gold companies moving higher Tuesday included Goldcorp (GG), IAMGOLD (IAG), and Newmont Mining (NEM). GG, IAG, and NEM jumped 1.6%, 2.6%, and 1.3%, respectively.