UPDATE 1-Aurizon Mines posts first-quarter profit

* Q1 net EPS C$0.03 Vs yr-ago loss of C$0.03/shr

* Q1 adjusted EPS C$0.05 Vs yr-ago EPS of C$0.02

TORONTO, May 13 (Reuters) - Canadian gold miner Aurizon Mines (ARZ.TO) posted a first-quarter profit on Wednesday, helped by a higher realized gold price and lower exploration costs.

Net income in the quarter that ended March 31 was C$5 million, or 3 Canadian cents a share, compared with a year-ago loss of C$3.8 million, or 3 cents a share, when results were hurt by higher exploration and interest expenses.

Excluding the impact of noncash derivative losses and foreign exchange losses, the company posted earnings of 5 Canadian cents a share, up from a profit of 2 Canadian cents a share, a year earlier.

The company said as of March 31, cash and cash equivalents stood at C$32.6 million, compared with C$34.3 million at the beginning of 2009.

Gold production in the quarter fell 7.4 percent to 38,966 ounces, but revenue rose 18.5 percent to C$41.6 million.

The company said its cash flow from operations, along with the proceeds from an equity financing in April will allow it to meet its financial obligations as they become due and also fund its planned exploration and capital programs.

Based upon first-quarter results and the 2009 mine plan, the company said its Casa Berardi remains on target to produce between 150,000 to 155,000 ounces of gold at a total cash cost of about US$390 per ounce. ($1= $1.16 Canadian) (Reporting by Euan Rocha, editing by Maureen Bavdek)