Aurora Acquires Nickel Property, Timmins Area, Ontario.Business Editors VANCOUVER, British Columbia--(BUSINESS WIRE)--May 20, 2003 Aurora Platinum Corp (TSXV:ARP) announced today that it has entered into an agreement with an individual to acquire nine claims (127 units) located directly adjacent to the Montcalm Nickel Deposit owned by Falconbridge Limited, in the Porcupine Mining Division near Timmins, Ontario. Under the terms of the agreement, which is subject to regulatory approval, Aurora can earn a 100% interest in the property by making a cash payment of $15,000 and issuing 60,000 common shares of Aurora over three years. In addition, Aurora will pay the owner a royalty equal to 2% of the net smelter returns generated from the Property. All shares issued under the agreement will be subject to a 12-month hold period. Falconbridge's Montcalm Nickel Deposit lies within the northeastern tip of the Montcalm gabbro gabbro: see basalt. gabbro Any of several medium- or coarse-grained rocks that consist primarily of plagioclase feldspar and pyroxene. Gabbros are found widely on the Earth and on the Moon. complex (pyroxenite pyroxenite Dark medium- to coarse-grained igneous rock that consists chiefly of pyroxene. Accessory minerals include hornblende, biotite, or olivine. Pyroxenites are not abundant. , gabbro, anorthosite anorthosite Type of igneous rock composed predominantly of calcium-rich feldspar. It is considerably less abundant than either basalt or granite, but the complexes in which it occurs are often immense. ), and, as reported by Falconbridge in May 2001, has a total undiluted indicated mineral resource estimated at about 7 million tonnes grading 1.4% Ni, and 0.7% Cu. Aurora's property adjoins the Montcalm deposit to the west, and is considered prospective as the mineralized min·er·al·ize v. min·er·al·ized, min·er·al·iz·ing, min·er·al·iz·es v.tr. 1. To convert to a mineral substance; petrify. 2. To transform a metal into a mineral by oxidation. 3. Montcalm gabbro may extend westward onto Aurora's property. There also exists the potential for discovery of other mineralized gabbros on Aurora ground, as the results of a recent compilation have identified several untested ground pulse EM anomalies and many large magnetic airborne anomalies with coincident airborne EM anomalies. Aurora Platinum Corp. is actively exploring for nickel-copper-PGM deposits in Ontario and Quebec. The Company has an option/joint venture with Falconbridge Limited in the Sudbury District (Foy and Footwall foot·wall n. Geology 1. The mass of rock underlying a mineral deposit in a mine. 2. The underlying block of a fault having an inclined fault plane. properties) and option/joint ventures with Inco Limited including the AEM AEM Applied and Environmental Microbiology (journal) AEM Association of Equipment Manufacturers AEM Academic Emergency Medicine (journal) AEM Agnico-Eagle Mines Limited AEM Advanced Engine Management Project in northwestern Ontario and the AEM Abitibi Project in eastern Ontario/western Quebec and the Nickel Lake Project in the Sudbury District. Aurora is also aggressively exploring a number of 100%-owned properties in northwestern Ontario and in Quebec. The TSX Venture Exchange TSX Venture Exchange Originally called the Canadian Venture Exchange (CDNX), this was a result of the merger of the Vancouver and Alberta stock exchanges. The goal of TSX Venture Exchange is to provide venture companies with effective access to capital while protecting investors. has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. |
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