Aurora And Falconbridge To Advance Footwall Ni-Cu-PGM Project, Sudbury.

Business Editors

VANCOUVER, B.C.--(BUSINESS WIRE)--Feb. 8, 2001

Aurora Platinum (CDNX:ARP.)

AURORA PLATINUM CORP. (CDNX:ARP.) announced today that Falconbridge Limited, as operator, has informed the Company that a UTEM ground geophysical survey has commenced on the Footwall Project, in preparation for a first-phase 4,000 metre drilling program.

The Footwall Project is adjacent to the Falconbridge and Falconbridge East Mines, located 15 kilometres northeast of Sudbury, Ontario. Aurora and Falconbridge recently completed an airborne magnetic/electromagnetic survey over the property and several significant magnetic and electromagnetic targets were interpreted from the data.

A total of 63 line kilometres of a UTEM ground geophysical survey will be conducted on the Footwall Project Grid and it is anticipated that the survey will be completed in the next few days. Once all the survey results are compiled and interpreted, the drilling program will commence.

The Footwall Project, a joint venture between Aurora and Falconbridge, covers an eight-kilometre strike length of Sudbury norite and sublayer rocks adjacent to the Falconbridge and Falconbridge East Mines. The airborne magnetic/electromagnetic survey identified a number of strong anomalies both in the sublayer and footwall. Several of these anomalies are associated with coincident magnetic highs and electromagnetic conductors suggesting possible sulphide bodies.

Under the terms of the previously disclosed formal Option and Joint Venture Agreement with Falconbridge, Aurora has the option to earn a 60% interest in both the Footwall and Foy Offset Projects from Falconbridge by expending $6 million on exploration over three years. During the first year of exploration, a minimum of $1 million must be spent. Once Aurora earns a 60% interest, the joint venture partners will contribute on a pro rata basis. Falconbridge will have the option to increase its working interest in any specific project to 70% by funding a bankable feasibility study and providing 100% of the funds to put a deposit into production. Falconbridge will then be entitled to recover mine construction costs from 90% of net cash flow from a mine.

Within the three-year option period, Falconbridge will have the right to purchase by way of private placement up to 500,000 shares of Aurora at a price equal to the closing price for the 10 trading days prior to Falconbridge's notice to purchase the shares.

Aurora Platinum Corp. is actively exploring in Ontario and Quebec for nickel-copper-platinum-palladium deposits. The Company has acquired a 100% interest in a number of nickel-copper-platinum-palladium prospects and is presently conducting exploration work within the Lansdowne House Mafic and Ultramafic Complex in Northern Ontario and the Midrim-Belleterre Area in Quebec. For more information please see our website at www.auroraplatinum.com. Upon the exercise of the special warrants qualified under Aurora's prospectus dated February 6, 2001, Southwestern Gold Corporation will own 19% of Aurora's outstanding shares.

The Canadian Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.