Aurora Platinum to Acquire Controlling Interest in Consolidated Takepoint in Exchange for Mineral Assets.

Business Editors

VANCOUVER, British Columbia--(BUSINESS WIRE)--July 31, 2002

Aurora Platinum Corp. ("Aurora")(TSX VENTURE:ARP) and Consolidated Takepoint Ventures Ltd. ("Takepoint") (TSX VENTURE:CTK) have entered into an agreement (the "Acquisition Agreement") dated July 29, 2002 regarding Takepoint's proposed acquisition of interests in certain mineral claims and related rights (the "Mineral Assets") held by Aurora in exchange for Takepoint issuing to Aurora 13,000,000 common shares (the "Acquisition Shares") and 550,000 share purchase warrants ("Acquisition Warrants"). Each Acquisition Warrant will allow Aurora to acquire one common share of Takepoint for $0.24 within 2 years from the date of closing. As the acquisition of the Mineral Assets will constitute a change of control of Takepoint, the transaction will be treated as a reverse takeover ("RTO") of Takepoint under the policies of the TSX Venture Exchange (the "Exchange") and it is anticipated that the securities issued to Aurora will be subject to escrow restrictions in accordance with the policies of the Exchange, as well as resale restrictions applicable to control persons under applicable securities laws.

Concurrent with and part and parcel of the acquisition of the Mineral Assets and the RTO, Takepoint proposes to complete a private placement (the "Private Placement") to raise up to $1 million through the sale of up to 5,555,556 units at $0.18 per unit. Each unit will consist of one common share and one half of a common share purchase warrant, with each full share purchase warrant entitling the holder to buy one common share at $0.36 within 12 months after closing. The proceeds of the Private Placement will be applied to initial exploration work on the mineral interests to be acquired from Aurora and for general corporate purposes. The Private Placement is subject to Exchange acceptance.

The Mineral Assets that Takepoint intends to acquire are comprised of a number of claim blocks staked by Aurora in an area of northern Ontario ("Area of Interest") and rights to certain proprietary geophysical, geological and structural information in the Area of Interest. Takepoint will have non-exclusive exploration and development rights in the Area of Interest for all metals and minerals except kimberlites, subject to certain back-in rights and a 1.5% net smelter return royalty held by a third party, to a maximum royalty of $2.5 million per mine developed.

Geophysical consultants for Aurora have reviewed proprietary airborne magnetic/electromagnetic data over the Area of Interest. Helicopter supported geological reconnaissance work, at a cost of approximately $110,000 to the end of June 2002, has been conducted and is continuing. Evaluation of the Area of Interest is in progress and sampling by Aurora has identified a number of significant mineral prospects in several areas. A two-phase exploration program for the property is recommended with an expenditure of $400,000 in Phase I and $600,000 in Phase II.

Completion of the acquisition of the Mineral Assets is subject to a number of conditions, including but not limited to Exchange acceptance, Takepoint shareholder approval, due diligence examinations, completion of the Private Placement and receipt of all necessary technical reports concerning the Mineral Assets. The acquisition cannot close until the required Takepoint shareholder approval is obtained and Takepoint intends to schedule a meeting of shareholders as soon as practicable to consider the RTO, among other things. There cannot be assurances that the transaction will be completed as proposed or at all.

Takepoint will be required to retain a sponsor in connection with the RTO and is presently negotiating an agreement for a sponsor. An agreement to sponsor should not be construed as any assurance with respect to the merits of the transaction or the likelihood of completion.

Upon completion of the RTO, it is expected that all of the directors

of Takepoint except Anthony R. Harvey will resign from the Board of Directors of Takepoint and Aurora will nominate three new directors, being John G. Paterson, Michael D. Winn and Thomas W. Beattie. It is intended that Mr. Paterson will be appointed as President and Susy Horna as Secretary.

Mr. Paterson is a Professional Geologist who has been Chief Executive Officer and a Director of Southwestern Resources Corp. since June 1992. He was President and a Director of Aurora from May 2000 to June 2002, President of Canabrava Diamond Corp. from November 1994 to November 1997 and a Director of Canabrava from November 1994 to February 2002. Mr. Winn has been President of Terrasearch Inc., a financial consulting company, since January 1997. He was a Financial Analyst with Global Resource Investments Ltd. from 1994 to 1996 and a Geologist with CDM Federal Programs Corporation from 1990 to 1993. Mr. Beattie is a lawyer who has been Vice-President, Corporate Development and Corporate Secretary of Aurora since May 2000 and Vice-President, Corporate Development and Secretary of Southwestern Resources Corp. and Canabrava Diamond Corporation since 1996. Susy Horna has performed corporate secretarial functions for a number of public companies for several years.

After the issuance of the Acquisition Shares and Acquisition Warrants, and completion of the Private Placement, it is expected that Takepoint will have 21,231,867 shares outstanding (25,115,201 shares on a fully diluted basis). The Acquisition Shares held by Aurora will represent 61.23% of the 21,231,867 outstanding shares and 53.95% of the 25,115,201 outstanding shares on a fully diluted basis. Under the terms of the Acquisition Agreement, Aurora will have the right to maintain a 58% equity interest in Takepoint by participating in further equity financings so long as Aurora holds at least 20% of the issued shares of Takepoint.

Consolidated Takepoint Ventures Ltd., a Yukon corporation, is currently an inactive issuer whose shares have been halted from trading on the Exchange as a result of the RTO. Trading in the common shares of Takepoint is expected to remain halted until the RTO completes.

Aurora Platinum Corp., a Yukon corporation, is actively exploring for nickel-copper-platinum-palladium deposits in Ontario and Quebec. The Company has a joint venture with Falconbridge Limited in the Sudbury District (Foy and Footwall Properties) and a joint venture with Inco Limited (AEM Property) covering a large area in northern Ontario and in the Sudbury District (Nickel Lake Project). Aurora is also aggressively exploring its 100%-owned Lansdowne and Fishtrap Lake Properties in northwestern Ontario, and the Midrim/Belleterre/Angliers Project in Quebec. These projects are not included in the Mineral Assets. Aurora is a Tier 1 company on the Exchange. There is no individual who directly or indirectly beneficially holds a controlling interest in or who otherwise controls or directs Aurora.

Investors are cautioned that, except as disclosed in the management information circular of Takepoint to be prepared in connection with the transaction, any information released or received with respect to the RTO may not be accurate or complete and should not be relied upon. Trading in the securities of Takepoint should be considered highly speculative.

Some of the statements in this news release contain forward-looking information, which involves inherent risk and uncertainty affecting the businesses of Takepoint and Aurora. Actual results may differ materially from those currently anticipated in such statements.

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