Aurora Platinum options Anglier property (December 11, 2001)

Vancouver Junior Aurora Platinum (ARP-V) has acquired Paramount Ventures and Finance‘s (PVF-V) remaining interest in the Anglier platinum-palladium property in Quebec.

The 1,600-hectare Anglier property is situated in the Baby segment of the Belleterre-Anglier greenstone belt in the southern superior geological province. It lies about 25 km east of Lake Timiskaming and is adjacent to Aurora’s Midrim property.

According to the deal, Aurora is required to pay the underlying vendor $65,000 and spend an additional $570,000 on exploration. Paramount retains the obligation to issue $50,000 worth of its common shares to the vendor by February 2003 in return for a 1.5% net smelter royalty. The royalty can be purchased for $1 million.

Earlier this year, Aurora optioned half of Paramount’s 70% interest in the property. Aurora agreed to spend the first $300,000 of the required $800,000 in exploration expenditures (over a three year period). After the earn-in, the agreement stipulated that the companies would share the costs on a 50-50 basis and if either party failed to fund its share then it will lose its interest.

Recent drilling at the Midrim-Belleterre project identified disseminated to massive sulphides at a depth of 200 metres in hole MR 01-76. The hole cut 7.65 metres grading 0.8% nickel, 1.2% copper, 0.4 gram per tonne platinum and 1.1 grams palladium. Aurora states that four separate nickel-copper-PGM mineralized zones have been drilled to date and all of these are contained within gabbro bodies inter-layered with mafic to felsic volcanics.

Results form an earlier airborne magnetic-electromagnetic geophysical survey that was flown over the Midrim-Belleterre-Anglier property area identified a total of 36 electromagnetic conductors. Aurora states that several of these conductors occur along the gabbro horizon hosting the deep mineralization at Midrim.