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Gold/Mining/Energy : Aurora Platinum Corp, ARP
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To: Bruce Robbins who wrote (33)1/9/2001 10:22:51 AM
From: Just G  Read Replies (1) of 157
 
Aurora strikes data-sharing deal with Inco

Inco Ltd N
Shares issued 181,702,011 Jan 8 close $23.94
Tue 9 Jan 2001 News Release
See Aurora Platinum Corp (ARP) News Release
Mr. George Plewes reports
Aurora Platinum has entered into an agreement with Inco Ltd., whereby
Aurora will acquire from Inco the use of more than 54,000 line kilometres
of proprietary analog electromagnetic and magnetic airborne survey data
over specific areas in Ontario. The data package will also include all of
Inco's ground follow-up geophysical, geological and geochemical data
including drilling records within the project area of interest.
The company and Inco have begun to digitize the airborne data so that it
can be processed using modern techniques. Aurora, with Inco's technical
assistance, will use the reprocessed data to identify nickel, copper and
platinum group element targets for ground acquisition and exploration.
Under the terms of the agreement with Inco, Aurora can earn the right to
permanently use and retain the data by spending $1.5-million over four
years on followup of geophysical targets. Any properties acquired by Aurora
within the area of interest will be subject to a royalty to Inco upon
commencement of commercial production capped at $2.5-million. Inco will
have the right to purchase any Ni-Cu-PGM products at normal commercial
terms. Aurora will be the operator of the exploration program. Inco will
have the right to acquire 50 per cent of Aurora's interest in any mineral
property by financing two times Aurora's property expenditures including
acquisition, exploration and development costs. Either party will then have
the option to increase its equity in any joint-ventured property by 10 per
cent by financing 100 per cent of a feasibility study and by a further 10
per cent by providing all of the funds related to placing a deposit into
commercial production.
(c) Copyright 2001 Canjex Publishing Ltd. stockwatch.com
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