That's my understanding too, JP. What follows is their NR from Dec. 21. and it too suggests 10 trading days. On that basis, this Friday would appear premature to rate the $6 PP price that Matey suggests.... unless the price was knocked really low which I don't expect.
This NR also carried some tantalizing news about their Foy project. Is it real or is it hype? Some well-informed people tell me it's very real and a very good bet... as good as they come. They also note good relationships between ARP and the majors... i.e. Inco and Falco.
All comments pro or con would be appreciated.
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Aurora Platinum Corp ARP
Shares issued 1,127,367 2000-12-20 close $6.9
Thursday Dec 21 2000 News Release
Mr. George Plewes reports
A recently completed detailed airborne magnetic/electromagnetic survey over the company's Foy project has defined a number of high-profile magnetic and electromagnetic targets. The company also believes that a large embayment in the footwall of the Sudbury Nickel Irruptive at Foy has been defined by this airborne survey. Modelling suggests that the embayment covers an area of five kilometres by 3.5 kilometres and is buried approximately 200 metres below the present surface. Embayments in the footwall along the basal Nickel Irruptive contact are prime locations for hosting some of the largest and richest Cu-Ni-PGM deposits in the Sudbury camp, and the Foy embayment offers exceptional exploration targets.
On the basis of the positive geophysical results, the company has decided to contract a second drill rig in early January, 2001, for the Foy project to test targets in the interpreted embayment area.
At present, one rig is operating on the Foy project and is drilling the second hole of a three-hole program designed for a downhole geophysical survey. The three holes which are collared north of significant Cu-Ni-PGM mineralization discovered by Aurora in the Foy offset dike, are being drilled over a strike length of 500 metres and to a depth of 800 metres. Although the three holes are strictly designed as part of a downhole geophysical survey, a number of pods, lenses, and vein of both disseminated and massive sulphide have been intersected in both hole one and two. These holes are currently being logged and sampled. Assay results will be released when received.
The success of the first phase of exploration on the Foy project has resulted in an increase in the winter drilling program from 5,000 metres to 8,000 metres.
A detailed airborne magnetic/electromagnetic survey was also completed on the Falconbridge township footwall project. This property is located between the Garson and Norduna mines and is adjacent to the Falconbridge and Falconbridge East mines. The property contains both sublayer and footwall targets. The airborne survey has identified a number of strong anomalies within both of these target environments, and a winter drilling program on the Falconbridge township footwall project is planned.
Under the terms of a formal agreement, Aurora Platinum has the option to earn a 60-per-cent interest in both projects from Falconbridge Limited 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 Platinum earns its 60-per-cent interest, the joint venture partners will contribute on a pro rata basis. Falconbridge Limited will have the option to increase its working interest in any specific project to 70 per cent by financing a bankable feasibility study and providing 100 per cent of the funds to put a deposit into production. Falconbridge will be entitled to recover mine construction costs from 90 per cent 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 Platinum at a price equal to the closing price for the 10 trading days prior to Falconbridge Limited's notice to purchase the shares.
Aurora Platinum Corp. is actively exploring in Ontario and Quebec for copper-nickel-platinum-palladium deposits. The company has acquired a 100-per-cent interest in a number of platinum-palladium prospects and is presently conducting exploration work within the Landsdowne house ultramafic complex in Northern Ontario and the Midrim-Belleterre area in Quebec. For more information please see the company's Web site at www.auroraplatinum.com.
Southwestern Gold Corporation owns 25.55 per cent of the outstanding shares.
(c) Copyright 2001 Canjex Publishing Ltd. canada-stockwatch.com |
