Aurora Platinum and FNX Mining have revealed that their new arrangement agreement is now complete.

Under the deal, FNX will purchase all of the outstanding shares of Aurora in exchange for common shares of FNX.

Aurora is based in Canada and is focused on exploring for nickel-copper-platinum-palladium-gold deposits in Ontario and Quebec, owning a considerable share in the productive Sudbury Basin mining camp.

In addition the Falconbridge property, which Aurora has a 60 interest in, is said to have excellent potential for high-grade platinum deposits similar to recent discoveries by FNX at its Levack Mine.

Terry MacGibbon, president and CEO of FNX stated: "Over the past three years FNX has been totally focused in the Sudbury Basin mining camp and sees the Aurora transaction as a way to build on our excellent exploration, development and mining successes in Sudbury.

"This transaction will not only increase FNX's Sudbury Basin land holdings eight-fold but provide us with over eight kilometres of very prospective, relatively under-explored footwall environment behind the historic Falconbridge Mine."

FNX will now conduct a detailed review and compilation of all Aurora data and once the arrangement is fully finalised it will manage all of Aurora's exploration programmes.

"The merger with FNX, a proven producer with a growing asset base and discovery record in the Sudbury Camp, will provide an immediate and long term upside for Aurora shareholders," Daniel G Innes, president and CEO of Aurora, added.