Canabrava Appoints New President & CEO.

Business Editors

VANCOUVER, British Columbia--(BUSINESS WIRE)--May 8, 2002

Canabrava Diamond Corporation (TSX:CNB) announced today that the board of directors has appointed George H. Read as President and Chief Executive Officer of the Company effective June 1, 2002.

Mr. Read, the Company's Vice President Exploration for the last year, has over 18 years of international experience in the diamond industry, including 12 years with De Beers. While with De Beers and as an independent consultant he gained extensive field experience in Africa, including work on kimberlite occurrences in South Africa, Botswana, Zimbabwe, and Mali, as well as in Canada on the Slave Craton and Victoria Island, NWT and in Quebec, Ontario, Saskatchewan and Alberta and in Greenland. During 1999 and 2000 Mr. Read was project manager for Canabrava's joint venture in Brazil.

The board of directors wishes to thank Dr. Rory O. Moore for his significant contribution to the growth and development of Canabrava. Dr. Moore will continue to assist Canabrava in his new capacity as consultant for an international diamond exploration services company.

Canabrava is actively exploring for diamonds in Canada and Brazil both independently and through major joint ventures. On the Groundhog Project (Ontario) with Paramount Ventures and Finance Inc., drilling is currently underway on high priority geophysical targets that were inaccessible during the winter. These targets have been well defined by high-resolution, helicopter-borne magnetic surveys and are supported by proximal, down-ice indicator minerals. On the Ontario Joint Venture Project with Kennecott Canada Exploration Inc., an 8,303 line-kilometre airborne geophysical survey has commenced. The two areas covered by the survey have been defined by a recent in-depth study of kimberlitic indicator mineral distribution with respect to the Quaternary geology. The results of this study suggest the potential for local kimberlite source rocks intruded at structural intersections. On the Mistassini Project (Quebec) with Majescor Resources Inc., preparations are currently underway to prospect and sample 77 priority geophysical targets identified from the recently completed airborne survey. This prospecting will assist in prioritizing these targets for drilling in the fall. Canabrava has significant claim holdings (112,000 hectares) in the diamond fields of Minas Gerais, Brazil. This region is known for its high value alluvial diamonds and the discovery of the diamond-bearing Canastra kimberlite in southern Minas Gerais confirms the potential of the project area to host diamondiferous kimberlites. Canabrava geologists have developed a well-constrained model to locate the kimberlite source rocks in this geologically challenging region. Canabrava is actively seeking new joint venture partners to participate in the exploration to determine the source of these high value diamonds.

The Company is 39% owned by Southwestern Resources Corp.

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