Canabrava Diamond, Paramount Ventures and Finance Progress Report on the Ontario Diamond Joint Venture.VANCOUVER, B.C.--(BUSINESS WIRE)--Oct. 12, 1999-- Canabrava Diamond Corporation (CNB-V) and Paramount Ventures & Finance Inc. (PVF-V) are pleased to provide the following update on the Ontario Joint Venture with Kennecott Canada Exploration Inc. The Joint Venture includes Canabrava's 100% owned Whitefish whitefish: see salmon. whitefish Any of several silvery food fishes (family Salmonidae, or Coregonidae), inhabiting cold northern lakes of Europe, Asia, and North America. Lake Project, as well as the KAP and Rocky Island Rocky Island may refer to:
Kennecott has recently advised the Joint Venture partners that the summer field program was successfully completed. The program consisted of follow-up indicator mineral sampling in high priority areas, as well as additional regional reconnaissance sampling on the Rocky Island Lake Project. Processing of the samples is now well underway at Kennecott's Thunder Bay Thunder Bay, city (1991 pop. 113,946), SW Ont., Canada, on Thunder Bay inlet of Lake Superior. The city was created in 1970 by the amalgamation of the twin cities of Fort William and Port Arthur and two adjoining townships. laboratory facility, and results are expected later in the year. Kennecott has also completed a full evaluation of the airborne geophysical ge·o·phys·ics n. (used with a sing. verb) The physics of the earth and its environment, including the physics of fields such as meteorology, oceanography, and seismology. dataset, and based on a combination of this data and historical indicator minerals results, have selected a number of high priority targets for drill testing. Ground and possibly even additional airborne geophysical surveys Geophysical survey refers to the systematic collection of geophysical data for spatial studies. Geophysical surveys may use a great variety of sensing instruments, and data may be collected from above or below the Earth's surface or from aerial or marine platforms. are being planned to cover these targets this winter, and additional targets are expected to be forthcoming from this summer's work. Drill testing of these targets will be undertaken once the ice has reached a sufficient thickness to support a safe drilling operation. Kennecott has indicated that it is highly encouraged by the results achieved to date, and are looking forward to the upcoming winter program. The budget to complete the above planned programs has been approved. Kennecott has the option to earn a 60% interest in the Ontario Joint Venture by spending $25 million within seven years, or by advancing any one of the Projects to a production decision, whichever occurs first. Kennecott, as operator, must spend $1.5 million on exploration before December 10, 2000. Canabrava Diamond Corporation is actively exploring for diamonds in Brazil and Canada. The Company is 54.7% owned by Southwestern Gold Corporation (SWG-T). Paramount Ventures and Finance Inc. is a junior exploration company with diamond projects located in Brazil and Canada. Rory O. Moore, President, Canabrava Diamond Corporation James Owen The common English name James Owen can refer to:
, Director, Paramount Ventures and Finance Inc. The Vancouver Stock Exchange Vancouver Stock Exchange (VSE) A securities and options exchange in Vancouver, British Columbia, (Canada), specializing in venture capital companies. Vancouver Stock Exchange See Canadian Venture Exchange (CDNX). has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. |
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