Canabrava Diamond/Navigator Exploration: Winter Program Underway, Severn Project, Northern Ontario.Business Editors VANCOUVER, B.C.--(BUSINESS WIRE)--Jan. 16, 2001 Canabrava Diamond Corporation (CDNX CDNX See Canadian Venture Exchange (CDNX). : CNB CNB Czech National Bank CNB Centro Nacional de Biotecnologia CNB City National Bank CNB Citizens National Bank CNB Croatian National Bank CNB Chloronitrobenzene CNB Corresponsales No Bancarios (Spanish, Colombia) ) and Navigator Exploration Corp. (CDNX: NVR NVR Never NVR Network Video Recorder NVR Novgorod (Russia) NVR Naval Vessel Register (US Navy) NVR Nene Valley Railway (UK) NVR Non Volatile Residue NVR Non-Volatile RAM .) announce that a Memorandum of Understanding A Memorandum of Understanding (MoU) is a legal document describing a bilateral or multilateral agreement between parties. It expresses a convergence of will between the parties, indicating an intended common line of action and may not imply a legal commitment. (MOU (Minutes Of Usage) A metric used to compute billing and/or statistics for telephone calls or other network use. ) has been signed with the Attawapiskat First Nation, and that the winter exploration program on the Severn Project in Northern Ontario Northern Ontario is the part of the province of Ontario which lies north of Lake Huron (including Georgian Bay), the French River and Lake Nipissing. Northern Ontario has a land area of 802,000 km² (310,000 mi²) and constitutes 87% of the land area of Ontario, although it has commenced. The MOU with the Attawapiskat First Nation establishes a cooperative working relationship that ensures mineral exploration activities will be carried out to the mutual benefit of both parties and in such manner as to minimize disturbance of traditional lands. Both Navigator and Canabrava are pleased to have established such a positive relationship with the Attawapiskat First Nation at this early stage of the Project. Following an initial two-week field program completed in December 2000, preparations for a winter drill program on the Severn Project are now underway. A number of priority airborne geophysical targets located on the Kat claims will be tested with ground geophysics and drilling. The Kat claims are located within and immediately adjacent to the Attawapiskat kimberlite kimberlite: see diamond. kimberlite or blue ground Dark, heavy, often fragmented igneous rock that may contain diamonds in the rock matrix. cluster, approximately 500 km NNW NNW abbr. north-northwest Noun 1. NNW - the compass point that is midway between north and northwest nor'-nor'-west, north northwest of Timmins, Ontario This article is about city in Ontario, Canada. For other uses, see Timmins (disambiguation). Timmins, with a population of 42,997 (2006), is a city in northeastern Ontario, Canada on the Mattagami River. At 2,961. . Camp mobilization has commenced along the recently opened winter road that runs from Moosonee through Attawapiskat to the Victor Camp, operated by De Beers Canada Exploration Inc. Over the next two weeks, crews will conduct ground geophysical surveying in preparation for drilling, and it is anticipated that drilling will commence in early February. Navigator has selected ten priority targets for drill testing, at least five of which are located in the immediate vicinity of the diamond-bearing Victor Pipe, the site of a large tonnage bulk-sampling program (approximately 7000 tonnes) conducted by De Beers in 2000. The 18-hectare Victor kimberlite is the largest of 18 pipes that comprise the Attawapiskat cluster. Published reports confirm that 17 of these pipes are diamondiferous. De Beers continues to assess the economic potential of the Victor Pipe with additional drilling and bulk sampling work in 2001. In the fall of 2000, additional airborne geophysical surveys were completed over three large blocks located in the general vicinity of the Attawapiskat kimberlite cluster. More than 47,000 line kilometers of airborne geophysics has been flown on the Project to date, and numerous targets of interest have been identified. Processing of the geophysical data is ongoing and additional staking will be completed as part of the winter program. Under the terms of the agreement with Canabrava, Navigator is required to spend $1 million by March 20, 2001 and $750,000 by March 20, 2002 in order to earn a 50% interest in the Project. Navigator has spent approximately $1 million on the Project to date and the budget for the winter drilling program is around $1 million. Navigator and Canabrava are highly optimistic about the region's potential to host additional, undiscovered diamond bearing kimberlites and will continue to aggressively advance exploration efforts on the Severn Project in 2001. Navigator Exploration Corp. is actively exploring for diamonds, gold and base metals in Northern Canada, both independently and through separate joint ventures with De Beers Canada Exploration Inc., Canabrava Diamond Corporation, Tyler Resources Inc., Falconbridge Limited, and Phelps Dodge Corporation of Canada Limited. In addition, Navigator is also participating in base and precious metals Precious Metals Valuable metals such as gold, iridium, palladium, platinum, and silver. Notes: Investing in precious metals can be done either by purchasing the physical asset, or by purchasing futures contracts for the particular metal. exploration in Ireland through its approximately 41% shareholding in Strongbow Resources Inc. Canabrava Diamond Corporation is actively exploring for diamonds in Brazil and Canada both independently and through major joint ventures with Kennecott Canada Exploration Inc., SouthernEra Resources Limited, Paramount Ventures and Finance Inc. and Navigator Exploration Corp. Canabrava is 52.5% owned by Southwestern Gold Corporation. The Canadian Venture Exchange The Canadian Venture Exchange (CDNX) is now a defunct stock exchange having been acquired by the TSX Group in 2001 and renamed the TSX Venture Exchange. History of the Canadian Venture Exchange (CDNX) has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. |
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