Canabrava Diamond/Paramount Ventures and Finance Letter Agreement Signed: Diamond Joint Venture, Brazil.VANCOUVER, British Columbia--(BUSINESS WIRE)--Oct. 1, 1997--Canabrava Diamond Co(VSE See DOS/VSE. VSE - Virtual Storage Extended :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) .) Paramount Ventures a (VSE:PVF PVF Polyvinylidene Fluoride PVF Pipe, Valves and Fittings PVF Poly-Vinyl Fluoride PVF Present Value Factor PVf Peso Vivo Final (Portugese) PVF Prepaid Variable Forward (equity trading strategy) .) Paramount Ventures and Finance Inc. (PVF-V) and Canabrava Diamond Corporation (CNB-V) are pleased to announce that the two Companies have signed a letter agreement to form a joint venture on two Brazilian Diamond Properties. Under the terms and conditions of the agreement, Paramount is to spend US$ 500,000 by March, 1999 on Canabrava's 100 percent owned Macapa and North Bahia projects to earn a 50 percent participating interest. Once Paramount has earned its 50 percent interest, the Companies will participate on a 50/50 basis to further develop the projects. The Macapa Project is located in Amapa State in the northeast corner of Brazil about 400 kilometres northwest of the city of Belem. The Project is comprised of 20,000 hectares of exploration concessions underlain un·der·lain v. Past participle of underlie. by Archaean rocks of the Guyana Shield. Historically, the area has produced gem quality diamonds from alluvial deposits alluvial deposit Material deposited by rivers. It consists of silt, sand, clay, and gravel, as well as much organic matter. Alluvial deposits are usually most extensive in the lower part of a river's course, forming floodplains and deltas, but they may form at any point and a review of government airborne magnetic data indicate that pipe-like anomalies are located in the source area for the alluvial al·lu·vi·al adj. Of, relating to, or found in alluvium: alluvial soil; alluvial gold. alluvial Adjective of or relating to alluvium Noun diamonds. A boulder of kimberlite kimberlite: see diamond. kimberlite or blue ground Dark, heavy, often fragmented igneous rock that may contain diamonds in the rock matrix. containing macrodiamonds was also recovered in the alluvial workings. The Project will be operated by Canabrava under the direction of Dr. Felix Kaminsky and a program of geochemical stream sediment sampling for kimberlite indicator minerals will be initiated immediately to define target areas. Pipe-like airborne magnetic anomalies Magnetic Anomaly may refer to:
The North Bahia project is located 700 kilometres northeast of the capital city of Brasilia and is comprised of 3,000 hectares of exploration concessions. A kimberlite pipe measuring about 1000 metres in diameter underlies a portion of the Project area. The pipe has been emplaced into Carboniferous and Jurassic sediments. Alluvial diamonds have been recovered from streams draining the kimberlite pipe. A program of airborne magnetics and stream sediment sampling for kimberlite indicator minerals will be carried out to define other targets within the Property. Detailed sampling of the known pipe is also planned. Canabrava Diamond Corporation is actively exploring for diamonds in Brazil and Canada. The Company is 52 percent owned by Southwestern Gold Corporation (SWG-T). Paramount Ventures and Finance Inc. is a well financed junior exploration company with copper and gold projects located in Argentina and in Indonesia. -0- John G. Paterson, President CANABRAVA DIAMOND CORPORATION Paul Conroy, Chairman 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. CONTACT: Southwestern Gold Corporation George H. Plewes, 604/669-2525 604/688-5175 (FAX) http://www.swgold.com John G. Paterson, 604/669-2525 604/688-5175 (FAX) http://www.swgold.com or Paramount Ventures and Finance Inc. Paul Conroy, 604/687-1334 604/687-1338 (FAX) http://www.paramountvf.com |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion