Canabrava Diamond Corp. and Paramount Ventures and Finance Inc.: New Kimberlite Discovered, Diamond Joint Venture Formed to Explore East Superior Province, Ontario.VANCOUVER, BRITISH COLUMBIA--(BUSINESS WIRE)--April 8, 1998-- Canabrava Diamond (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 (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 formed a joint venture to explore an area within the Eastern Superior Province, Ontario where a new kimberlite kimberlite: see diamond. kimberlite or blue ground Dark, heavy, often fragmented igneous rock that may contain diamonds in the rock matrix. body has been discovered by Canabrava. Under the terms of the joint venture agreement, Paramount is to fund the first $800,000 in exploration costs to earn a 50 percent interest in the Joint Venture area. After the earn-in phase, the two companies will contribute further exploration funds on a 50/50 basis. The kimberlite discovered within the Joint Venture area by Canabrava is located to the east of the kimberlite pipes discovered on Canabrava's 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 in late 1997. These kimberlites are the first known in this part of the Superior Craton The Superior craton (or Superior Province) forms the core of both the North American continent and the Canadian Shield. It extends from Quebec in the east to eastern Manitoba in the west. and confirm the discovery of a significant kimberlite Province in north central Ontario Central Ontario is the portion of the Canadian province of Ontario which lies between Georgian Bay and the eastern end of Lake Ontario. The population of the region was 959,266 in 2001; however, this number does not include large numbers of seasonal residents, which at peak . Kimberlite indicator minerals with good geochemistry, including sub-calcic G-10 garnets, have also been identified in a small area surveyed in the northern part of the Joint Venture area and suggest that more kimberlites will be discovered. The Joint Venture plans to initiate an aggressive exploration program in mid-May. Work will include a regional geochemical program for kimberlite indicator minerals, an airborne magnetic/EMVLF survey and drilling of priority targets. Canabrava and Paramount are also jointly exploring the KAP Project located northeast of Wawa, Ontario Wawa, Ontario is a community in Northern Ontario, Canada, located in Michipicoten Township in the Algoma District. The community is known for its 28-foot-tall metal statue of a Canada goose, which was built in 1963. . Based on new kimberlite indicator mineral geochemical data released by the Ontario Geological Survey in March 1998, additional ground has been acquired by the Joint Venture and the KAP Project is now comprised of more than 150,000 hectares of exploration claims. Exploration on the KAP Project will also commence in mid-May. Canabrava Diamond Corporation is actively exploring for diamonds in Brazil and Canada and looking at other opportunities worldwide. The Company is 52 percent owned by Southwestern Gold Corporation (SWG-T). Paramount Ventures & Finance Inc. is a well financed junior exploration company with copper and gold projects in Argentina and Indonesia, and diamond projects in Canada and Brazil. Rory O. Moore, President Canabrava Diamond Corporation Paul Conroy, Chairman Paramount Ventures & 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: Canabrava Diamond Corporation George H. Plewes, or Rory O. Moore, 604/669-2525 604/ 688-5175 (FAX) Website: http://www.swgold.com or Paramount Ventures & Finance Inc. Paul Conroy, 604/687-1334 604/ 687-1338 (FAX) Website: http://www.paramountvf.com |
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