Canabrava Diamond Corporation: Ontario Project Update.Business Editors VANCOUVER, British Columbia--(BUSINESS WIRE)--April 28, 2003 Canabrava Diamond Corporation (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension VENTURE: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) ) is pleased to provide the following update on the three Canabrava Projects in Ontario. Winisk Project Canabrava has recently executed an agreement with Inco Limited whereby Canabrava will acquire from Inco proprietary analogue geophysical data over the Winisk Project area in northwestern Ontario Northwestern Ontario is the region within the Canadian province of Ontario which lies north and west of Lake Superior, and west of Hudson Bay and James Bay. It includes most of subarctic Ontario. . Canabrava will now initiate the conversion of the data set from analogue to digital. Potential kimberlite kimberlite: see diamond. kimberlite or blue ground Dark, heavy, often fragmented igneous rock that may contain diamonds in the rock matrix. targets will be selected as soon as the digital geophysical data set is available. The magnetically quiet Palaeozoic limestone cover rocks of the Project area will facilitate geophysical target selection. The Inco geophysical data covers an area, east and west of the Winisk River, which is underlain un·der·lain v. Past participle of underlie. by ancient Archean craton craton (krā`tŏn): see continent. that is considered highly prospective for diamondiferous kimberlites. The Winisk Fault, which traverses the Project area, is a structural weakness that may control kimberlite emplacement. Ontario Joint Venture Subsequent to a complete review of Ontario Joint Venture Project data, Canabrava and Kennecott Canada Exploration Inc. have resolved to terminate the Option/Joint Venture Agreement between Canabrava and Paramount Ventures and Finance, and Kennecott. The 2002 till sampling program conducted down-ice of numerous geophysical targets failed to produce sufficient kimberlitic indicator minerals to warrant drilling of the geophysical targets. Kat Project, Severn Joint Venture The Kat Project is a 50:50 joint venture between Canabrava and Navigator Exploration Corp. The first drill program on the Kat Project was undertaken in early 2001, and resulted in the discovery of the diamondiferous AT-56 kimberlite. Canabrava and Navigator retain ownership of the AT-56 claim and a number of additional claims located in close proximity to De Beers' Attawapiskat kimberlites. De Beers is currently conducting a feasibility study "A Feasibility Study" is an episode of the original The Outer Limits television show. It first aired on 13 April, 1964, during the first season. It was remade in 1997 as part of the revived The Outer Limits series with a minor title change. on the Victor kimberlite and production is anticipated in late 2006. The Kat Project claims are in good standing until 2006/2007. In addition, the partners retain approximately 38,000 line kilometres of proprietary detailed airborne magnetic data representing 7,612 square kilometres in the vicinity of the Attawapiskat kimberlites and surrounding areas. Canabrava Diamond Corporation is actively exploring for diamonds in Canada and Brazil both independently and through joint ventures with Diamonds North Resources Ltd., Inco Limited, Majescor Resources Inc. and Navigator Exploration Corp. The Company is 33.7% owned by Southwestern Resources Corp. The TSX Venture Exchange TSX Venture Exchange Originally called the Canadian Venture Exchange (CDNX), this was a result of the merger of the Vancouver and Alberta stock exchanges. The goal of TSX Venture Exchange is to provide venture companies with effective access to capital while protecting investors. has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. |
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