Canabrava Diamond Corporation & Paramount Ventures And Finance Inc.: Drilling Set To Commence -- Ontario Joint Venture With Kennecott.Business Editors VANCOUVER, B.C.--(BUSINESS WIRE)--Feb. 21, 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 Paramount Ventures & Finance Inc. (CDNX: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) .) are pleased to provide the following update on their Ontario Joint Venture with Kennecott Canada Exploration Inc. The Ontario 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 Canada Exploration Inc. has advised the partners that the 2001 winter exploration program has commenced. Results from the Fall 2000 till sampling program completed on the Whitefish Lake Project indicate that two strong kimberlite kimberlite: see diamond. kimberlite or blue ground Dark, heavy, often fragmented igneous rock that may contain diamonds in the rock matrix. indicator mineral dispersion trains have been successfully delineated. A well-defined geophysical anomaly has been identified in a lake located at the head of one of these indicator trains, and three ground geophysical surveys are currently being completed in order to define optimum sites for drilling at the terminus of the second plume. Kennecott expects to commence drill testing these targets during the first week of March. On the Rocky Island Lake Project, a winter till sampling program is underway. A portable auger drill is being used to penetrate frozen ground and sample basal tills. In addition, analysis of the samples collected in the Fall 2000 program is nearing completion, and the next phase of exploration is expected to begin in early March. Kennecott has the option to earn a 60% interest in the Ontario Joint Venture by spending $25 million within seven years, or by advancing the Project to a production decision, whichever occurs first. Kennecott has met its commitment to spend $1.5 million on exploration within the first 18 months of the Joint Venture. Canabrava Diamond Corporation is actively exploring for diamonds in Brazil and Canada both independently and through major joint ventures with Kennecott Canada Exploration Inc., Navigator Exploration Corp., SouthernEra Resources Limited and Paramount Ventures and Finance Inc. The Company is 46.4% owned by Southwestern Gold Corporation (SWG-T). Paramount Ventures and Finance Inc. is an exploration company with diamond projects located in Brazil and Canada. 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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