Canabrava Diamond Corporation Announces George H. Read Appointed Director.

Business Editors

VANCOUVER, British Columbia--(BUSINESS WIRE)--March 1, 2002

Canabrava Diamond Corporation (CDNX:CNB) is pleased to announce the appointment of Mr. George Read to the Board of Directors. Mr. Read, Vice President Exploration of the Company since March 1, 2001, is a professional geoscientist and brings to the board over 18 years of international experience in the diamond industry, including 12 years with De Beers. During his time with De Beers, Mr. Read gained broad field experience in Africa, which included work on kimberlite occurrences in South Africa, Botswana, Zimbabwe and Mali in West Africa. Mr. Read has operated a successful consulting business in Canada since 1997 and has broad diamond exploration experience on the Slave Craton and Victoria Island, NWT, Northern Quebec, Ontario, Saskatchewan, Alberta and Greenland. From early 1999 to the end of 2000, Mr. Read was Project Manager for the Canabrava Joint Venture with SouthernEra Resources in Brazil.

Mr. John G. Paterson has resigned as a director of the Company, after seven years of dedicated service. The Board appreciates the contributions Mr. Paterson has made to the Company and is pleased to report that he will continue to assist the Company as a consultant.

Canabrava Diamond Corporation is actively exploring for diamonds in Brazil and Canada both independently and through major joint ventures with Kennecott Canada Exploration Inc., Majescor Resources Inc., Navigator Exploration Corp., and Paramount Ventures and Finance Inc. The Company is 40% owned by Southwestern Resources Corp. (SWG-T).

The Canadian Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.