Canabrava Diamond Corporation Paramount Ventures And Finance Inc. Progress Report on the Ontario and Rio do Sono Joint Ventures.VANCOUVER, B.C.--(BUSINESS WIRE)--Dec. 16, 1999-- 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, Canada and Rio do Sono, Brazil Joint Ventures. Ontario Joint Venture, Canada The Ontario Joint Venture with Kennecott Canada Exploration Inc. 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 has recently advised the Joint Venture partners that planning for the upcoming winter exploration program has been completed. A ground geophysical program focused on high priority targets within the Whitefish Lake and Kap South claims will commence in January, with drilling scheduled to follow by month's end. In addition, a high resolution helicopter-borne magnetic/EM survey will be flown over a high priority target area in early January. Results for this survey will be available prior to the commencement of drilling. Additional drill targets are expected to be forthcoming from this survey. All contracts to support the winter program, including the airborne geophysics, ground geophysics, drilling, helicopter and line cutting, have been let. Kennecott has the option to earn a 60% interest in the Ontario Joint Venture by spending $25 million within seven years, or by advancing any one of the Projects to a production decision, whichever occurs first. Kennecott, as operator, must spend $1.5 million on exploration before December 10, 2000. Rio do Sono Joint Venture, Brazil The Rio do Sono Project is located in the state of Minas Gerais Minas Gerais (mē`nəs zhərīs`) [Port.,=various mines], state (1996 pop. 16,660,691), 226,707 sq mi (587,171 sq km), E Brazil. The capital is Belo Horizonte. Minas Gerais continues to produce more than half of Brazil's mineral wealth. , Brazil and is a 50:50 Joint Venture between Canabrava and Paramount. The Joint Venture is developing the alluvial resources on the Rio do Sono River, and exploring the associated diamondiferous terrace deposits. Following the recommendation of the pubic pubic /pu·bic/ (pu´bik) pertaining to or situated near the pubes, the pubic bone, or the pubic region. pu·bic adj. 1. hearing process associated with the joint venture's application for a full scale mining license, environmental consultants were retained in September to complete a full Environmental Impact Study (EIS (1) (Executive Information System) An information system that consolidates and summarizes ongoing transactions within the organization. It provides top management with all the information it requires at all times from internal and external sources. ). Good progress has been made on the EIS and the report is expected to be completed by the end of January 2000. The first field program which collected base line data representing the dry season was completed in mid-November. Work included water sampling and analysis, river flow rate studies, fauna and flora baseline studies, socioeconomic consultations with the local communities as well as industrial and commercial interest groups, and consultations with the federal and state environmental authorities. A second field program to collect representative data for the wet season was initiated at the beginning of December and should be completed before Christmas. On completion of the EIS, government authorities will reconsider the joint venture's application for a full mining license which is expected to take between 90 and 120 days. In the meantime Adv. 1. in the meantime - during the intervening time; "meanwhile I will not think about the problem"; "meantime he was attentive to his other interests"; "in the meantime the police were notified" meantime, meanwhile , exploration work on the large terrace deposits on the Rio do Sono claims is ongoing. Canabrava Diamond Corporation is actively exploring for diamonds in Brazil and Canada both independently and through major joint ventures with Kennecott Canada Exploration Inc., SouthernEra Resources Limited and Paramount Ventures and Finance Inc. The Company is 54.7% owned by Southwestern Gold Corporation (SWG-T). For further information on Canabrava Diamond Corporation, visit our new website at http://www.canabrava.ca. Paramount Ventures and Finance Inc. is a junior exploration company with diamond projects located in Brazil and Canada. Rory O. Moore, President Canabrava Diamond Corporation Paul Conroy, President Paramount Ventures and Finance Inc. 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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