Canabrava Diamond Corporation and Navigator Exploration Corp.: 2001 Budget for Severn Joint Venture Increased to $2.5 Million.Business Editors VANCOUVER, B.C.--(BUSINESS WIRE)--Feb. 5, 2001 Canabrava (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) .) Navigator(CDNX:NVR NVR Never NVR Network Video Recorder NVR Novgorod (Russia) NVR Naval Vessel Register (US Navy) NVR Nene Valley Railway (UK) NVR Non Volatile Residue NVR Non-Volatile RAM .) Canabrava Diamond Corporation (CDNX:CNB.) and Navigator Exploration Corp. (CDNX:NVR.) are pleased to announce that they have agreed to increase the 2001 exploration budget for the Severn Joint Venture in Northern Ontario Northern Ontario is the part of the province of Ontario which lies north of Lake Huron (including Georgian Bay), the French River and Lake Nipissing. Northern Ontario has a land area of 802,000 km² (310,000 mi²) and constitutes 87% of the land area of Ontario, although it from $1 million to $2.5 million. In conjunction with this agreement, the Severn Joint Venture area has been divided into two regions to be referred to as the Kat and Frontier Projects, each with separate exploration programs and budgets and separate earn-in options. In 2000, Navigator incurred approximately $1 million in exploration expenditures on the Kat Project and the exploration budget for 2001 is estimated at a further $1 million. Once Navigator has spent a total of $1,750,000 (including the $1 million already spent) it will have earned its 50% interest in the Kat Project. Thereafter, exploration expenditures will be jointly funded on a pro-rata basis. Navigator expects to begin drilling on the Kat Project later this week. The program is designed to test ten priority targets, at least five of which are located in the immediate vicinity of the diamond-bearing Victor Pipe, the site of a large tonnage bulk-sampling program (approximately 7000 tonnes) conducted by De Beers in 2000. The 18-hectare Victor kimberlite kimberlite: see diamond. kimberlite or blue ground Dark, heavy, often fragmented igneous rock that may contain diamonds in the rock matrix. is the largest of 18 pipes that comprise the Attawapiskat cluster. Published reports confirm that 17 of these pipes are diamondiferous. De Beers continues to assess the economic potential of the Victor Pipe with additional drilling and bulk sampling work in 2001. In addition, Canabrava will fund $1.5 million in exploration expenditures on the Frontier On the Frontier: A Melodrama in Two Acts, by W. H. Auden and Christopher Isherwood, was the third and last play in the Auden-Isherwood collaboration, first published in 1938. Project on or before December 31, 2001. Navigator has an option to earn a 50% interest in the Frontier Project by incurring expenditures equivalent to Canabrava's 2001 expenditures, by December 31, 2003, half of which must be incurred by December 31, 2002. Once Navigator has earned its 50% interest, exploration expenditures will be jointly funded on a pro-rata basis. Upcoming plans for the Frontier Project include airborne geophysical surveying and drilling. 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. Canabrava is 46.4% owned by Southwestern Gold Corporation (SWG-T). Navigator Exploration Corp. is actively exploring for diamonds, gold and base metals in Northern Canada Northern Canada is the vast northernmost region of Canada variously defined by geography and politics. Definitions and usage Also referred to as the Canadian North or (locally) as the North , both independently and through separate joint ventures with De Beers Canada Exploration Inc., Canabrava Diamond Corporation, Tyler Resources Inc., Falconbridge Limited, and Phelps Dodge Corporation of Canada Limited. In addition, Navigator is also participating in base and precious metals Precious Metals Valuable metals such as gold, iridium, palladium, platinum, and silver. Notes: Investing in precious metals can be done either by purchasing the physical asset, or by purchasing futures contracts for the particular metal. exploration in Ireland through its approximately 41% shareholding in Strongbow Resources 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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