Canabrava Diamond Corporation and Navigator Exploration Corp.: Three Kat Project Claims Sold to De Beers.Business Editors VANCOUVER, British Columbia--(BUSINESS WIRE)--Dec. 9, 2002 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) ) and Navigator Exploration Corp. (TSX VENTURE: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 ) are pleased to announce that De Beers Canada Corporation has purchased three Kat Project claims for the amount of $350,000. The claims are situated proximal to De Beers' Victor kimberlite kimberlite: see diamond. kimberlite or blue ground Dark, heavy, often fragmented igneous rock that may contain diamonds in the rock matrix. , located near Attawapiskat in the James Bay Lowlands of northern Ontario. De Beers has acquired these claims, which will be incorporated into the Victor mining lease, for future infrastructure development of the Victor diamond mine. De Beers Canada Exploration Inc. plans to commence a full-scale feasibility study on the Victor kimberlite in 2003. The Kat Project is a 50:50 joint venture between Canabrava and Navigator. 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 within the Attawapiskat Kimberlite cluster, which are in good standing until 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 major joint ventures with Diamonds North Resources Ltd., Kennecott Canada Exploration Inc., Navigator Exploration Corp., Majescor Resources Inc. and Paramount Ventures and Finance Inc. Canabrava is 36.2% owned by Southwestern Resources Corp. Navigator Exploration Corp. is actively exploring for diamonds, tantalum tantalum (tăn`tələm) [from Tantalus], metallic chemical element; symbol Ta; at. no. 73; at. wt. 180.9479; m.p. 2,996°C;; b.p. 5,400±100°C;; sp. gr. 16.65 at 20°C;; valence +2, +3, +4, or +5. , gold and base metals in northern Canada, both independently and through separate joint ventures with Canabrava Diamond Corporation, Stornoway Ventures Ltd., Northern Empire Minerals Ltd. and Highwood Resources Ltd. 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 45% shareholding in Strongbow Resources Inc. 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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