Canabrava Diamond Corporation and Paramount Ventures And Finance Inc. Announce Drilling set to commence on Ontario Joint Venture with Kennecott.Business Editors VANCOUVER, British Columbia--(BUSINESS WIRE)--Feb. 8, 2000 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) ) (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) ) Canabrava Diamond Corporation (CNB-CDNX) and Paramount Ventures &Finance Inc. (PVF-CDNX) announce that the winter exploration program on their Ontario Joint Venture with Kennecott Canada Exploration Inc. has commenced and is progressing well. 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:
A high-resolution helicopter magnetic/EM survey was flown over a priority area on the Whitefish Lake Project in early January, and a number of new high interest anomalies have been identified. Kennecott geophysicists are in the process of modelling these anomalies in preparation for follow-up ground geophysics and drill testing. Field crews mobilized in mid-January and have established a camp in the central part of the Whitefish Lake Property. A ground access trail has been constructed to the camp and all of the required equipment has been mobilized to site. Line cutting crews have established grids over high interest targets on the Whitefish Lake and Kap South Properties, and four ground geophysical teams are presently conducting magnetic and EM surveys over these anomalies. Only the best targets based on a combination the geophysical and indicator mineral results will be drill tested during this first program. Drilling is set to commence on February 14th and should be completed by mid to late March. Additional exploration on the KAP and Rocky Island Lake Properties is being planned for the spring and summer field seasons. 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. 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, Paramount Ventures and Finance Inc. and Navigator Exploration Corp. The Company is 53.9% owned by Southwestern Gold Corporation (SWG-T). 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 James Owen The common English name James Owen can refer to:
, Director 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. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion