Canabrava Diamond Property Acquisition - Wawa, Ontario - Exceptional Indicator Mineral Chemistries.VANCOUVER, BRITISH COLUMBIA--(BUSINESS WIRE)--March 20, 1997--Canabrava Diamond Co (VSE See DOS/VSE. VSE - Virtual Storage Extended 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) . ) Canabrava Diamond Corporation (CNB.V) announces the acquisition of about 75,000 hectares in an area containing potential diamondiferous kimberlites located 30 kilometres northeast of Wawa, Ontario Wawa, Ontario is a community in Northern Ontario, Canada, located in Michipicoten Township in the Algoma District. The community is known for its 28-foot-tall metal statue of a Canada goose, which was built in 1963. . The Company acquired the area by staking claims and by licensing land from the Algoma Central Corporation. Acquisition was based on reports released by the Ontario Geological Survey The term geological survey can be used to describe both the conduct of a survey for geological purposes and an institution holding geological information. A geological survey of a stream sediment survey for kimberlite kimberlite: see diamond. kimberlite or blue ground Dark, heavy, often fragmented igneous rock that may contain diamonds in the rock matrix. indicator minerals. Results of these surveys indicate that kimberlite indicator minerals have the same composition as those minerals found in diamondiferous kimberlite pipes in the Northwest Territories Northwest Territories, territory (2001 pop. 37,360), 532,643 sq mi (1,379,028 sq km), NW Canada. The Northwest Territories lie W of Nunavut, N of lat. 60°N, and E of Yukon. , including sub-calcic G10 garnets. The conclusion in the government reports is that the source for these indicator minerals is local. Terms of the exploration license agreement with Algoma require Canabrava to pay an annual fee of $70,000 and spend $2,500 per square kilometre on exploration each year during the initial five year term of the agreement. Within the license agreement, the Company has the option of entering into an exploitation lease agreement which would allow the Company to conduct mining activities. Algoma retains a 3 percent royalty which the Company can reduce to 1.5 percent upon making certain cash payments. The Company plans to conduct a high resolution airborne electromagnetic survey within the next two months, and a stream sediment/glacial till sampling program will commence in early May. Canabrava Diamond Corporation, which is 52 percent owned by Southwestern Gold Corporation, is actively exploring for primary diamond deposits in Brazil and Canada. -0- The Vancouver Stock Exchange Vancouver Stock Exchange (VSE) A securities and options exchange in Vancouver, British Columbia, (Canada), specializing in venture capital companies. Vancouver Stock Exchange See Canadian Venture Exchange (CDNX). has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. CONTACT: Canabrava Diamond Corporation George H. Plewes, 604/669-2525 or Canabrava Diamond Corporation John G. Paterson, 604/669-2525 |
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