Canabrava Diamond and Paramount Ventures & Finance: Winter Drilling on Groundhog Project, Ontario.Business Editors VANCOUVER, British Columbia--(BUSINESS WIRE)--Feb. 18, 2002 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) ) announce that drilling is underway on the Groundhog Project 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 . Fifteen targets have been slated for drill testing over the next four to six weeks. Additional drilling is planned for the Ontario JV with Kennecott, and details of this program will be announced in due course. During the last quarter of 2001, follow-up investigations were completed on 44 anomalies identified from the fall airborne geophysical campaign on the Groundhog Project. Ground geophysical grids were surveyed over 16 targets and high-resolution helicopter geophysics completed over a further 28 targets. The best of these targets have been selected for drill testing in the current program. The Groundhog Project comprises the area located between the new and old areas of interest on the Kennecott Option Agreement and includes most of the former KAP Project and parts of the former Rocky Island Rocky Island may refer to:
prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. a straight-line dilution formula. Kennecott retains the right to a 1.5% gross overriding royalty, capped at $10 million on any discovery made on the Project prior to June 30, 2003. Canabrava is the operator of the Project. Canabrava Diamond Corporation is actively exploring for diamonds in Ontario, Quebec and Minas Gerais State, Brazil both independently and through major joint ventures with Kennecott Canada Exploration Inc., Navigator Exploration Corp., Majescor Resources Inc. and Paramount Ventures and Finance Inc. The Company is 42.6% owned by Southwestern Resources Corp. Paramount Ventures and Finance Inc. is an exploration company with diamond projects in Canada. 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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