Canabrava Options Property in Ontario.Business Editors VANCOUVER, B.C.--(BUSINESS WIRE)--Sept. 19, 2001 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) .) announces that it has signed a letter agreement with Elizabeth J. Kirkwood, owner of 34 claims in the Porcupine porcupine, in zoology porcupine, member of either of two rodent families, characterized by having some of its hairs modified as bristles, spines, or quills. Mining Division, Ontario. Under the terms of the agreement, Canabrava can earn a 100% interest in the Property by making cash payments of $100,000 and issuing 100,000 shares to Kirkwood over a three-year period. Upon Canabrava earning a 100% interest in the Property, Kirkwood is entitled to a 2% gross overriding royalty on production. Canabrava has the right to purchase one percentage point of the royalty for $1.0 million. Kirkwood will retain the remaining 1.0% royalty, provided that Canabrava will have a right of first refusal Right of First Refusal In general, the right of a person or company to purchase something before the offering is made available to others. Notes: For example, a football team may have the right of first refusal on a player's contract. if Kirkwood sells or disposes of the royalty. The Property is within the area of interest of the Ontario Joint Venture with Kennecott Canada Exploration Inc. No finder's fee Finder's fee A fee a person or company charges for service as an intermediary in a transaction. finder's fee The charge levied by a person or firm for putting together a deal. will be paid regarding the agreement, which is subject to regulatory approval, and Kirkwood and Canabrava are not related parties. 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., and Paramount Ventures and Finance Inc. The Company is 45.6% owned by Southwestern Resources Corp. (SWG-T). 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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