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Gold/Mining/Energy : Paramount Ventures & Finance

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To: Dave Pavlik who wrote (3554)	12/10/1999 2:15:00 PM
From: Ross Dickie	Read Replies (2) of 4884

For those who also hold CNB. " More News" I consider this a set back. SouthernEra has seen enough to convince them to belly up to the table yet. NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS FOR: CANABRAVA DIAMOND CORPORATION CDNX SYMBOL: CNB DECEMBER 10, 1999 Option Extended on Canabrava Project, Brazil VANCOUVER, BRITISH COLUMBIA--Canabrava Diamond Corporation (CNB-CNDX) announces that a six month extension has been granted to SouthernEra Resources Limited (SUF-T) regarding the private placement option under the Joint Venture Agreement on the Canabrava Project in Brazil. Under the terms of the Agreement, SouthernEra can earn a 50% interest in the Project by spending a total of US$20 million over seven years, with a firm commitment of US$1.5 million in the first two years. The agreement also provides SouthernEra with the option to reduce the US$20 million earn-in obligation to US$15 million by subscribing for a Private Placement for US$1 million worth of Canabrava shares on or before December 10, 1999. The partners have agreed to extend the private placement subscription deadline for six months to June 10, 2000. Good progress has been made on the Project and an update on exploration activities will be issued in due course. 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 and Paramount Ventures and Finance Inc. The Company is 54.7% owned by Southwestern Gold Corporation (SWG-T). Rory O. Moore, President -30- FOR FURTHER INFORMATION PLEASE CONTACT: Canabrava Diamond Corporation George H. Plewes Chairman (604) 669-2525 (604) 688-5175 (FAX) or Canabrava Diamond Corporation Rory O. Moore President & CEO (604) 669-2525 (604) 688-5175 (FAX) Website: www.swgold.com

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