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Gold/Mining/Energy : Paramount Ventures & Finance

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To: russet who wrote (3568)	12/10/1999 6:54:00 PM
From: Lazarus Long	Read Replies (1) of 4884

PARAMAX RESOURCES LTD. #1260 - 355 Burrard St., Vancouver, B.C., V6C 2G8 Tel: (604) 687-1334 Fax: (604)687-1338 paramaxresources.com Email: paramntv@axion.net FOR IMMEDIATE RELEASE December 10, 1999 CDNX-PXM CDNX-PVF PARAMAX RESOURCES LTD PARAMOUNT VENTURES AND FINANCE INC. Update on Installation of Processing Plant-Mato Grosso, Brazil Paramax Resources Ltd. (Paramax) and Paramount Ventures and Finance Inc. (Paramount) are pleased to provide the following update on the 10,000 hectare joint interest mineral claim located in the State of Mato Grosso, Brazil. As reported in an earlier press release, the initial bulk test results of the alluvial gravels have been extremely encouraging. The average diamond recovery is 0.5 carats per cubic meter with an average stone size of 0.41 carats. The local price for stones less than 1 carat is US $140 per carat. The gravels are found throughout the mineral claim block in layers of 0.5 to 1.5 meters thick. The gravel horizon is covered by a sand over burden approximately 2 to 3 meters thick. Installation of the central processing plant to process the diamond bearing gravels on a commercial basis is ahead of schedule. It is anticipated that the plant will be ready for performance testing within ten days and be in commercial operation by December 31. Initial processing capacity is planned to be in excess of 100 cubic meters of gravel per day. Additional increases in processing are scheduled for the first quarter of 2000. Paramount owns approximately 55% of Paramax?s outstanding shares. Paul T. Conroy Paul Conroy, President For further information contact: For further information contact: David DiRicco Paul Conroy, President Tel: 1-888-356-4843 Tel: 1-800-565-5059 Fax: (650) 367-5071 Fax: (604) 687-1338 Email: davidjdiricco@worldnet.att.net paramaxresources.com The Canadian Venture Exchange has neither approved nor disapproved of the information contained herein

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