Canabrava and Paramount commence summer program with Kennecott
Paramount Ventures & Finance Inc PVF
Shares issued 28,061,394 Jul 11 close $0.40
Thu 13 Jul 2000 News Release
See Canabrava Diamond Corp (CNB) News Release
Mr. Rory Moore reports
The summer exploration program on Canabrava Diamond and Paramount Ventures
& Finance's Ontario joint venture with Kennecott Canada Exploration Inc.,
has commenced. The Ontario joint venture includes Canabrava's 100 per cent
owned Whitefish Lake project, as well as the KAP and Rocky Island Lake
projects which are owned 50 per cent by Canabrava and 50 per cent by
Paramount. These projects are located northeast Of Wawa, Ont., and include
more than 150,000 hectares at staked and leased land.
Kennocott has advised the partners that processing of the 1999 exploration
samples have now been completed are positive. The program focused on the
Rocky Island Lake project, and Kennecott duplicated the best anomalies
identified by Canabrava/Paramount in 1998, and generated a number of new
anomalies which justify follow-up. A detailed evaluation of the results has
been initiated, and additional information will be provided when this
process is completed.
Kennecott initiated a 12-week summer exploration program at the beginning
of July. Field crews are already well-advanced on a prospecting campaign in
the Wawa area and will shortly commence a focus program in the Rocky Island
Lake and KAP North project areas. The programs will follow-up on specific
anomalies identified in previous campaigns.
Kennecott has the option to earn a 50-per-cent interest in the Ontario
joint venture by spending $25-million within seven years, or by advancing
any one of the projects to a production decision, whichever occurs first
Kennecott, as operator, must spend $15-million on exploration before Dec.
10, 2000.
Canabrava Diamond is actively exploring for diamonds in Brazil and Canada,
both independently and through major joint ventures. With Kennecott Canada
Exploration, SouthernEra Resources Limited, Paramount Ventures and Finance,
and Navigator Exploration Corp. Canabrava is 52.5 per cent owned by
Southwestern Gold Corporation.
Paramount Ventures and Finance is an exploration company with diamond
projects located in Brazil and Canada. |
