Paramount joint venture shows encouraging results
Paramount Ventures & Finance Inc PVF
Shares issued 28,061,394 Jul 20 close $0.45
Thu 20 Jul 2000 News Release
Also Paramax Resources Ltd (PXM)
Mr. James Owen reports
Paramount and Paramax Resources Ltd. are equal partners in the joint
venture operations in Mato Grosso, Brazil.
The operations in the Rio Pari area have involved mobilization of an
excavator and portable jig equipment, removal of overburden and fine tuning
of the recovery system. The system has been running on a regular basis
since July 10, 2000. During the period from July 10 to July 15, the system
recovered 43-gem quality diamond stones totally 42.2 carats. The stones
ranged from 0.35 carats to 7.0 carats with 28 stones greater than 0.5
carats in size. The amount of gravel processed was not reported.
The Rio Pari has historically been noted for gem-quality diamonds in larger
size, with stones ranging up to 15 carats in size.
The second area of production in the Oura Fina area recorded diamond
production of 62 carats during the period from July 10 to July 15. The
stone size ranged from 0.10 carats to 1.9 carats. These stones were sold in
the local market for an average of $100 (U.S.) per carat. This area has
been a consistent producer of stones in the 0.5-carat range.
The joint venture partners have spent the last few weeks modifying the
central processing plant to correct the problems associated with the
recovery of diamonds from the clay material. The plant has now started
production on a limited basis with gravel feed from the San Pedro farm
area. This area, which was bulk test in the fall of 1999, has experienced
water problems up to this time. The bulk testing results, announced
earlier, reported a recovery of 0.45 carat per cubic meter, an average
stone size of 0.45 carats and stone sizes ranging from 0.10 to 4.5 carats.
Management is encouraged by the results from the different test areas.
Additional recovery data will be reported on a regular basis.
Paramount is a resource company with diamond projects in Ontario, the
Northwest Territories and Brazil. Paramount owns approximately 50 per cent
of the issued shares of Paramax. Paramax has oil and gas interests in Texas
and offshore Louisiana along with its mineral operations in Brazil. |
