Hear ya go old timer, 10 pipes!!(LOL) This should be good for a pop on monday
Subj: Canabrava Diamond Corp in Haywood Radar Screen
Date: 2/9/01 5:05:55 PM Eastern Standard Time
Haywood Securities announced the following recommendation today:
HAYWOOD SECURITIES
RADAR SCREEN Market Commentary
February 9, 2001
Glenn R. Brown, Ph.D.
gbrown@haywood.com 416.507-2336
Canabrava (CNB-V)/Navigator (NVR-V)
Kimberlite discovered at Attawapiskat
Recommendation: SPECULATIVE BUY
CNB-V: Close: $0.94 S/O: 38.1M 52 Week Range: $0.30-$2.60 www.canabrava.ca
NVR-V: Close: $0.69 S/O: 18.2M 52 Week Range: $0.37-$1.20 www.navigatorexploration.com
Canabrava and Navigator (the Severn JV) issued a press release this morning announcing that the first hole of the 2001 winter
program on the Kat Project has intercepted kimberlite. The discovery is a great achievement for the two companies in a 50/50
joint-venture to explore northern Ontario for diamonds. It occurs in De Beers backyard, less than four kilometers from a cluster
of kimberlite pipes including the diamondiferous Victor Pipe, which is undergoing a pre-feasibility evaluation. The kimberlite was
found near the surface, beneath three metres of overburden. At the time of the release, 12 m of core had been recovered and
drilling is continuing. Navigator has spent about $1 million in exploration on the Kat Project and the budget for 2001 is
estimated at a further $1 million. Navigator will have earned a 50% interest in the project once a total of $1,750,000 has been
spent. Thereafter, exploration expenditures will be jointly funded on a pro-rata basis.
We will not know for some time if the kimberlite body carries diamonds at a minable grade, however this discovery marks a new
era for the companies. The Severn JV has confirmed that the first of ten priority geophysical targets in the Attawapiskat area is
kimberlite and we expect the stock to trade up further on this news. We are reiterating our SPECULATIVE BUY
recommendation on both companies. Haywood has financed both Navigator and Canabrava in flow-through and private
placement special-warrant issues.
Matey |
