FOR: CANABRAVA DIAMOND CORPORATION
CDNX SYMBOL: CNB
AND PARAMOUNT VENTURES & FINANCE INC.
CDNX SYMBOL: PVF
FEBRUARY 21, 2001 - 15:09 EST
Canabrava Diamond Corporation & Paramount Ventures And
Finance Inc.: Drilling Set To Commence - Ontario Joint
Venture With Kennecott
VANCOUVER, BRITISH COLUMBIA--Canabrava Diamond Corporation
(CNB-CDNX) and Paramount Ventures & Finance Inc. (PVF-CDNX) are
pleased to provide the following update on their Ontario Joint
Venture with Kennecott Canada Exploration Inc. The Ontario Joint
Venture includes Canabrava's 100% owned Whitefish Lake Project, as
well as the KAP and Rocky Island Lake Projects which are owned 50%
by Canabrava and 50% by Paramount. These projects are located
northeast of Wawa, Ontario and include more than 36,736 hectares
of staked and leased land.
Kennecott Canada Exploration Inc. has advised the partners that
the 2001 winter exploration program has commenced. Results from
the Fall 2000 till sampling program completed on the Whitefish
Lake Project indicate that two strong kimberlite indicator mineral
dispersion trains have been successfully delineated. A
well-defined geophysical anomaly has been identified in a lake
located at the head of one of these indicator trains, and three
ground geophysical surveys are currently being completed in order
to define optimum sites for drilling at the terminus of the second
plume. Kennecott expects to commence drill testing these targets
during the first week of March.
On the Rocky Island Lake Project, a winter till sampling program
is underway. A portable auger drill is being used to penetrate
frozen ground and sample basal tills. In addition, analysis of
the samples collected in the Fall 2000 program is nearing
completion, and the next phase of exploration is expected to begin
in early March.
Kennecott has the option to earn a 60% interest in the Ontario
Joint Venture by spending $25 million within seven years, or by
advancing the Project to a production decision, whichever occurs
first. Kennecott has met its commitment to spend $1.5 million on
exploration within the first 18 months of the Joint Venture.
Canabrava Diamond Corporation is actively exploring for diamonds
in Brazil and Canada both independently and through major joint
ventures with Kennecott Canada Exploration Inc., Navigator
Exploration Corp., SouthernEra Resources Limited and Paramount
Ventures and Finance Inc. The Company is 46.4% owned by
Southwestern Gold Corporation (SWG-T).
Paramount Ventures and Finance Inc. is an exploration company with
diamond projects located in Brazil and Canada.
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FOR FURTHER INFORMATION PLEASE CONTACT:
Canabrava Diamond Corporation
George H. Plewes
Chairman
(604) 669-2525
(604) 688-5175 (FAX)
Email: info@canabrava.ca
Website: www.canabrava.ca
or
Canabrava Diamond Corporation
Rory O. Moore
President
(604) 669-2525
(604) 688-5175 (FAX)
or
Paramount Ventures & Finance Inc.
Paul Conroy
Chairman
(604) 687-1334
(604) 687-1338 (FAX)
Website: www.paramountvf.com
The Canadian Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
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