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Gold/Mining/Energy : Canabrava Diamond

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To: red_corundum who wrote (2246)	4/16/2001 10:45:36 PM
From: red_corundum	Read Replies (1) of 2402

Canabrava/Paramount complete Ontario staking Paramount Ventures & Finance Inc PVF Shares issued 28,061,394 Apr 12 close $0.23 Mon 16 Apr 2001 News Release See Canabrava Diamond Corp (CNB) News Release Mr. George Plewes and Mr. Paul Conroy report Canabrava Diamond Corporation and Paramount Ventures and Finance have discovered two occurrences of diamondiferous kimberlitic boulders and have a completed a major staking program on their Ontario joint venture with Kennecott Canada Exploration Inc. Kennecott has advised the partners that the two diamond-bearing boulders have been discovered in association with a well-defined kimberlite indicator mineral plume on the Rocky Island Lake project. Six diamonds were recovered from a 107-kilogram sample of the one boulder (sample A) and one diamond was recovered from a 142-kilogram sample of the second boulder (sample B). The boulders were discovered several kilometres apart within the same indicator mineral plume. Sample A produced two macrodiamonds and four microdiamonds, and all six stones are described as transparent white fragments. Three of the diamonds display remnant octahedral form and the remaining three are irregular fragments. The diamond recovered from sample B is somewhat unusual in that it is deep green in colour. The above-described discoveries are considered to be highly significant since they confirm the geochemical evidence from indicator minerals previously reported that imply the presence of diamondiferous source rocks in the area. Laboratory processing of all regional and follow-up till samples on the Rocky Island Lake project has been completed. This includes samples collected in the fall and early winter seasons of 2000 and 2001. The follow-up samples were designed to cut off the up-ice extension of 11 indicator mineral plumes that have been identified in previous sampling. Based on a compilation of all sampling results to date, a major staking program was undertaken in mid-March and successfully completed in early April. Over 40,000 hectares have been staked over 15 townships within the project area. Priority areas have been secured and focused exploration will now be conducted within these claim areas in the upcoming summer field season. 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 in north-central Ontario and include more than 50,000 hectares of staked and leased land. Kennecott has the option to earn a 60-per-cent 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. (c) Copyright 2001 Canjex Publishing Ltd. stockwatch.com <>

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