Here is what is going on with PVF! Looks like it got out before the other news wires....CSW is slow off the mark...Lets see what happens!
NEWS RELEASE TRANSMITTED BY CCN NEWSWIRE
FOR: CANABRAVA DIAMOND CORPORATION
CDNX SYMBOL: CNB
AND PARAMOUNT VENTURES AND FINANCING INC.
www2.cdn-news.com
CDNX SYMBOL: PVF
NOVEMBER 22, 2001 - 08:30 EST
Canabrava Diamond Corporation and Paramount Ventures and
Finance Inc.: Drilling Set to Commence on High Priority
Kimberlite Targets in Ontario
VANCOUVER, BRITISH COLUMBIA--Canabrava Diamond Corporation
(CNB-CDNX) and Paramount Ventures & Finance Inc. (PVF-CDNX)
announce that drilling is set to commence on their diamond
exploration projects in Ontario. Drilling on the Groundhog
Project is expected to continue through December and into the
first quarter of 2002. Upon completion of the first phase
Groundhog program, it is expected that the drill rig will be moved
to the Ontario JV with Kennecott in order to test a series of
additional priority targets. Updates on the Groundhog and Ontario
JV projects are provided below.
Groundhog Project with Paramount
An aggressive field program was initiated on the Groundhog Project
on July 1st and completed on November 5th. The focus of the
program was to follow-up on a number of discrete kimberlite
indicator mineral anomalies located within an area of
approximately 600 square kilometers. Some of the best garnets
recovered by Canabrava in Ontario to date are from this target
area.
A tightly defined sampling program has been completed with 250
till samples collected along a number of east west lines
positioned up-ice from previously identified anomalies. These
samples are currently being processed for indicator minerals at an
independent commercial laboratory in Ontario and results have been
received for just under half of the samples to date. The balance
will be completed by year-end. Based on microscope
identification, significant kimberlite indicator mineral grains
have been recovered and microprobe analyses are pending.
Processing and interpretation of the 10,952 line-kilometre
airborne geophysical survey completed in early October has been
finalized by Canabrava's geophysical consultant with over 60
targets of interest identified. Twenty of the best targets have
been selected for immediate follow-up, and a program of line
cutting and ground geophysical surveys is underway. A drill will
be mobilized within the next week to commence testing confirmed
targets.
As reported in the News Release of October 22nd, the Groundhog
Project has emerged following the July 2001 amendment to the
Kennecott Option Agreement. The Groundhog Project comprises the
area located between the new and old areas of interest on the
Kennecott Option Agreement, and includes most of the areas covered
by the former KAP Project and parts of the former Rocky Island
Lake Project area. Canabrava is the operator of the Groundhog
Project. The Project is held 50:50 between Canabrava and
Paramount, but Paramount's interest is currently being reduced
according to a straight-line dilution formula. Kennecott retains
the right to a 1.5% Gross Overriding Royalty, capped at $10
million, on any discovery made on the Project prior to June 30,
2003.
Ontario Joint Venture with Paramount and Kennecott
The summer-fall field program that commenced on July 1st was
successfully completed on November 5th. Major objectives of the
program were achieved with the discovery of additional
diamond-bearing kimberlitic boulder trains, ground follow-up on
numerous geophysical anomalies identified from the airborne
geophysical survey completed in August and the acquisition of 118
strategically located till samples. All samples have been
submitted to Kennecott's Thunder Bay laboratory for initial
processing, after which the mineral concentrates will be picked
for kimberlite indicator minerals and microprobe analysed at a
commercial laboratory in South Africa. Kennecott has undertaken
to have all samples processed by year-end and the final processing
is scheduled to be completed by the end of January 2002.
A 10,646 line-kilometre airborne geophysical survey covering three
large blocks has been initiated, and flying is expected to be
completed by year-end. The location of the survey blocks was
based on kimberlitic indicator mineral anomalies as well as the
summer's prospecting results. Canabrava's geophysical consultant
has completed the processing and interpretation of the initial
5,366 line kilometre airborne survey completed in August, and a
number of targets have been identified for follow-up.
An option agreement has recently been completed with MacGillivary
Holdings Ltd. (see News Release of November 12th). The option
covers a discrete geophysical target identified from the Canabrava
airborne survey within an area currently undergoing intense
exploration by the joint venture. Ground geophysical surveys will
be conducted over this and other high priority targets identified
from the survey during December and January, followed by drilling
in February 2002 when ice conditions are suitable for testing lake
targets.
Canabrava holds a 75% interest in the Ontario JV and Paramount
owns the remaining 25%. Kennecott has the right to earn a 60%
interest in the Project by spending $25 million before June 2006
or by making a production decision, whichever occurs first.
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., and Paramount Ventures and Finance Inc. The
Company is 45.6% owned by Southwestern Resources Corp. (SWG-T).
Paramount Ventures and Finance Inc. is an exploration company with
diamond projects in Canada.
-30-
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 and 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. |
