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Gold/Mining/Energy : Paramount Ventures & Finance -- Ignore unavailable to you. Want to Upgrade?

To: 1st.mate who wrote (3176)	9/6/1999 10:46:00 PM
From: 1st.mate	Respond to of 4884

#3 PVF - Paramount Ventures & Finance Inc (Year High/Low: 0.60/0.20) Paramount Ventures was reviewed in the last issue of Forum Watch, gaining another position to claim third place among Canada Stockwatch's most active conferences. A Canada Stockwatch article on Aug. 30 provided a brief history of the prospective diamond properties near Wawa, Ontario in which Paramount has an interest. The article, which reviews some of the diamond exploration in Ontario, will be appended to this issue of Forum Watch. On Sept. 2, Paramount announced that following a public hearing at which the mining plan for the Rio do Sono alluvial diamond project in Brazil was presented, it was determined that the project is of sufficient scope and size to require a full environmental impact study (EIS) before a full mining licence can be issued. It is estimated that this will take approximately three months. Exploration and preparatory work will continue while the EIS is being completed. Since Paramount was first reviewed in Forum Watch on Aug. 20, the company's interests in diamond prospects in Canada and Brazil have been the principal topic of discussion. Over the last week, however, oil dominated much of the early discussion. 'Matey' broached the subject of oil, asking if anyone had any news regarding Paramax Resources. 'Tippy' responded: "I thought the oil was supposed to be flowing by now!! I guess it will happen soon and oil prices are great and we have a bigger percentage!!" 'Matey' followed up with another question regarding the percentage of Paramax held by Paramount. That brought some tentative and conflicting replies from 'Tippy' and 'One eye'. 'Matey' indicated that he would contact the company to obtain the correct information but the matter was not resolved by the end of the week. (According to the company literature and as reported in the first review of Paramount in Forum Watch, Paramount holds a 55-per-cent interest in Paramax. According to the most recent property update, Paramax has varying interests in a number of oil prospects: a 2-per-cent interest after payout in the Devonian and Atoka formations in the Winfield Ranch 17 No. 1-E well on the South Fort Stockton prospect; a 10-per-cent interest (7.5 per cent after payout) in the Ellenburger zone in the same well and a 7.5-per-cent interest in all formations in the remaining lease block acreage; and a 5-per-cent interest (3 per cent after payout) in the West Delta Block 78 No. 1 well located offshore Louisiana.) 'Matey' expressed some impatience at the dearth of information regarding progress on the company's diamond prospects in Ontario. After offering the opinion that there had been some drilling on the properties, he exclaimed: "It is time these companies started to clean house and get on with the news!!!" 'WillP' briefly joined the discussion: "Kennecott has never been a 'frequent updater', and it is not easy to determine exactly what they are up to, as a result. Earlier news releases did outline the 'spring phase one program', and drilling was not mentioned. Presumably, drilling would follow later in the summer...a point in time that we appear to be at." While 'Matey' continued to pursue the subject with increasing exasperation, 'One eye' seemed to accept the lack of information philosophically. "Time will tell the story here," he remarked before going on to suggest that the "boys have taken lessons from DeBeers or at least read the manual." He was less accepting of the Sept. 2 update regarding the Rio do Sono project: "I would think you would know before you spent a couple of million dollars that you might need to have to do an environmental study...This friggen release does not say we are mining on even a small scale there." Paramount closed out the week at 42 cents.