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Gold/Mining/Energy : Canabrava Diamond -- Ignore unavailable to you. Want to Upgrade?

To: m.philli who wrote (1802)	1/28/2000 10:48:00 AM
From: m.philli	Respond to of 2402

This is a copy of the "OLD" news release concerning the CNB/TECK/SCQ joint venture. Whether it is still in good standing I don't know. In any event the san antonio river ,SCQ is currently working on, is not part of this deal. ................................ December 3, 1997 South Atlantic Signed Letter Of Intent With Teck Corp. For Diamond Exploration In Brazil SOUTH ATLANTIC RESOURCES LTD ("SCQ-V") TECK CORP ("TEK.A,TEK.B-TMV") - South Atlantic Signed Letter Of Intent With Teck Corp. - For Diamond Exploration In Brazil Edward F. Posey, President of South Atlantic Resources Ltd. (the "Company") is pleased to announce that it has signed a letter of intent with Teck Corp. to jointly explore for and develop diamond- bearing kimberlite pipes in the Company's Coromandel Project located in the State of Minas Gerais, Brazil. As per the proposed terms of the agreement, Teck Corp., through its joint venture with Canabrava Diamond Corp., shall have the right and option to earn an initial 60 percent interest in the project by incurring expenditures of U.S. $2 million over 3 years with a minimum expenditure of U.S. $200,000 in the first year. Under certain circumstances, this interest can be increased by an additional 15 percent. Teck Corp. will be the operator of the project. Previous work by the Company within the Coromandel Project identified eight kimberlite intrusions with favourable diamond indicator mineralogy. Numerous other exploration targets remain to be evaluated. Microdiamonds were confirmed in a bulk sampling program conducted last year on the Serrinha I kimberlite pipe. Also in Brazil, the Company is currently evaluating the commercial viability of the Santo Antonio alluvial diamond deposit located 30 kilometres northwest of the town of Coromandel. A pilot plant has been processing gravel and recovering diamonds since September 1, 1997. The Santo Antonio deposit has been responsible for the discovery of numerous large diamonds found by local independent miners ("garimpeiros") over the last 50 years. The largest stone recovered to date by current Company operations weighs 15.8 carats and has been evaluated as gem quality with an approximate price per carat of U.S. $2,000. The Company expects to complete testing and evaluation of the project by the end of December, 1997. TEL: (604) 689-7842 Sophia Shane, Corporate Development South Atlantic Resources Ltd. ______________________________