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

To: gemsearcher who wrote (1811)	2/8/2000 1:39:00 PM
From: Ross Dickie	Read Replies (1) \| Respond to of 2402

News --- Hot Off The Wire NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS FOR: CANABRAVA DIAMOND CORPORATION CDNX SYMBOL: CNB AND PARAMOUNT VENTURES AND FINANCE INC. CDNX SYMBOL: PVF FEBRUARY 8, 2000 Canabrava Diamond Corporation and Paramount Ventures And Finance Inc. Announce Drilling set to commence on Ontario Joint Venture with Kennecott VANCOUVER, BRITISH COLUMBIA--Canabrava Diamond Corporation (CNB-CDNX) and Paramount Ventures & Finance Inc. (PVF-CDNX) announce that the winter exploration program on their Ontario Joint Venture with Kennecott Canada Exploration Inc. has commenced and is progressing well. 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 200,000 hectares of staked and leased land. A high-resolution helicopter magnetic/EM survey was flown over a priority area on the Whitefish Lake Project in early January, and a number of new high interest anomalies have been identified. Kennecott geophysicists are in the process of modelling these anomalies in preparation for follow-up ground geophysics and drill testing. Field crews mobilized in mid-January and have established a camp in the central part of the Whitefish Lake Property. A ground access trail has been constructed to the camp and all of the required equipment has been mobilized to site. Line cutting crews have established grids over high interest targets on the Whitefish Lake and Kap South Properties, and four ground geophysical teams are presently conducting magnetic and EM surveys over these anomalies. Only the best targets based on a combination the geophysical and indicator mineral results will be drill tested during this first program. Drilling is set to commence on February 14th and should be completed by mid to late March. Additional exploration on the KAP and Rocky Island Lake Properties is being planned for the spring and summer field seasons. Kennecott has the option to earn a 60% interest in the Ontario Joint Venture by spending $25 million within seven years, or by advancing any one of the Projects to a production decision, whichever occurs first. Kennecott, as operator, must spend $1.5 million on exploration before December 10, 2000. Canabrava Diamond Corporation is actively exploring for diamonds in Brazil and Canada both independently and through major joint ventures with Kennecott Canada Exploration Inc., SouthernEra Resources Limited, Paramount Ventures and Finance Inc. and Navigator Exploration Corp. The Company is 53.9% owned by Southwestern Gold Corporation (SWG-T). Paramount Ventures and Finance Inc. is a junior exploration company with diamond projects located in Brazil and Canada. Rory O. Moore, President Canabrava Diamond Corporation James Owen, Director Paramount Ventures and Finance Inc. -30- FOR FURTHER INFORMATION PLEASE CONTACT: Canabrava Diamond Corporation Rory O. Moore President (604) 669-2525 (604) 688-5175 (FAX) Web site: canabrava.ca E-mail: info@canabrava.ca or Canabrava Diamond Corporation George H. Plewes Chairman (604) 669-2525 or Paramount Ventures and Finance Inc. Paul Conroy Chairman (604) 687-1334 (604) 687-1338 (FAX) Website: paramountvf.com The Canadian Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. INDUSTRY: MNG SUBJECT: JVN -0- =================================================================== You may change your service options at anytime by visiting: cdn-news.com ===================================================================