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

To: 1st.mate who wrote (2209)	2/5/2001 9:49:19 AM
From: John E.Quinn	Read Replies (1) \| Respond to of 2402

Canabrava Diamond Corp - News Release Canabrava and Navigator increase Severn budget Canabrava Diamond Corp CNB Shares issued 38,070,506 2001-02-02 close $0.87 Monday Feb 5 2001 News Release Also Navigator Exploration Corp (NVR) Mr. George Plewes reports Canabrava Diamond and Navigator Exploration have agreed to increase the 2001 exploration budget for the Severn joint venture in Northern Ontario from $1-million to $2.5-million. In conjunction with this agreement, the Severn joint venture area has been divided into two regions to be referred to as the Kat and Frontier projects, each with separate exploration programs and budgets and separate earn-in options. In 2000, Navigator incurred approximately $1-million in exploration expenditures on the Kat project and the exploration budget for 2001 is estimated at a further $1-million. Once Navigator has spent a total of $1.75-million (including the $1-million already spent) it will have earned its 50-per-cent interest in the Kat project. Thereafter, exploration expenditures will be jointly financed on a pro rata basis. Navigator expects to begin drilling on the Kat project later this week. The program is designed to test 10 priority targets, at least five of which are located in the immediate vicinity of the diamond-bearing Victor pipe, the site of a large tonnage bulk sampling program (approximately 7,000 tonnes) conducted by De Beers in 2000. The 18-hectare Victor kimberlite is the largest of 18 pipes that comprise the Attawapiskat cluster. Published reports confirm that 17 of these pipes are diamondiferous. De Beers continues to assess the economic potential of the Victor pipe with additional drilling and bulk sampling work in 2001. In addition, Canabrava will finance $1.5-million in exploration expenditures on the Frontier project on or before Dec. 31, 2001. Navigator has an option to earn a 50-per-cent interest in the Frontier project by incurring expenditures equivalent to Canabrava's 2001 expenditures by Dec. 31, 2003, half of which must be incurred by Dec. 31, 2002. Once Navigator has earned its 50-per-cent interest, exploration expenditures will be jointly financed on a pro rata basis. Upcoming plans for the Frontier project include airborne geophysical surveying and drilling. (c) Copyright 2001 Canjex Publishing Ltd. canada-stockwatch.com