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

To: Gord Bolton who wrote (2364)	5/27/2002 12:53:12 PM
From: VAUGHN	Respond to of 2402

Hello Gord Off THE WIRE Canabrava and Diamonds North to drill Victoria Island kimberlites (On May 3, 2002, Commander Resources Ltd. completed a reorganization and transferred its diamond prospective properties to Diamonds North Resources Ltd. Commander will initially retain a 9.5% (approximate) equity position in the diamond company.) VANCOUVER, May 27 /CNW/ - In a joint statement by Canabrava Diamond Corporation and Diamonds North Resources Ltd., the companies announced an option agreement whereby Canabrava can earn a 50% interest in Diamonds North's Hadley Bay diamond prospect by spending $5 million and issuing 250,000 shares to Diamonds North over a four year period. The project area, located on Victoria Island, Nunavut, covers 11,970 square kilometers and is known to contain five kimberlite pipes which, in initial exploration, all yielded microdiamonds. The first stage of the four-year program will commence in mid-July with the drill testing of ten high priority targets. The program, with Diamonds North as operator, will include further exploration on more than 50 magnetic anomalies. The agreement is subject to approval of regulatory authorities. In addition to the Canabrava optioned claims, Diamonds North has holdings of approximately 1.3 million acres on Victoria Island and 71,000 acres at Misty Lake, NWT, adjacent to DeBeers/Mountain Province Kennady Lake project. Shares in Diamonds North are expected to trade in mid-June on the TSX Venture Exchange. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release. -30- For further information: please contact: Mark Kolebaba, President, Bernard Kahlert, VP, Exploration, Diamonds North Resources Ltd., 1550 - 409 Granville Street, Vancouver, BC, V6C 1T2, Tel (604) 689-2010, Fax (604) 685-2814, www.diamondsnorthresources.com, info@diamondsnorthresources.com; George H. Read, VP, Exploration, Thomas Beattie, VP, Corporate Dev., Canabrava Diamond Corporation, 1650 - 701 W. Georgia Street, Vancouver, BC, V7Y 1C6, Tel (604) 669-2525, Fax (604) 688-6175 www.canabrava.ca, info@canabrava.ca Regards Vaughn