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

To: GC who wrote (2394)	1/21/2003 10:13:19 AM
From: 1st.mate	Respond to of 2402

Canabrava Diamond Corporation and Diamonds North Resources Ltd.: Macrodiamond Recovered, Turnstone Kimberlite, King Eider Cluster, Hadley Bay Project, Victoria Island VANCOUVER, BRITISH COLUMBIA--Canabrava Diamond Corporation (CNB-TSX Venture) and Diamonds North Resources Ltd. (DDN-TSX Venture) announced today that one macrodiamond and two microdiamonds have been recovered from the Turnstone kimberlite, Hadley Bay Project, Victoria Island. The Turnstone kimberlite is part of the diamondiferous King Eider kimberlite cluster, which includes the King Eider, Sanderling, Jaeger and Pintail kimberlites. Small kimberlite fragments overlying the Turnstone kimberlite were collected to form a 20 kilogram sample (D-03-02). The sample mass was limited by the amount of kimberlite material available on surface. Results of sample D-03-02 are listed in Table 1. /T/ Table 1. Diamond Results Turnstone Kimberlite Sample Weight Diamonds Recovered Number (kilograms) +0.5 mm +1.0 mm Total 1 Axis 2 Axes 1 Axis 2 Axes --------------------------------------------------------------- D-03-02 20.26 3 0 1 1 0 --------------------------------------------------------------- /T/ The macrodiamond has three dimensions exceeding 0.5 millimetre: 1.03x0.71x0.64 millimetres. Mark Kolebaba, President of Diamonds North states, "The recovery of a plus one millimetre diamond from a three-stone population is very encouraging as it demonstrates the presence of larger stones and warrants further work for Turnstone." The detailed diamond recoveries in the individual square mesh screen categories are listed in Table 2. /T/ Table 2. Diamond Results Turnstone Kimberlite Square Mesh Number of Diamonds Sieve Size Recovered D-03-02 (20.26 kg) -------------------------------------------- +0.600 mm 1 +0.425 mm 0 +0.300 mm 0 +0.212 mm 0 +0.150 mm 0 +0.100 mm 2 Total Stones 3 /T/ Canabrava President George Read states, "This macrodiamond recovery from the Turnstone kimberlite is consistent with results from the nearby King Eider kimberlite, emphasizing the favourable macrodiamond abundance of this kimberlite cluster." This kimberlite occurrence was originally located using airborne geophysics and a recent detailed ground geophysical survey has shown that the Turnstone kimberlite dyke has a strike length of over 1.5 kilometres. Presently, the width of the body has not been determined. Kimberlite material was collected and bagged in the field. Sample bags were placed in solid, sealed containers and shipped by air to SGS Lakefield Research in Ontario. SGS Lakefield's standard caustic fusion diamond recovery method was used for all samples. SGS Lakefield is accredited by the Standards Council of Canada to the ISO/IEC Guide 25 Standard for specific registered tests. Samples CNB01040 (119.0 kilograms, Apollo kimberlite), CNB01047 (25.8 kilograms, Apollo kimberlite), CNB01056 (109.6 kilograms, Diana kimberlite) and CNB01051 (88.0 kilograms, Neptune kimberlite) did not contain microdiamonds. Canabrava has the option to earn a 50 percent interest in Diamonds North's Hadley Bay diamond project by spending $5 million and issuing 250,000 shares to Diamonds North over a four-year period. Diamonds North is the project operator. Canabrava Diamond Corporation is actively exploring for diamonds in Canada and Brazil both independently and through major joint ventures with Diamonds North Resources Ltd., Kennecott Canada Exploration Inc., Majescor Resources inc., Navigator Exploration Corp., and Paramount Ventures and Finance Inc. The Company is 34.5 percent owned by Southwestern Resources Corp. Diamonds North Resources Ltd. is a diamond exploration company with eight projects covering over one million acres of land in Canada's Nunavut and Northwest Territories. Six projects are located on Victoria Island; one project is adjacent to the De Beers/Mountain Province Kennady Lake advanced stage discovery and one project is near the Drybones kimberlite in the Northwest Territories. -30- FOR FURTHER INFORMATION PLEASE CONTACT: Canabrava Diamond Corporation George H. Read President & CEO (604) 669-2525 (604) 688-5175 (FAX) or Canabrava Diamond Corporation Thomas W. Beattie V.P. Corporate Development (604) 669-2525 (604) 688-5175 (FAX) Email: info@canabrava.ca Website: www.canabrava.ca or Diamonds North Resources Ltd. Mark Kolebaba President (604) 689-2010 (604) 685-2814 (FAX) or Diamonds North Resources Ltd. Nancy Curry Manager, Corp. Communications (604) 689-2010 (604) 685-2814 (FAX) Email: info@diamondsnorthresources.com Website: www.diamondsnorthresources.com The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.