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Gold/Mining/Energy : Paramount Ventures & Finance -- Ignore unavailable to you. Want to Upgrade?

To: Diamond Daze who wrote (630)	4/7/1998 5:51:00 PM
From: Flea	Read Replies (1) \| Respond to of 4884

*DAMAGE CONTOL* er...ummm...NEWS RELEASE Paramount Ventures & Finance Inc - Ontario diamond exploration joint venture Paramount Ventures & Finance Inc PVF Shares issued 27591374 1998-04-03 close $0.56 Tuesday Apr 7 1998 Also Canabrava Diamond Corp (CNB) Mr James Owen reports Paramount Ventures and Finance and Canabrava Diamond Corporation have formed a joint venture to explore an area within the Eastern Superior province, Ontario where a new kimberlites body has been discovered by Canabrava. Under the terms of the joint venture agreement, Paramount is to finance the first $800,000 in exploration costs to earn a 50% interest In the joint venture area. After the earn-in phase, the two companies will contribute further exploration funds on a 50/50 basis. The kimberlite discovered within the joint venture area by Canabrava is to the east of the kimberlite pipes discovered on Canabrava's Whitefish Lake project in late 1997. These kimberlites are the first known in this part of the Superior Craton and confirm the discovery of a significant kimberlite province in north central Ontario. Kimberlite indicator minerals with good geochemistry, including sub-calcic G-10 garnets, have also been identified in a small area surveyed in the northern part of the joint venture area and suggest that more kimberlites will be discovered. The joint venture plans to start an aggressive exploration program in mid May. Work will include a regional geochemical program for kimberlite indicator minerals, an airborne magnetic/EMVLF survey and drilling of priority targets. Canabrava and Paramount are also jointly exploring the KAP project northeast of Wawa, Ontario. Based on now kimberlite indicator mineral geochemical data released by the Ontario Geological Survey in March 1998, additional ground has been acquired by the joint venture and the KAP project is now comprised of more than 150,000 hectares of exploration claims. Exploration on the KAP project will also start in mid May.