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

To: 1st.mate who wrote (735)	3/15/1999 9:02:00 AM
From: Flea	Read Replies (2) \| Respond to of 2402

NEWS!!!! VSE SYMBOL: CNB MARCH 15, 1999 Canabrava Diamond/Paramount Ventures & Finance: Major Letter Agreement Signed With Kennecott - Ontario Diamond Project VANCOUVER, BRITISH COLUMBIA--Canabrava Diamond Corporation (CNB-V) and Paramount Ventures & Finance Inc. (PVF-V) are pleased to announce that they have signed a major Option/Joint Venture Letter Agreement with Kennecott Canada Exploration Inc. to explore the Company's Ontario Properties for diamonds. The Ontario Project will include Canabrava's 100 percent owned Whitefish Lake Project, as well as the KAP and Rocky Island Lake Projects which are owned 50 percent by Canabrava and 50 percent by Paramount. These projects are located north east of Wawa, Ontario and include more than 200,000 hectares of staked and leased lands. Under the terms of the Letter Agreement, Kennecott will have the exclusive right to acquire a 60 percent interest on all of the Canabrava and Canabrava/Paramount Properties by spending twenty-five million dollars (C$ 25,000,000) within seven years, or by advancing the Project to a decision to begin development and construction of a mine, whichever occurs first. Kennecott must also commit to a minimum exploration expenditure totalling one million five hundred thousand dollars (C$1,500,000) within eighteen (18) months of executing the Option Agreement. Once Kennecott has earned its 60 percent interest, the parties will form a joint venture and fund ongoing exploration/development programs on a pro-rata basis. Kennecott will be the operator. The terms outlined in the Letter Agreement are subject to the completion of a formal Option Agreement, and management and regulatory approvals. Canabrava and Paramount have been exploring for diamonds in this area for two years , and the programs to date have been very successful in defining numerous target areas permissive for the discovery of diamondiferous kimberlites. The Companies are extremely pleased to have Kennecott join this exciting Project. Kennecott brings extensive experience and an enviable record of success in diamond exploration to the Project. Canabrava Diamond Corporation is actively exploring for diamonds in Brazil and Canada and looking at other opportunities worldwide. The Company is 59.6 percent owned by Southwestern Gold Corporation (SWG-T). Paramount Ventures & Finance Inc. is a well financed junior exploration company with copper and gold projects located in Argentina and in Indonesia, and diamond projects located in Brazil. Rory O. Moore, President Canabrava Diamond Corporation Paul Conroy, Chairman Paramount Ventures & Finance Inc.

To: 1st.mate who wrote (735)	3/15/1999 9:03:00 AM
From: bill	Respond to of 2402

Canadian Company Press Release CNB 1999-03-15 (provided courtesy of Canadian Corporate News.) register to receive future releases by email from CCN Canabrava Diamond/Paramount Ventures & Finance: Major Letter Agreement Signed With Kennecott - Ontario Diamond Project VANCOUVER, BRITISH COLUMBIA--Canabrava Diamond Corporation (CNB-V) and Paramount Ventures & Finance Inc. (PVF-V) are pleased to announce that they have signed a major Option/Joint Venture Letter Agreement with Kennecott Canada Exploration Inc. to explore the Company's Ontario Properties for diamonds. The Ontario Project will include Canabrava's 100 percent owned Whitefish Lake Project, as well as the KAP and Rocky Island Lake Projects which are owned 50 percent by Canabrava and 50 percent by Paramount. These projects are located north east of Wawa, Ontario and include more than 200,000 hectares of staked and leased lands. Under the terms of the Letter Agreement, Kennecott will have the exclusive right to acquire a 60 percent interest on all of the Canabrava and Canabrava/Paramount Properties by spending twenty-five million dollars (C$ 25,000,000) within seven years, or by advancing the Project to a decision to begin development and construction of a mine, whichever occurs first. Kennecott must also commit to a minimum exploration expenditure totalling one million five hundred thousand dollars (C$1,500,000) within eighteen (18) months of executing the Option Agreement. Once Kennecott has earned its 60 percent interest, the parties will form a joint venture and fund ongoing exploration/development programs on a pro-rata basis. Kennecott will be the operator. The terms outlined in the Letter Agreement are subject to the completion of a formal Option Agreement, and management and regulatory approvals. Canabrava and Paramount have been exploring for diamonds in this area for two years , and the programs to date have been very successful in defining numerous target areas permissive for the discovery of diamondiferous kimberlites. The Companies are extremely pleased to have Kennecott join this exciting Project. Kennecott brings extensive experience and an enviable record of success in diamond exploration to the Project. Canabrava Diamond Corporation is actively exploring for diamonds in Brazil and Canada and looking at other opportunities worldwide. The Company is 59.6 percent owned by Southwestern Gold Corporation (SWG-T). Paramount Ventures & Finance Inc. is a well financed junior exploration company with copper and gold projects located in Argentina and in Indonesia, and diamond projects located in Brazil. Rory O. Moore, President Canabrava Diamond Corporation Paul Conroy, Chairman Paramount Ventures & Finance Inc. -30- FOR FURTHER INFORMATION PLEASE CONTACT: Canabrava Diamond Corporation George H. Plewes Chairman (604) 669-2525 (604) 688-5175 (FAX) or Canabrava Diamond Corporation Rory O. Moore President (604) 669-2525 (604) 688-5175 (FAX) Website: www.swgold.com or Paramount Ventures & Finance Inc. Paul Conroy Chairman