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

To: kirby who wrote (1135)	4/17/1999 11:07:00 AM
From: m.philli	Read Replies (1) \| Respond to of 2402

A little Saturday morning typing practice contributing some info from the 97 CNB annual report. "The Rio do Sono, Abaete and Sao Bento are three rivers that offer the best alluvial potential on the joint venture properties. Of the 50 large diamonds (greater than 100 carats) recovered from recent alluvial deposits in western Minais Gerais State, 13 came from the Abaete and Sao Bento rivers. The 165 carat "Princess do Carm do Paranaiba Diamond" was recovered from the Sao Bento near its headwaters within Block L of the Canabrava concessions. Both of these rivers have in excess of 30 km of prospective river channel located within the Canabrava project area. Reconnaissance exploration on the Rio do Sono property has identified three environments that have potential to support commercial diamond production. These include active river channel deposits, localized river terrace deposits, and a large delta-like deposit near Parredao do Minais. Terrace deposits may be up to 2000 metres wide with gravel thickness' ranging between 2- and 12- metres. The delta region covers an area of about 35 square kilometres and hosts a potential resource of more than 100 million cubic metres. Diamonds are presently being recovered in all of the above environments by a small number of local miners. Historical production from the Rio do Sono terraces indicates an average grade of the order of 0.15 carats per cubic metre. The diamonds average from 0.2 to 0.5 carats in size, although diamonds up to 18 carats have been recovered. In general, the diamonds are of high gem quality with most being clear, but rare pale pink and green diamonds have been documented. The diamonds are currently being sold by the local miners for approximately U.S. $120 per carat." my comments Pictures are available in this report of Rio do Sono map, gravel in river deposits, pothole in river channel deposit, and pit in gravel terrace. ( it appears Canabrava has been able to up the grade and price through further exploration as they are presently (CNB/PVF news release) giving an estimate of 0.15 to 0.30 per cubic metre and a value of $U.S.140.00per carat. Understandable they would be able to get a higher price than a local miner (imho) Note there are also write ups on the ITAMIRIM PROJECT, MACAPA AND NORTH BAHIA PROJECTS, I'll try and post these for the benefit of newer investors or potential investors who do not have access to the report. -mike