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

To: Claude Cormier who wrote (53)	4/30/1999 8:49:00 PM
From: Nikki	Respond to of 585

Friday April 30, 8:31 am Eastern Time Company Press Release Canabrava Diamond and Southwestern Gold: Private Placement Closes VANCOUVER, British Columbia--(BUSINESS WIRE)--April 30, 1999-- CANABRAVA (VSE:CNB. - news) SOUTHWESTERN GOLD(TSE:SWG. - news) Canabrava Diamond Corporation (CNB-V) is pleased to announce that it has sold by way of private placement an aggregate of 3,000,000 units in the capital stock of the Company at a price of $0.80 per unit, for gross proceeds of $2,400,000. Each unit consisted of one common share with a 12 month hold period and one-half of a non-transferable share purchase warrant. Each whole warrant entitles the holder thereof to purchase an additional one common share in the capital stock of Canabrava Diamond at a price of $1.40 per share at any time prior to April 29, 2001. Southwestern Gold Corporation (SWG-T) was the private placee and purchased the 3,000,000 units from Canabrava Diamond. In a separate transaction announced earlier, Southwestern Gold sold through the facilities of the Vancouver Stock Exchange 3,000,000 free trading shares of Canabrava Diamond, so that its net shareholdings in Canabrava Diamond effectively remains unchanged at 19,980,550 shares, representing 59.7 percent of its outstanding shares. Southwestern Gold has no current intention to increase the beneficial ownership, control or direction of Canabrava Diamond, other than through the exercise of all or a portion of the 1,500,000 warrants. Southwestern Gold participated in the private placement to improve Canabrava Diamond's financial position. Canabrava Diamond intends to use the proceeds from the private placement for the purposes of project generation and early stage exploration activities, advanced exploration activities on its wholly owned Brazilian properties and unallocated working capital. Canabrava Diamond Corporation is actively exploring for diamonds in Brazil and Canada as well as seeking other opportunities worldwide. Southwestern Gold Corporation presently has over 20 joint ventures with companies including Newmont, Pan American Silver, Cominco, Teck Corporation, Paramount Ventures, Southern Peru Copper, Minorco, Cambior and Cedimin. Daniel G. Innes, Director, Canabrava Diamond Corporation John G. Paterson, President, Southwestern Gold Corporation The Vancouver and Toronto Stock Exchanges have not reviewed and do not accept responsibility for the adequacy or accuracy of this release. Contact: Canabrava Diamond Corporation George H. Plewes, 604/669-2525 604/688-5175 (FAX) Web site: swgold.com or Canabrava Diamond Corporation Rory O. Moore, 604/669-2525 604/688-5175 (FAX) Web site: swgold.com or Southwestern Gold Corporation John G. Paterson, 604/669-2525 604/688-5175 (FAX) Web site: swgold.com