Black Swan gobbles up Canabrava

Canada's Black Swan Resources (TSX: BSW) announced the completion of its acquisition of Canabrava Diamond Corporation's Brazilian assets through the purchase of Canabrava's subsidiaries, Canabrava Diamonds and Parima Mineracao. The acquisition includes facilities in Patos da Minas in Minas Gerais state, Canabrava's kimberlite geophysical and sampling database and exploration licenses over approximately 35,000ha of properties, Black Swan said. The Canabrava assets are close to Black Swan's diamond properties in the Santo Antonio and Abaete Valleys, it said. Black Swan said it has also relocated its operational base to the new facilities and will start a program soon to re-process and evaluate the database to expand its own database. The acquisition also included investment credits to the value of some US$5mn and an inventory of vehicles, plant and equipment that Black Swan said it expects to be of assistance in ongoing exploration and pre-development of the Canastra 1 kimberlite deposit, which it is anticipated will start operations in 6-8 months. The acquisition cost of these assets was US$225,000 including Canabrava's assumption of certain liabilities and royalties.