TORONTO, June 14, 2004 (PRIMEZONE) -- Bontan Corporation Inc. ("BCI") (OTCBB:BNTNF) through its wholly owned subsidiary, Bontan Diamond Corporation ("BDC"), is pleased to announce that it has finalized two joint venture agreements through BDC's wholly owned Brazilian subsidiary, Astrogemas Mineracao Ltda ("AML").
The joint ventures cover a total land area of approximately 3,954 acres. BDC will own at a minimum a 50% interest in the joint ventures. Joint Venture Number 1 is located on the Rio Paranaiba which drains all of the diamond rich Coromandel region and is expected to begin work in the next two weeks involving the construction of a suction dredge and gravel plant. Diamond production is expected to begin in three months. Diamonds produced during exploration may be sold on world markets. Joint Venture Number 2 is located on the right bank of the historic Rio Jequitinhonha and exploration planning has commenced.
Mr. Kam Shah, CEO, who just returned from Brazil, commented, "This is an exciting time for BDC. All formalities associated with running a company in Brazil have been completed and BDC can begin to pursue its goal of being a significant producer of diamonds in Brazil."
About Bontan Corporation Inc.
Bontan Corporation Inc. is a diversified natural resource Company seeking high returns with minimal risks. Bontan operates, backs and invests in major exploration and exploitation plays run and organized by highly regarded geologists, geophysicists and executives.
Through its wholly owned subsidiaries, Bontan seeks highly visible opportunities in countries around the globe with a history of natural resource production that offer exciting and attractive propositions. The company will seek to minimize risk by bringing in either joint venture, carried or working interest partners, depending on the size and scale of the project.
For further information, please contact Kam Shah, CEO and CFO at 416-860-0175. Visit www.bontancorporation.com for more information.
For Media Relations, contact Rob Kennedy at Current Capital Corp. at 416-860-0211 or visit their website at www.currentcapital.com.
No regulatory authority has approved nor disapproved the content of this release.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Act"). In particular, when used in the preceding discussion, the words "plans", "confident that", "believe", "expect", or "intend to", and similar conditional expressions are intended to identify forward-looking statements within the meaning of the Act and are subject to the safe harbor created by the Act. Such statements are subject to certain risks and uncertainties and actual results could differ materially from those expressed in any of the forward-looking statements.