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by Will Purcell

The diamond and specialty minerals stocks box score for Tuesday was a positive 58-52-137. The TSX Venture Exchange gained seven points to 1,004 while polished diamond prices nosed upward. Peter Marrone's MBAC Fertilizer Corp. (MBC) gained two cents to 58 cents on 2.30 million shares. The company just raised $20.7-million to improve its balance sheet but it needs to renegotiate the terms for about $250-million in short-term debt. The company's Itafos phosphate mine in Brazil is ready but has not been formally declared to be in production. Simon Tam's Gem International Resources Inc. (GI) gained one-half cent to 1.5 cents on 3.61 million shares. Mr. Tam, CEO, says his company will resume exploration for diamonds in Tanzania "when and only if the necessary funds are available," a promotional workaround for "maybe never." Gem International was broke on Dec. 31 and has not publicly attempted to raise so much as a dime since, but rising rough diamond prices are catching the market's eye.

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