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Diamonds & Specialty Minerals Summary for July 30, 2014

2014-07-30 17:49 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score for Wednesday was a mediocre 44-56-161. The TSX Venture Exchange fell five points to 1,011 while diamond prices fell 0.2 per cent. John Reynolds and Andre Douchane's Mahdia Gold Corp. (MGD) rose 1.5 cents to five cents on 1.57 million shares. Mahdia is getting production back on track at its Omai alluvial gold and diamond deposit in Guyana after a spring shutdown because of flooding. The company subsequently shook up its management, with Mr. Reynolds resigning as chairman and Mr. Douchane as CEO. The new crew, led by acting CEO, Donald Gordon, has Mahdia's stock heading northward again thanks to better weather. Mark Brennan's Largo Resources Ltd. (LGO) gained two cents to 34.5 cents on 1.49 million shares. The company's $241-million Maracas vanadium mine is "very near" to its first production. In other words, there have been the usual delays.

Randy Turner's Canterra Minerals Corp. (CTM), up 2.5 cents to 12.5 cents on 1.74 million shares, has raised $2-million to explore its new diamond projects surrounding Snap Lake in the Northwest Territories. Mr. Turner said the sale of 16.2 million shares at seven cents and 8.65 million flow-through shares at 10 cents took an extra month to complete because the participants needed more time to complete and deliver their subscriptions. Perhaps, but the main participant was certainly familiar with the paperwork: Vancouver billionaire, Jim Pattison, bought 14 million shares. Mr. Pattison has fond memories of Mr. Turner's diamond hunts. He already held nearly one million (cheap) shares of Mr. Turner's Winspear Resources Ltd. by the time he bought 1.9 million flow-through shares at $2.20 in late 1998. A year later he bought another 196,000 at $2.55. He presumably exercised all the attached warrants, leaving him with nearly 10 per cent of Winspear's stock when De Beers Canada bought the company in late 2000 for $5 per share, roughly double what Mr. Pattison had paid. Mr. Turner says Canterra is working on its exploration plan for this year and expects to start work soon. The most likely candidates are Hilltop, 30 kilometres southwest of Snap Lake, Marlin, 20 kilometres west of Gahcho Kue, Prism, 35 kilometres south of Snap, and Gwen, which surrounds two kimberlite pipes about 40 kilometres east of Snap Lake. The properties were acquired based on information in Mr. Turner's big cache of indicator mineral data. More sampling seems likely this year, along with geophysics and other preliminaries.

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