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Diamonds & Specialty Minerals Summary for Sept. 4, 2014

2014-09-04 19:48 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score for Thursday was a ho-hum 53-63-149 as the TSX Venture Exchange slumped 14 points to 995. Polished diamond prices, down 0.5 per cent, are now off 3 per cent in the past two months. Matt Manson's Stornoway Diamond Corp. (SWY) lost one cent to 61 cents on 2.68 million shares. Stornoway financed its big Renard mine at 70 cents this spring but a dearth of news from a summer drill program is stifling Mr. Manson's promotion. Jay Chmelauskas's Western Lithium USA Corp. (WLC) lost one cent to 87 cents on 9.79 million shares. There has been no company news in a month, but yesterday's spurt of 24 cents to 88 cents was the result of Nevada's almost certainty of winning the contest for Tesla Motors' giant battery factory. Western Lithium plans to produce clay and then lithium at Kings Valley in Nevada.

Chris Taylor's new diamond explorer, Dunnedin Ventures Inc. (DVI) closed unchanged at 10 cents on 771,000 shares. Dunnedin has appointed Allan Barry Laboucan as a special adviser. Mr. Taylor, CEO, calls Mr. Laboucan a diamond company analyst who has "authored scientific publications on diamond indicator mineral chemistry." (Mr. Laboucan's name does appear as a subordinate co-author on one such paper, published in 2007 when he was working for Robert Paterson's Snowfield Development Corp. It discussed "unique garnet compositions from the Mud Lake kimberlite," southeast of Yellowknife on the north shore of Great Slave Lake. The paper touted a "remarkable correlation" between certain green garnets and diamonds. Unfortunately, a subsequent bulk sample at Mud Lake yielded a remarkably low grade: less than 0.01 carat per tonne.) Mr. Laboucan is best known for Allan Barry Reports, a multimedia tout sheet. He also has been a prolific blogger on a variety of topics, including resource companies, economics and golf. (He was a golf coach for a few years in the late 1990s and early 2000s.) He is also president and CEO of Peppermint OS, a software company.

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