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Diamonds & Specialty Minerals Summary for Sept. 26, 2014

2014-09-26 18:31 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score for Friday was a lethargic 42-50-173. The TSX Venture Exchange reclaimed eight points to 919 while polished diamond prices crept lower. Lukas Lundin's Lucara Diamond Corp. dropped four cents to $2.24 on 901,000 shares. The company will sell several huge and valuable gems from its Karowe mine in Botswana by auction in late October. Meanwhile, it is using its Karowe profits to expand its Botswana diamond hunt to two other, perhaps comparable pipes it recently acquired. Spiro Kletas's Big North Graphite Corp. (NRT) closed unchanged at 5.5 cents on 744,000 shares. The company accepted a friendly takeover bid from Blair Way's Flinders Resources Ltd. (FDR: $0.69) in early September. Unfortunately it is a stock offer and Mr. Way's stock has been falling hard since he made the offer.

Rick Bonner and Dr. Leon Daniels's limping diamond promotion, Pangolin Diamonds Corp. (PAN), remained unchanged at seven cents on 25,000 shares. The company has recovered four more diamonds from Magi, a kimberlite it once touted as perhaps the world's largest pipe. That was more hyperbole than fact as it turned out, but it may not matter: Magi could be the world's largest diamond dud. Investors seemed confused by the news, probably because Rick Bonner, president and CEO, and Dr. Daniels, chairman, are adept in the ways of Howe Street: They tell all, but the devil is in the details and the details were swamped in a torrent of bafflegab and numbers. Pangolin processed 154 kilograms of kimberlite and recovered four tiny stones from one of 27 samples. Earlier it recovered just three microdiamonds from another batch of samples. Worse, the diamonds are tiny, even in the world of microdiamonds where stones are measured by the octocarat -- a minuscule five nanograms. The four latest gems fell through all but the 0.106-millimetre sieve; the first three stones that slipped through even that weighed just a few thousand octocarats each.

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