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Diamonds & Specialty Minerals Summary for Oct. 15, 2015

2014-10-15 18:53 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score for Wednesday was a poor 38-71-156. The TSX Venture Exchange slumped another 24 points to 778 while polished diamond prices slipped slightly. Robert Gannicott's Dominion Diamond Corp. (DDC) jumped 72 cents to $16.07 on 462,000 shares on word of a bumper carat crop at Diavik. It was a significant move considering the production numbers were in line with the trends set in Dominion's previous two quarters. Cristiano Melcher's MBAC Fertilizer Corp. (MBC) fell one-half cent to six cents on 4.36 million shares. The stock has plodded relentlessly downward since trading as high as $3.94 in early 2013. Mr. Melcher says he is making considerable progress, but "continuous production" at the company's Itafos phosphate mine in Brazil has been intermittent and MBAC has is having to go cap in hand to its bankers.

Patrick Evans's Kennady Diamonds Inc. (KDI), down 20 cents to $5.30 on 46,000 shares, has expanded its tonnage estimate at Kelvin, 10 kilometres northeast of Gahcho Kue in the Northwest Territories. The company now offers a "tonnage guidance" of between nine million and 12 million tonnes of kimberlite. It earlier projected Kelvin at between seven million and nine million tonnes. (A "tonnage guidance" is not a resource. It is a "target for further exploration" to the regulators, who insist that a resource estimate requires a sufficient amount of drilling, although in Mr. Evans's hands, the current estimate could easily be deemed a "target for further promotion.") Kennady's stock did not respond to the 20-per-cent increase in the tonnage projection, likely because Mr. Evans telegraphed the bump three weeks ago when several new drill intersections produced lengthy kimberlite hits north of the previously tested zone.

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