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by Will Purcell
The diamond and specialty minerals stocks box score for Wednesday was a losing 42-65-159 as the TSX Venture Exchange fell 16 points to 667, setting a new 15-year low. Polished diamond prices fell 0.2 per-cent, perplexing analysts who predict a steady and rapid rise in prices as supply dwindles. Ken MacNeill and George Read's Shore Gold Inc. (SGF), one of the companies hoping to boost the supply, fell three cents to 25 cents on 834,000 shares. Shore hit an intraday high of 31 cents today, its best showing since mid-August, in the wake of environmental approval for its $2-billion Star-Orion South project in Saskatchewan. Stephen Letwin's Iamgold Corp. (IMG), down 14 cents to $2.87 on 5.43 million shares, has been doing better of late but is headed for its third losing year in a row. Iamgold, which traded at $23.79 in late 2011, is hoping to sell its Niobec niobium mine for over $500-million to improve its balance sheet.
Dr. Leon Daniels's Pangolin Diamonds Corp. (PAN), down one-half cent to 4.5 cents on 117,000 shares, has struck out with its two-hole drill program at Malatswae in Botswana. The two holes tested geophysical features where Pangolin recovered kimberlite indicator minerals in soil samples earlier this year. Dr. Daniels, chairman, and Rick Bonner, president and CEO, say the anomalies are explained by the rock encountered by the drillers. He says this information "will assist with drill targeting in early 2015" -- promotional spin that means: "We failed but hope not to be fooled again."
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