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Diamonds & Specialty Minerals Summary for Dec. 16, 2014

2014-12-16 21:15 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score for Tuesday was a downcast 40-65-161 as the TSX Venture Exchange fell fractionally to 642 after -- you had to be expecting this -- hitting a new intraday low of 637.06. Polished diamond prices were flat. Robert Gannicott's Dominion Diamond Corp. (DDC) traded strongly, gaining 30 cents to $20.65 on 522,000 shares. Dominion will soon have a dream sheet for the 90-million-carat Jay pipe at Ekati. Anthony Huston's Graphite One Resources Inc. (GPH) closed unchanged at nine cents on 1.63 million shares. The company recently wrapped up drilling at Graphite Creek in Alaska; assays are now trickling in. Graphite Creek is a large deposit with higher-grade zones.

Matt Manson's Stornoway Diamond Corp. (SWY) lost 1.5 cents to 46 cents on 1.15 million shares. Construction of Quebec's first diamond mine is slightly ahead of schedule at Renard, in the Otish Mountains region. Mr. Manson, president and CEO, still expects commercial production to commence in the spring of 2017, although Renard's processing plant could be ready for commissioning in the summer of 2016. He says construction is now 10 per cent complete, adding that the permanent camp, including dormitory, kitchen and recreation facilities should be ready for use in January. Stornoway has not experienced any sticker shock as yet; Mr. Manson says the cost of the big construction project remains within the company's $811-million budget.

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