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Diamonds & Specialty Minerals Summary for Jan. 13, 2015

2015-01-13 21:05 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score for Tuesday was a depressing 36-69-162. The TSX Venture Exchange fell nine points to 670 while polished diamond prices were flat. Matt Manson's Stornoway Diamond Corp. (SWY) gained one cent to 54 cents on 497,000 shares. Stornoway, $1.22 last March, sold $375-million in equity at 70 cents a few months later, as part of its $945-million financing of the Renard diamond mine in Northern Quebec. Stornoway dipped to 46 cents in mid-December but is clawing its way back as it presses on with construction at Renard. Aubrey Eveleigh's Zenyatta Ventures Ltd. lost seven cents to $1.39 on 67,000 shares. The stock has fallen hard from its 2013 high of $5 as Mr. Eveleigh has been hard-pressed to sustain his once exuberant promotion. A dream sheet will help -- if it lives up to Mr. Eveleigh's pitch.

Dr. Leon Daniels and Rick Bonner's Pangolin Diamonds Corp. (PAN), up two cents to 5.5 cents on 277,000 shares, has found another diamond during sampling at its Malatswae project in Botswana. The diamond, Pangolin's largest find yet, came from a 20-kilogram soil sample collected in a new area of its property. The octahedral gem sat on a 1.18-millimetre sieve and weighed approximately 0.02 carat. This latest discovery occurred in an area 13 kilometres northwest of where Pangolin found three smaller gems during soil sampling last year. Two of those three stones sat on a 0.60-millimetre sieve and each weighed about 0.005 carat. The third sat on a 0.85-millimetre sieve and weighed about 0.01 carat.

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