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Diamonds & Specialty Minerals Summary for Jan. 16, 2015

2015-01-16 20:49 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score for Friday was a pleasant 60-37-170. The TSX Venture Exchange gained eight points to 667 while polished diamond prices fell another 0.5 per cent. Robert Gannicott's Dominion Diamond Corp. (DDC), which slipped nearly $3 over the past week, regained 49 cents, closing at $19.31 on 566,000 shares. Investors are waiting -- but not as patiently as before -- for the company's now overdue prefeasibility study of its big Jay project at Ekati. The market should also hear soon about the company's fourth quarter diamond production at Ekati and Diavik. Martin Dallaire's Fieldex Exploration Inc. (FLX) fell one-half cent to two cents on 1.18 million shares. Fieldex claims to be "engaged in the exploration for strategic metals and base metals," but based on its meagre expenditures last year, it may have broken off the engagement.

David Hodge and Robert Bick's Prima Diamond Corp. (PMD: $0.05), one of Canada's newest diamond explorers, has appointed Mr. Hodge as interim president. He replaces Mr. Bick, who resigned for "business reasons." (It is unclear if those reasons pertained to Prima, or to some new venture he has planned, but either way his departure seems amicable, as he remains a director.) He had been president since 2012, when Mr. Hodge's cash shell, Camisha Resources Corp., acquired Prima Fluorspar Corp. in a reverse takeover. That deal was unusual as Mr. Hodge, a long-time Howe Street promoter, has not been a big fan of cash shells. (Camisha was his first; his second was Red Star Capital Ventures Inc. (RSM: $0.025), which launched last summer but already plans to dissolve.)

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