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Diamonds & Specialty Minerals Summary for Feb. 10, 2015

2015-02-10 20:59 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score for Tuesday was a 50-50-153 draw. The TSX Venture Exchange fell five points to 691 while polished diamond prices gained 0.1 per cent. Matt Manson's Stornoway Diamond Corp. (SWY) traded actively, falling two cents to 63 cents on 2.29 million shares. The stock hit an intraday high of 68 cents, its highest point since early August. Aubrey Eveleigh's Zenyatta Ventures Ltd. (ZEN) gained one cent to $1.37 on 82,000 shares. Zenyatta traded as high as $5 in the summer of 2013 as Mr. Eveleigh cooed seductively about the company's Albany graphite project in Northern Ontario. He suggested the Albany graphite would prove equivalent in purity to the highest-grade -- in other words, highest-cost -- synthetic graphite. Unfortunately, Zenyatta is taking much longer than expected to confirm its rosy economics with a preliminary economic assessment.

Ken MacNeill and George Read's Shore Gold Inc. (SGF) lost one-half cent to 22.5 cents on 322,000 shares. The company's loyal retail shareholders are itching for the start of Shore's proposed $6-million drill program on Orion South. Unfortunately, there has not been a peep about the program since December, when Mr. Read and Mr. MacNeill told investors at the London Mines and Money dog and pony show that Foraco Canada Ltd. had "provided a detailed quotation" for drilling a dozen 24-inch reverse-circulation holes around the periphery of the proposed open pit at Orion South. The drilling and a subsequent resource upgrade could delineate sufficient diamonds that Shore will rejig its mine plan to commence mining at Orion South, not Star. Both Star and Orion South lie beneath thick overburden and low-grade rock, but Shore says the target rock is 30 metres closer to surface in Orion South and so would require less prestripping.

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