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Diamonds & Specialty Minerals Summary for Feb. 23, 2015

2015-02-23 20:40 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score for Monday was a negative 51-59-142. The TSX Venture Exchange slipped two points to 692 while polished diamond prices fell 0.1 per cent to a four-year low. Patrick Evans's Mountain Province Diamonds Inc. (MPV) fell four cents to $4.31 on 233,000 shares. The company is building a big diamond mine at Gahcho Kue, 250 kilometres northeast of Yellowknife. De Beers Canada is paying half the $860-million cost, leaving Mr. Evans to raise the rest. He has a loan in place for much of the cash but he must sell nearly $100-million of stock at $4 to provide a cost-overrun facility to soothe his bankers' fears. Bruce Duncan's Canada Carbon Inc. (CCB) gained one cent to 29 cents on 2.33 million shares. Canada Carbon has passed the halfway mark of its 1,500-metre drill program at Miller, a graphite play in southwest Quebec that Mr. Duncan is now touting as a possible source of marble.

Dr. Leon Daniels and Rick Bonner's Pangolin Diamonds Corp. (PAN), unchanged at 5.5 cents on 2,000 shares, plans 1,000 metres of drilling at its Magi kimberlite target in Botswana. Mr. Bonner, president and CEO, and Dr. Daniels, chairman, say their two-hole drill program is needed "to realize the diamond potential" of the Magi target. Unfortunately, Magi has already experienced several drill tests and its diamond potential remains elusive. The target was described as two kimberlite pipes after the initial drilling two years ago, but by late 2013 Dr. Daniels was touting it as a single pipe -- and "one of the world's largest" ones at that. More drilling followed but Pangolin did not "intersect obvious kimberlite." In fact, it seems a stretch to suggest it encountered obscure kimberlite. At best the drilling produced a few tiny microdiamonds from what the company called "crater-related sediments."

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