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Diamonds & Specialty Minerals Summary for Mar. 18, 2015

2015-03-18 18:25 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score for Wednesday was a mediocre 44-50-157. The TSX Venture Exchange gained seven points to a beastly 666 while polished diamond prices rose 1.5 per cent. Robert Granger and Stephen Masson's Copper Reef Mining Corp. (CZC) closed unchanged at four cents on 100,000 shares. Copper Reef has said nothing since it completed geophysics six weeks ago over B1, a small diamond property with encouraging indicator minerals, in the Pikoo district of Northern Saskatchewan. Glenn Kelly's Orbite Aluminae Inc. (ORT) gained three cents to 36.5 cents on 2.10 million shares. The company hopes to have its oft-delayed high-purity alumina plant on Gaspe peninsula in production later this year. Lately it has been touting its recently patented process to process red mud waste generated by traditional aluminum producers.

Patrick Evans's Mountain Province Diamonds Inc. (MPV), unchanged at $4.14 on 169,000 shares, is wrapping up its supply run to Gahcho Kue, 250 kilometres northeast of Yellowknife. Mountain Province and its co-venturer, De Beers Canada, are building their mine, estimated to cost $860-million, based on three kimberlites discovered in the 1990s. To do so, they must deliver 2,150 truckloads of goods up the first 220 kilometres of the Tibbett-to-Contwoyto winter ice road, then another 150 kilometres along a spur road leading to Snap Lake and Gahcho Kue. Those shipments are now 80 per cent complete and Mr. Evans anticipates no problems in completing the supply run, thanks to De Beers's "high level of preparedness" and favourable weather conditions. (Yellowknife temperatures are still dipping below minus 30 C on occasion, a condition only those with a mountain of goods to ship on an ice road would consider favourable.)

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