Diamonds & Specialty Minerals Summary for Apr. 14, 2015
2015-04-14 20:46 ET - Market Summary
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by Will Purcell
The diamond and specialty minerals stocks box score for Tuesday was a mediocre 42-54-154 as the TSX Venture Exchange fell fractionally to 696. Polished diamond prices gained another 1 per cent. Eric Friedland's Peregrine Diamonds Ltd. (PGD) jumped three cents to 34.5 cents on 961,000 shares. Today's intraday high of 35 cents is Peregrine's highest perch since last August, when the stock slumped to 26 cents from 40 cents on word the company would raise $15-million through a rights offering at 21 cents. Peregrine is starting work on mini-bulk tests of three important pipes at Chidliak on Baffin Island. Cristiano Melcher's MBAC Fertilizer Corp. (MBC) had another good day, gaining one cent to 14.5 cents on 25.78 million shares. MBAC, which is in serious financial difficulty, had been as low as one cent two weeks ago. The situation is still grave but the company is receiving "non-binding indicative offers and expressions of interest from a number of third parties" concerning its Itafos phosphate mine in Brazil.
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Article correction:
Vanadiumcorp's Lac Dore Project is near the mining town of Chibougamau in Central Quebec close to infrastructure not Northern Ontario as mis-stated above. Northern Ontario was recently dropped down nine spots by the Fraser Institute in its annual rankings of global mining-friendly jurisdictions because of amendments to the Mining Act and First Nations issues. The current VanadiumCorp CEO is from White Rock not "Howe Street" where new management of VanadiumCorp pays 90% less rent than former management did on Howe Street. The difference of Vanadium content in the report is 9% not 10% as stated above. The amount of vanadium pentoxide "V2O5" stated in the full report equals 282,370 tonnes or 621 Million pounds of recoverable V2O5 (not vanadium content as mis-stated above) from the magnetite concentrate. The magnetite concentrate is an equivalent recovery of 66.6% from overall tonnage with an increase of grade due to concentration to 1.08%. The last news release provides full disclosure of any changes and the full report includes highlights such as metallurgical testing and the mine life of 36.8 yrs. The full report can be found here: http://www.vanadiumcorp.com/images/pdf/technical-reports/991-43-101-2015_final.pdf
Posted by VanadiumCorp at 2015-04-15 16:30
Correction clarification:
Yes, of course Lac Dore is in Northern Quebec, not Northern Ontario. I apologize for the slip.
“The current VanadiumCorp CEO is from White Rock not "Howe Street" where new management of VanadiumCorp pays 90% less rent than former management did on Howe Street.”
I don’t imagine any of the “Howe Street promoters” actually live on Howe Street, and most have offices well removed from that address.
“The difference of Vanadium content in the report is 9% not 10% as stated above.”
No, the report said “nearly 10 per cent,” which it certainly is.
“…not vanadium content as mis-stated above…”
Unless you’re suggesting the oxygen has value, then the vanadium content of the vanadium pentoxide is what matters. That’s of course constant, regardless of whether you consider “vanadium” or “vanadium pentoxide.” A nearly 10-per-cent drop in one is nearly a 10-per-cent drop in the other.
In any case, thanks for pointing out the Ontario vs. Quebec faux pas.
Cheers,
Will Purcell
Posted by Will Purcell at 2015-04-16 12:10
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