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by Will Purcell

The diamond and specialty minerals stocks box score for Tuesday was a pleasing 55-39-156. The TSX Venture Exchange fell three points to 700 while polished diamond prices gained 0.2 per cent. Chuck Fipke's Metalex Ventures Ltd. (MTX) gained 1.5 cents to 10 cents on 790,000 shares. The company is hopeful it can proceed with an expensive bulk sample of the U2 kimberlite in Northern Ontario. Cristiano Melcher's MBAC Fertilizer Corp. (MBC) gained one-half cent to nine cents on 4.83 million shares. The financially-troubled company has no new information but investors are more hopeful now than in late March, when a share cost just one cent.

Grenville Thomas and Ken Armstrong's North Arrow Minerals Inc. (NAR), up 18 cents to $1.10 on 168,000 shares, says the yellow diamonds recovered from its Q1-4 kimberlite, just north of Repulse Bay in Nunavut, are "rare, natural Type Ib diamonds." The yellow gems are among those North Arrow recovered in late February from the first half of its 1,500-tonne bulk sample of the big pipe. Mr. Armstrong, CEO, says the study confirms that the intense yellow colours "are consistent with highly coveted canary yellow diamonds." Type Ib diamonds, he says, are "rare, even among natural fancy yellow diamonds." In fact, the only place they apparently are common is in North Arrow's Q1-4 pipe -- if North Arrow's enthusiasm is accurate. (A picture is worth a thousand words it is said, and since investors were not particularly impressed with the pictures of North Arrow's yellow gems, Mr. Armstrong, CEO, is using a wordy and far more technical approach to promoting his play.) So far, his new spin appears to be gaining traction with investors.

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