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by Will Purcell

The diamond and specialty minerals stocks box score for Wednesday was a discouraging 44-58-145. The TSX Venture Exchange fell nine points to 687 while polished diamond prices edged lower. Eric Friedland's Peregrine Diamonds Ltd. (PGD) fell two cents to 31 cents on 240,000 shares. Peregrine spent much of the spring drilling several mini-bulk tests at its CH-7 pipe at Chidliak on southeastern Baffin Island. Now it is hurriedly drilling a new hole at CH-6, and perhaps one at CH-44 if the cool weather holds. Peregrine wants to build its tonnage estimate at Chidliak and get enough diamonds for a worthwhile valuation, in order to prove the rich play can support a mine. Anthony Huston's Graphite One Resources Inc. (GPH) fell 1.5 cents to 10.5 cents on 1.60 million shares. Graphite One has a large resource at Graphite Creek -- yes, it is a graphite deposit -- and Mr. Huston has been touting metallurgical work that has prompted the company to delay its dream sheet to incorporate the new information.

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