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Diamonds & Specialty Minerals Summary for May 7, 2015

2015-05-07 20:36 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score for Thursday was a bleak 38-61-147. The TSX Venture Exchange fell one point to 685 while polished diamond prices slumped 0.8 per cent. Patrick Power's Arctic Star Exploration Corp. (ADD) gained one-half cent to five cents on 612,000 shares. The company is seeking nearly $2-million to explore three diamond properties in Canada's North: T-Rex, Triceratops near Lac de Gras and Stein, near Taloyoak in central Nunavut. The two Lac de Gras plays host a cluster of uneconomic pipes, the latter project is a grassroots play that will be Arctic's focus. Trevor Walker's Houston Lake Mining Inc. (HLM) lost 1.5 cents to 13 cents on 527,000 shares. The company is bulk sampling its PAK lithium project in Northwestern Ontario, which hosts 2.45 million tonnes indicated at 1.81 per cent lithium oxide equivalent and 5.9 million inferred at 2.01 per cent.

Ken MacNeill and George Read's Shore Gold Inc. (SGF), down one cent to 23.5 cents on 1.08 million shares, has finally begun large diameter drilling (LDD) on the fringe of Orion South, at its Star-Orion South diamond project in central Saskatchewan. The company said in mid-February that it would complete a $6-million LDD program, adding that it planned to commence the work in late April to avoid severe winter weather conditions that increase drilling costs. There apparently were other snags, as the weather has been nice for quite a while. Shore reminded investors just yesterday about the drilling, but said not a word about when it would start.

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Hi Will,

You say that "Mr. Evans also likes to use the appraised diamond values, not the modelled estimates used in the feasibility study." The numbers we used in the news release are in fact the modeled values, escalated by 1.5%, not the appraised values. Just for clarity, the modeled value is $118 per carat, the modeled value escalated is $149 (the number I use) and the appraised value is $182.

Patrick

Posted by Patrick Evans at 2015-05-08 16:00

Hi Patrick:

In the feasibility study, yes.

In Mountain Province's latest (and previous) presentations, no.

See slide 4 of your April 2015 presentation.

So, just for clarity. $118 US is the modelled diamond value. The rosier $149 US value is the escalated value used in the feasibility study. The $182 US value is the appraised value that Mr. Evans "likes to use" for comparative purposes in his presentations.

Don't get me wrong: I certainly understand why you like to use it, and I also understand it could prove to be accurate, if those large diamonds appear with a greater frequency than they were modelled to arrive.

Cheers,

Will

Posted by Will Purcell at 2015-05-11 10:09


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