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Diamonds & Specialty Minerals Summary for May 20, 2015

2015-05-20 18:27 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score for Wednesday was a negative 44-56-141. The TSX Venture Exchange rose fractionally to 695 while polished diamond prices were steady. Robert Gannicott's Dominion Diamond Corp. (DDC) fell 29 cents to $23.38 on 972,000 shares. Dominion is inching forward with its plan to mine Jay at Ekati and A-21 at Diavik, two pipes that it believes will keep its mines profitable for years to come. Stephen Pearce and Adriaan Bakker's Vanadiumcorp Resource Inc. gained one-half cent to 3.5 cents on 471,000 shares. The company has been silent about its Lac Dore vanadium project since it declared a maiden resource estimate in April.

Chuck Fipke and Chad Ulansky's Metalex Ventures Ltd. (MTX), unchanged at 8.5 cents on 20,000 shares, is "in discussions with several groups" regarding the financing of its planned 10,000-tonne bulk sample of the U2 kimberlite in the Kyle Lake region of Northern Ontario. The company will need $20-million for the bulk sample, unless it materially changes the plan it first proposed four years ago. That was the approximate cost laid out in a now defunct arrangement with Ned Goodman's Dundee Corp. (DC.A: $11.52), which agreed to put up $51-million for a 51-per-cent interest in U2 in a 2012 option deal.

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