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Diamonds & Specialty Minerals Summary for July 3, 2015

2015-07-03 21:03 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score for Friday was a slow 43-33-176. The TSX Venture Exchange fell one point to 670 while polished diamond prices were flat. Robert Gannicott's Dominion Diamond Corp. (DDC) gained 38 cents to $17.95 on 125,000 shares. The company projects a profitable year at its Ekati and Diavik mines. It will need those profits as it plans to build two new open pit mines in a few years: A-21 at Diavik and Jay at Ekati. Eric Desaulniers's Nouveau Monde Mining Enterprises Inc. (NOU) gained two cents to 16 cents on 319,000 shares. The company plans more work at its Matawinie graphite play in Quebec.

Patrick Power's Arctic Star Exploration Corp. (ADD), down one-half cent to three cents on 4,000 shares, has sold 8.33 million flow-through shares at six cents and 2.08 million regular shares at five cents. Mr. Power, CEO, called the sale a first tranche: his company had been offering 18.33 million flow-through shares and 15 million regular shares. He did not say when, or if, the company expects to close a second tranche. All told, Mr. Power raised just $604,000 of the $1.85-million he wanted. Arctic Star intends to spend whatever cash it raises to explore Stein, a diamond play in central Nunavut, and T-Rex and Triceratops, two old kimberlite-hosting properties in the Lac de Gras region of the Northwest Territories.

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