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Diamonds & Specialty Minerals Summary for July 14, 2015

2015-07-14 20:44 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score for Tuesday was a disappointing 44-55-152. The TSX Venture Exchange gained one point to 645 while polished diamond prices were flat. Lukas Lundin's Lucara Diamond Corp. (LUC) dropped two cents to $2.11 on 554,000 shares. The company is holding its tender of large and valuable gems this week in Gaborone, Botswana. The 16-diamond parcel, which includes a 342-carat gem recovered in April, is likely to sell for over $20-million (U.S.), based on past results. Chris Grove and Dave Hodge's Commerce Resources Corp. (CCE) gained one-half cent to seven cents on 403,000 shares. The company is drilling its big Ashram rare earth project in Northern Quebec.

Paul Brockington's Margaret Lake Diamonds Inc. (DIA: $0.13) has acquired full ownership of the Margaret Lake diamond property, 250 kilometres northeast of Yellowknife, through a revised deal with its private owner. Margaret Lake earned a 60-per-cent interest in the property by spending $1-million on exploration. It now can acquire the rest "with no continuing work obligations and no royalties payable." (A Howe Streeter crowing that he need not do any work makes for a tough promotion even in these tough times.) Margaret Lake must issue six million shares to the vendor, and another million shares if the company conducts a bulk sampling program. The property has a promotable address, just northwest of Gahcho Kue, where Patrick Evans's Mountain Province Diamonds Inc. (MPV: $4.90) is building a billion-dollar mine with De Beers Canada. It is also just west of the Kelvin-Faraday project, where Mr. Evans hopes to have a second mine with his Kennady Diamonds Inc. (KDI: $4.75). Mountain Province and De Beers once owned Margaret Lake and surrounding properties, but they dropped them several years ago when nothing worthwhile turned up. (Not to worry: De Beers also dropped the ground hosting Kelvin-Faraday, which could also be a multibillion-dollar deposit.)

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