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by Will Purcell

The diamond and specialty minerals stocks box score for Monday was a woeful 32-58-161. The TSX Venture Exchange set yet another record low, falling 10 points to 582, while polished diamond prices were flat. Lukas Lundin's Lucara Diamond Corp. (LUC) fell 16 cents to $1.99 on 955,000 shares. Lucara is just off an impressive auction of 14 large and valuable diamonds that raked in just under $70-million (U.S.). The sale could help the company come closer to last year's revenue tally of $266-million (U.S.). At last report the company projected its 2015 revenues of up to $240-million (U.S.). Cristiano Melcher's MBAC Fertilizer Corp. (MBC) slumped 2.5 cents to five cents on 11.34 million shares. The company is in talks with a potential suitor willing to participate in MBAC's recapitalization effort. At last report the company had a working capital deficiency of $265-million (U.S.).

Eric Friedland and Tom Peregoodoff's Peregrine Diamonds Ltd. (PGD) closed unchanged at 18 cents on 97,000 shares. Peregrine will base next year's preliminary economic assessment of the Chidliak project on Baffin Island on just two pipes, CH-6 and CH-7, but at least three lower-priority kimberlites, CH-44, CH-1 and CH-31, are likely to figure heavily in an eventual mine. Peregrine currently has 8.6 million carats in a CH-6 inferred resource and up to 20 million carats more deemed a target for further exploration, a majority of them also in CH-6. If the CH-7 diamond value proves comparable with the CH-6 valuation of $213 (U.S.) per carat, the dream sheet could be contemplating a project with a gross value of $3-billion (U.S.).

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