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Diamond & Specialty Minerals Summary for Nov. 16, 2015

2015-11-16 19:48 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score for Monday was a slow 31-48-159. The TSX Venture Exchange gained two points to 526 while polished diamond prices gained 0.3 per cent. Chris Taylor's Dunnedin Ventures Inc. (DVI) closed unchanged at 5.5 cents on 780,000 shares. The company has new diamond counts from the PST dike, northeast of Rankin Inlet, and it plans to roll out new counts for a few other kimberlite dikes this winter. Dunnedin needs several million dollars for a big bulk test of its main dikes next year. Brian Findlay's Dajin Resources Corp. (DJI) gained 1.5 cents to 13 cents on 1.56 million shares. The company is plodding ahead with exploration at Teels Marsh, a lithium prospect in Nevada.

Patrick Evans's Mountain Province Diamonds Inc. (MPV), down two cents to $3.76 on 5,000 shares, is "on track" with construction of its Gahcho Kue mine, 250 kilometres northeast of Yellowknife. (Mr. Evans's "on track" has the same vagueness as the airline industry's "on schedule" -- the work is running a bit behind but Mountain Province and its majority co-venturer, De Beers Canada, expect to make up the lost ground.) Mr. Evans, chief executive officer, says that as of the end of September, the overall progress stood at 74 per cent, against planned progress of 78 per cent. While engineering is "essentially complete" -- not quite in other words -- construction was just 48 per cent complete against a 57-per-cent target. Nevertheless, Mr. Evans must be expecting tailwinds; he says construction will be on schedule by March.

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