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Diamond & Specialty Minerals Summary for Jan. 21, 2016

2016-01-21 17:51 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score for Thursday was a weak 32-39-165. The TSX Venture Exchange gained one point to 475 while polished diamond prices nosed higher. Tom Peregoodoff and Eric Friedland's Peregrine Diamonds Ltd. (PGD) poked a bit higher earlier, but closed unchanged at 10.5 cents on 433,000 shares. The company got good news from a mini-bulk test of its CH-7 pipe on Baffin Island -- but not good enough to satisfy investors. Peregrine's next chance to soar will come with the valuation of the gems, which is expected in the next few weeks. Tom Hodgson and Jay Chmelauskas's Western Lithium USA Corp. (WLC) gained one-half cent to 36 cents on 703,000 shares. There has been nothing new to report this year.

Chuck Fipke and Chad Ulansky's Metalex Ventures Ltd. (MTX) lost one-half cent to seven cents on 21,000 shares. The stock, just five cents last week, has been as high as 8.5 cents this week. The new interest could be the result of rumours that an agreement is in the works with the first nations of Attawapiskat and Marten Falls. The story found its legs late last week when Charles Hookimaw, an Attawapiskat off-reserve band member who lives in North Bay -- but nevertheless appears well connected to the local politics -- tweeted that he "managed to get [his] hands on the Metalex draft agreement on exploration" between the company and the chiefs and councillors of the two reserves. The tweet was later removed but Metalex's long-suffering retail shareholders found encouragement in the report.

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