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Diamond & Specialty Minerals Summary for Jan. 22, 2016

2016-01-22 21:13 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score for Friday was a pleasant 50-31-156. The TSX Venture Exchange regained eight points to 483 while polished diamond prices edged lower. Patrick Evans's Mountain Province Diamonds Inc. (MPV) gained four cents to $3.90 on 27,000 shares. The company is building a billion-dollar diamond mine at Gahcho Kue with De Beers Canada. At last report the project was on time and within budget. Adriaan Bakker's Vanadiumcorp Resource Inc. (VRB) closed unchanged at four cents on 355,000 shares. The company missed two days of trading this week because it did not have a transfer agent. Vanadiumcorp is promoting a vanadium deposit at Lac Dore in Northern Quebec.

Dean Taylor's Diamcor Mining Inc. (DMI), unchanged at 75 cents on 1,000 shares, has received a break on the terms of debt it owes to New York-based Tiffany & Co. (TIF: $61.65 (U.S.)). The debts include the $3.5-million loan that Diamcor received in early 2011 on a five-year term, a $2.4-million term loan received the following year, and a $1.6-million convertible debenture. At last report Diamcor owed Tiffany nearly $7.15-million on remaining payments and interest. The two companies have now agreed that Diamcor will not resume payments of principal and interest until July.

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