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by Will Purcell
The diamond and specialty minerals stocks box score for Tuesday was a 70-70-126 draw. The TSX Venture Exchange fell one point to 701 while polished diamond prices edged lower. Lukas Lundin's Lucara Diamond Corp. (LUC) gained 10 cents to $4.35 on 1.68 million shares. The stock has been on a tear since the company discovered a 1,109-carat diamond last fall. Lucara is getting more coverage now, as the huge gem is about to go up for auction.
Matt Manson's Stornoway Diamond Corp. (SWY), unchanged at 98 cents on 1.08 million shares, is ahead of schedule and well below its initial cost estimate with its Renard diamond mine in the Otish Mountains region of Quebec. Mr. Manson, president and chief executive officer, says the mine was 96 per cent complete at the end of May, compared with the 82 per cent projected in its original schedule and the 90-per-cent mark laid out in the company's recently revised schedule. The company had stripped nearly nine million tonnes of overburden from the surface of the Renard-2, Renard-3 and Renard-65 pits and it is building a kimberlite stockpile for when the plant commences its commissioning and ramp-up later this year. Mr. Manson says the first ore will be sent to the plant by early fall and Stornoway expects to declare Renard in commercial production before the end of the year.
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