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Diamond & Specialty Minerals Summary for July 5, 2016

2016-07-05 17:43 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score for Tuesday was a positive 72-64-129. The TSX Venture Exchange gained two points to 750 while polished diamond prices edged lower. Eric Friedland and Tom Peregoodoff's Peregrine Diamonds Ltd. (PGD) gained one-half cent to 23.5 cents on 431,000 shares. The company is expected to reveal its preliminary economic assessment for the Chidliak diamond project on Baffin Island soon.

Grenville Thomas and Ken Armstrong's North Arrow Minerals Inc. (NAR: $0.19) continues to ponder the future of the Redemption diamond project, west of Lac de Gras in the Northwest Territories. The company can earn a 55-per-cent interest in the project from Patrick Power's Arctic Star Exploration Corp. (ADD: $0.02) by spending $5-million by mid-2017. So far, it has spent barely half that sum, assuming the spring drill program consumed the $800,000 it was required to spend. (North Arrow raised that sum by selling a Redemption royalty to Dr. Chris Jennings's Umgeni Holdings International Inc. Umgeni insisted the cash be spent on the property before August.)

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