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Diamond & Specialty Minerals Summary for Aug. 24, 2016

2016-08-24 21:22 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score for Wednesday was a dismal 39-93-132. The TSX Venture Exchange slumped 28 points to 789 -- it had risen 382 points since January to its recent high of 848 -- while polished diamond prices fell 0.15 per cent. Terry Tucker's Tango Mining Ltd. (TGV) fell two cents to eight cents on 5.28 million shares. Tango is in the midst of arranging the acquisition of BK-11, a mothballed diamond mine in Botswana, from Firestone Diamonds Ltd.

Dean Taylor's Diamcor Mining Inc. (DMI), down four cents to $1.05 on 28,000 shares, intends to sell 4.54 million shares at $1.10 to raise up to $5-million. Mr. Taylor, president and chief executive officer, says the cash is primarily for buying "additional operational equipment and materials to support the continued advancement" of its Krone-Endora at Venetia project in South Africa. He presumably means more equipment to boost the company's mining rate, although Krone-Endora is officially in a perpetual state of bulk sampling.

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