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Diamond & Specialty Minerals Summary for Sept. 27, 2016

2016-09-27 21:14 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score for Tuesday was a bleak 39-81-143. The TSX Venture Exchange fell 11 points to 794 while polished diamond prices took another 0.75-per-cent tumble. Lukas Lundin and Eira Thomas's Lucara Diamond Corp. (LUC) lost two cents to $3.94 on 1.22 million shares. The company is doing well with its Karowe mine in Botswana, but the hopes for massive profits from mammoth diamonds were muted when the company failed to sell its 1,113-carat gem earlier this year.

Ken MacNeill and George Read's Shore Gold Inc. (SGF), down one cent to 19.5 cents on 1.03 million shares, has "successfully completed significant aspects of test work toward the updated feasibility study" of its Star-Orion South diamond project in south-central Saskatchewan. The fudge-laden description suggests that much work remains to be completed before the revised study is available. The company had been saying the study should be available later this year, although Mr. Read, Shore's senior vice-president and its eternal optimist, sounded a bit of a cautionary note in July, saying that while he would like to have the updated study in hand by the end of the year, they "always take longer than expected."

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