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Diamond & Specialty Minerals Summary for Oct. 19, 2016

2016-10-19 16:24 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score for Wednesday was a positive 65-57-141. The TSX Venture Exchange gained five points to 789 while polished diamond prices inched higher. Jean-Raymond Boulle's Diamond Fields International Ltd. (DFI) gained one cent to 21 cents on 23,000 shares. The stock has been doing well in the wake of the 1:5 rollback it completed late last month. There has been no news to support the recent enthusiasm.

Eric Friedland and Tom Peregoodoff's Peregrine Diamonds Ltd. (PGD), unchanged at 21 cents on 77,000 shares, is still planning a major exploration program next year at its Chidliak diamond project on southeastern Baffin Island. The company has been uncustomarily quiet about its plans of late, but Mr. Peregoodoff says it still intends to complete the program recommended this summer following its preliminary economic assessment. That study of two key pipes, CH-6 and CH-7, credited Chidliak with a discounted net present value of $471-million after taxes, based on a proposed $435-million mine.

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