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Diamond & Specialty Minerals Summary for Oct. 26, 2016

2016-10-26 20:59 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score for Wednesday was a negative 46-64-154. The TSX Venture Exchange fell 10 points to 775 while polished diamond prices edged downward. Peter Dasler's Canalaska Uranium Ltd. (CVV) lost one cent to 51 cents on 64,000 shares. Canalaska is waiting for winter to arrive at its Athabasca diamond project in northwestern Saskatchewan so its partner, De Beers Canada, can drill the big kimberlite targets that it could not reach in an unsuccessful fall drill program. Glenn Kelly's Orbite Technologies Inc. (ORT), up four cents to 36.5 cents on 5.30 million shares, is edging slowly closer to producing high-purity alumina at its new plant on Gaspe peninsula.

Patrick Evans's Mountain Province Diamonds Inc. (MPV), down one cent to $7.12 on 140,000 shares, will hold its first sale of rough mined at Gahcho Kue, 250 kilometres northeast of Yellowknife in the Northwest Territories, in January. This is at least a few weeks later than the company had planned in August, when it said its first sale would take place in the fourth quarter of 2016. Mountain Province's first sale will presumably include its 97,000-carat share of Gaucho Kue's production during August and September, plus whatever it can recover, process and sort during the fall.

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