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Diamond & Specialty Minerals Summary for Oct. 27, 2016

2016-10-27 20:43 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score for Thursday was a bleak 43-75-147. The TSX Venture Exchange fell fractionally to 775 while polished diamond prices rose 0.1 per cent. Terry Tucker's Tango Mining Ltd. (TGV) down one-half cent to 1.5 cents on 400,000 shares. Tango Mining has been silent since it failed to close its $10-million (U.S.) loan financing last month and therefore defaulted on its $8-million (U.S.) acquisition of the BK-11 diamond mine in Botswana. Glenn Kelly's Orbite Technologies Inc. (ORT) slumped 5.5 cents to 31 cents on 23.93 million shares. The company intends to sell $5.46-million of convertible debentures to tide it over while its high-purity alumina plant in Quebec inches toward commercial production.

Dr. Leon Daniels and Graham Warren's Pangolin Diamonds Ltd. (PAN), unchanged at five cents on 42,000 shares, says that the MSC grid on its Malatswae diamond project in Botswana is "an area of exploration focus." The company likes the area in large part because it found nine diamonds in a series of soil samples collected there, starting in 2013. (Perhaps the diamonds are the only reason: The company let the licence lapse in 2013 after collecting soil samples, but before it recovered the first diamond from one of them. A presumably chagrined Dr. Daniels and his crew promptly reapplied for the ground.)

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