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Diamond & Specialty Minerals Summary for Feb. 17, 2017

2017-02-17 19:54 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score for Friday was a ho-hum 69-72-117. The TSX Venture Exchange rose fractionally to 843 while polished diamond prices were flat. Lukas Lundin and Dr. William Lamb's Lucara Diamond Corp. (LUC) lost five cents to $3.09 on 537,000 shares. The company continues producing and selling run-of-mine diamonds at Karowe, its low-grade but rich deposit in Botswana. Its next sale of exceptional gems, which doubles the mine's revenue, is expected this spring.

Eric Friedland and Tom Peregoodoff's Peregrine Diamonds Ltd. (PGD) lost one cent to 19 cents on 176,000 shares. Retail investors are impatiently awaiting word that Peregrine has arranged for a new co-venturer -- or perhaps a buy-in deal -- that would allow it to advance its promising Chidliak diamond project on Baffin Island without another dilutionary equity sale. There has been nary a peep from the company in months about the proposed $15-million exploration program planned for this year, and to bring it about on its own the company needs to raise a substantial amount of cash.

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