This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.

Here is a sample of this item:

by Will Purcell

The diamond and specialty minerals stocks box score for Tuesday was a mediocre 61-84-111. The TSX Venture Exchange fell fractionally at 804 while polished diamond prices edged lower. Matt Manson's Stornoway Diamond Corp. (SWY), the on-again, off-again subject of takeover rumours, dropped seven cents to 87 cents on 2.02 million shares.

Terry Tucker's Tango Mining Ltd. (TGV), down one-half cent to five cents on 379,000 shares, continues to rejig its investment in Oena, an alluvial diamond project on the Orange River in South Africa. The company acquired a 51-per-cent interest in African Star Minerals Ltd. (ASM), which owns Oena, in 2014. Tango launched its promotion with plans to bulk sample the alluvial gravels almost immediately, but it got sidetracked by an aborted attempt to land the much larger -- and more expensive -- BK11 kimberlite in Botswana from Firestone Diamonds Ltd.

A year ago, Mr. Tucker, president and chief executive officer, said Tango would be selling its 51-per-cent interest in ASM for $3-million (U.S.), but when Tango's $10-million purchase of BK11 fell through for a lack of cash, Oena was suddenly looking better. Tango said it "terminated" its sale of ASM, and in late February Mr. Tucker said it would be buying another 23-per-cent interest in ASM for $200,000 (U.S.). (That modest price suggests why the proposed $3-million-(U.S.) sale fell through.) In any case, just hours later Mr. Tucker said Tango would be selling the new interest and an additional 8 per cent of ASM to Georges Zard Abou Jaoude's GZA Group for $300,000 (U.S.). (Apparently ASM's value grew somewhat over the course of the day.)

The remainder is available to Stockwatch subscribers.
Sign-up for a FREE 30-day Stockwatch subscription and SEE NO ADS