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Diamond & Specialty Minerals Summary for April 13, 2017

2017-04-13 20:46 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score for Thursday was a mediocre 63-67-125. The TSX Venture Exchange gained four points to 834 while polished diamond prices were flat. Craig Scherba's Energizer Resources Inc. (EGZ) closed unchanged at seven cents on 2.05 million shares. The company reported Wednesday that Albert Thiess, a director for the past five years, has died.

Andre Audet's Majescor Resources Inc. (MJX), down one cent to 8.5 cents on 108,000 shares, has sold 6.55 million shares at 10 cents. The company set out in mid-February to raise $1-million but fell well short of the target. The cash, says Mr. Audet, interim chief executive officer, is for exploration and working capital. The company was one of the first junior explorers to focus on Quebec diamonds but after years of failure it moved on, first to Brazilian gems and then back to Quebec, but for gold.

Lately, Majescor has been renewing its enthusiasm for Quebec diamonds. Last fall, the company welcomed back Jacques Letendre to its ranks. Mr. Letendre, a former De Beers geologist, had been a Majescor director through most of the 2000s and the company's president in the early 2000s when it was most active with its diamond hunts in the Wemindji and Otish Mountains regions of Quebec. Indeed, just days after Mr. Letendre's return to the company's boardroom, Majescor acquired an option on 6,875 hectares of claims prospective for diamonds from Diagnos Inc. (ADK: $0.12). (To acquire the property, Majescor agreed to pay $50,000 in cash and 2.5 million shares, and to spend $300,000 on exploration over two years.)

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