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by Will Purcell

The diamond and specialty minerals stocks box score for Tuesday was a bleak 49-85-128. The TSX Venture Exchange fell one point to 791 while polished diamond prices were flat. The trading of Dominion Diamond Corp. (DDC) is gradually winding down ahead of its takeover by Dennis Washington's Washington Group. Dominion added two cents to $17.76 on 102,000 shares. Trent Mell's First Cobalt Corp. (FCC) jumped eight cents to 75 cents on 2.05 million shares. The company is expanding its drill program on its Ontario cobalt prospect.

Grenville Thomas and Ken Armstrong's North Arrow Minerals Inc. (NAR), unchanged at 24 cents on 26,000 shares, has discovered diamonds on it Mel project, about 210 kilometres northeast of Naujaat on Melville peninsula in central Nunavut. Now the company needs to find their source. North Arrow, which acquired Mel four years ago, has been preoccupied with more pressing plays, leaving its total spending at Mel just short of $1-million, a sliver of the $12.2-million that the company has spent on its other plays. That could change next year, as the company has recovered 23 diamonds from a 62-kilogram sample of kimberlite boulders found strewn across an area within and just north of a small lake.

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