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by Will Purcell

The diamond and specialty minerals stocks box score for Friday was a ho-hum 66-69-142. The TSX Venture Exchange fell fractionally to 712 while polished diamond prices were flat. Ken MacNeill and George Read's Star Diamond Corp. (DIAM) broke free of it 20-cent shackle today, jumping to 24 cents before snapping back to 21 cents, a one-half-cent gain on 1.25 million shares. The rally was triggered by word yesterday that De Beers is acquiring Peregrine Diamonds Ltd. (PGD: $0.235).

Dr. Leon Daniels's Pangolin Diamonds Corp. (PAN), up one cent to six cents on 5,000 shares, has agreed to terms of a joint venture arrangement covering the AK10 kimberlite in the Orapa kimberlite cluster in Botswana. The arrangement with Makanwu Civil Blasting Ltd. gives Pangolin the right to earn a 51-per-cent interest in the project by paying for a first phase of work on the pipe, and up to 75 per cent should Makanwu decline to pay its share in a second phase. Pangolin has also arranged a side deal with Amulet Diamonds Corp., giving that company a chance to participate in Pangolin's share of the project, once it has earned one, that is.

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