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Diamonds & Specialty Minerals Summary for July 22, 2014

2014-07-22 18:39 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score for Tuesday was a poor 45-63-153. The TSX Venture Exchange gained four points to 1,010 while diamond prices crept upward. Kenneth MacNeill and George Read's Shore Gold Inc. (SGF) jumped six cents to 35 cents on 845,000 shares. Shore, just 21 cents two weeks ago, has had no news to account for its surge, but this is not unusual. Shore's stock has experienced several sudden spurts in the past few years but has always found its way back down. (Last summer's rally carried Shore to 24.5 cents from 15 cents.) The company, which expects formal government approval for its Star-Orion South project in central Saskatchewan later this year, is proposing a $6-million drill program to upgrade part of its mammoth kimberlite resource. What the company really needs is $2-billion to build a mine. Unfortunately, that search is in its third fruitless year. Richard Clark's RB Energy Inc. (RBI) traded actively again today, losing four cents to 32.5 cents on 4.69 million shares. The company is facing more delays at its Val d'Or lithium mine and will not reach full production until early next year.

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