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Diamonds & Specialty Minerals Summary for July 31, 2014

2014-07-31 19:00 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score for Thursday was a poor 45-74-142. The TSX Venture Exchange lost nine points to 1,001 while diamond prices inched downward. Lukas Lundin's Lucara Diamond Corp. (LUC) dropped nine cents to $2.56 on 923,000 shares. Lucara's Karowe mine has been a stellar performer since it reached production over a year ago. Investors expect to hear more good news when the company reveals its second quarter results in early August. Marc LeVier's Great Western Minerals Group Ltd. (GWG) closed unchanged at eight cents on 1.26 million shares. The company's high-grade, low-tonnage Steenkampskraal rare earth project in South Africa cleared feasibility in May. Mr. LeVier must raise $120-million to build the mine but he has been uncharacteristically silent of late.

Robert Granger and Stephen Masson's spotty trader, Copper Reef Mining Corp. (CZC: $0.03), has received work permits for its diamond project in the Pikoo region, east of La Ronge in north-central Saskatchewan. Mr. Masson, president and CEO, says work will start shortly -- a Howe Street time frame that means "when we can raise some cash." That seems the case with Copper Reef; its current accounts were $700,000 in the red at the end of May. Copper Reef acquired its piece of the Pikoo area play early this year through an option arrangement with Peter Dasler's CanAlaska Uranium Ltd. (CVV: $0.155). CanAlaska hastily staked the 17,000-hectare property last summer and fall, on the heels of kimberlite strikes and promotable diamond counts scored by Grenville Thomas's North Arrow Minerals Inc. (NAR: $0.75). Mr. Dasler, a consulting geologist, claims a "comprehensive mineral exploration background." Diamonds were never the prey on his earlier hunts, so it was no surprise that he took the option route. (Copper Reef can earn a 100-per-cent interest in exchange for $50,000, one million shares and $100,000 in exploration over two years.) Mr. Masson has experience in diamond exploration, although none in diamond discovery. He unsuccessfully hunted kimberlites in the Kaskattama region of northeastern Manitoba in the early 2000s. Mr. Masson's tenure as CEO of Foran Mining Corp. ended as badly as his Kaskattama hunt: he left in early 2005 amid a flurry of lawsuits.

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