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Diamonds & Specialty Minerals Summary for Aug. 29, 2014

2014-08-29 18:34 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score for Friday was a torrid 68-32-162. The TSX Venture Exchange gained one point to 1,023 while diamond prices continued a slow relentless fall. Nicholas Houghton's True North Gems Inc. (TGX) gained 1.5 cents to 10.5 cents on 1.53 million shares. True North has been silent recently about its Aappaluttoq ruby and sapphire project in western Greenland. The company still needs $15-million to build its $40-million mine. Paul Gill's Lomiko Metals Inc. (LMR) gained one cent to 10 cents on 5.96 million shares. Lomiko slumps when Mr. Gill talks graphite exploration; it climbs when he touts graphene research. Lomiko was bumbling along at five cents when he resumed the latter pitch in late July.

Paul Brockington's Margaret Lake Diamonds Inc. (DIA), down two cents to 28 cents on 17,000 shares, will explore the Marlin diamond property, northwest of Gahcho Kue, with Randy Turner's Canterra Minerals Corp. (CTM: $0.12). Marlin adjoins Margaret Lake's own ground, west of the three Gahcho Kue pipes, which average nearly two carats per tonne, and the potentially richer Kelvin-Faraday kimberlite complex, currently being tested by Kennady Diamonds Inc. (KDI: $7.81). Margaret Lake can earn a 49-per-cent interest by paying $100,000, issuing 600,000 shares and spending $1.75-million on exploration over the next three years. Canterra will operate the program. Mr. Brockington, Margaret Lake's president and CEO, looks forward to "combining the knowledge base" of the two companies. In other words he wants to mine the brains of Canterra's crew, which includes most of the geologists responsible for finding the Snap Lake dike, 70 kilometres west of Marlin. Buddy Doyle is the only one of five Margaret Lake directors with diamond exploration experience, although Peeyush Varshney, a lawyer, undoubtedly has stories about his father and brother's promotion of Camphor Ventures Inc., which owned a slice of Gahcho Kue in the late 1990s. (In the mid-2000s, Darryl Sittler, a former NHL hockey great and a current Margaret Lake director, was a director of one of the more brazen diamond promotions this side of CMKM Diamonds Inc., Randsburg International Gold Corp. (RGZ: $0.01).) Mr. Turner, CEO of Canterra, says nothing about picking the brains of Margaret Lake's crew but he does tout the "synergies of data collection and analysis" offered by the deal. Of course the main synergy offered by the arrangement is a Howe Street favourite: getting someone else to pay the bills.

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