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Diamonds & Specialty Minerals Summary for Oct. 24, 2014

2014-10-24 19:12 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score for Friday was a positive 52-48-171. The TSX Venture Exchange fell three points to 805 while polished diamond prices inched lower. Pierre Leveille's comatose Afri-Can Marine Minerals Corp. (AFA) twitched a bit today, gaining one-half cent to one cent on 468,000 shares. Afri-Can lost its option on the ML-111 concession off the coast of Namibia when it was unable to start trial mining before a spring deadline. The company still has marine concessions of its own in the area. Peter Swistak's Cavan Ventures Inc. (CVN) closed unchanged at 2.5 cents on 1.43 million shares. The company touts drill plans for two graphite prospects in Quebec, but this week it made Matthew Harvey, a "master grower" of medical marijuana, a director of research and development. Mr. Swistak says this is the latest step in Cavan's "continuing exploration of the potential hemp/cannabinoid industry."

Dr. Leon Daniels and Rick Bonner's Pangolin Diamonds Corp. (PAN), unchanged at five cents on 1,000 shares, is lowering the heat at its Magi kimberlite promotion at North Tsabong in Botswana. The company recently recovered four microdiamonds from the eighth and most recent hole drilled into the mammoth target. That hole zeroed in on one of two magnetic highs within the oval anomaly; the fifth drill hole targeted the second high and it yielded three microdiamonds. That latter high was once thought to be two separate highs, which was why Pangolin named Magi after the three wise men, Melchior, Caspar and Balthazar. Unfortunately, it now seems drilling the three highs of Magi was a mistake, as Dr. Daniels, chairman, and Mr. Bonner, president and CEO, now say that the drill tests "did not intersect obvious kimberlite." Instead, they encountered crater-related ash sediment material.

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