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Diamonds & Specialty Minerals Summary for Dec. 22, 2014

2014-12-22 21:01 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score for Monday was another lump of coal: 40-71-155. The TSX Venture Exchange fell eight points to 668 while polished diamond prices were flat. Ken MacNeill and George Read's Shore Gold Inc. (SGF) closed unchanged at 22 cents on 226,000 shares. Shore is weathering tax-loss season better than last year, when its stock sank to a woeful 11.5 cents. Shore can point to the recent environmental approval of its Star-Orion South project in central Saskatchewan as a reason why. Shore must raise $6-million for a drill program that could cut the formidable $2-billion capital cost of its proposed mine. Akiko Levinson's Gold Canyon Resources Inc. (GCU) gained one cent to 10 cents on 1.60 million shares. The company is exploring for rare earth elements in Tanzania.

Patrick Evans's Mountain Province Diamonds Inc. (MPV) fell seven cents to $4.98 on 43,000 shares. The company will shift its stock to Nasdaq from the New York Stock Exchange. (Most of Mountain Province's trading occurs on the TSX.) Mr. Evans, the company's CEO since 2007, says he is pleased with the move to Nasdaq because it will "improve the visibility" of the stock and provide "greater exposure to institutional investors." Mr. Evans says trading on Nasdaq will commence on Dec. 31, 2014. "Resume" might be a better description, as Mountain Province traded on Nasdaq from the mid-1990s until the company's former CEO, Dr. Jan Vandersande, moved the stock to the NYSE Amex exchange in 2005. Elizabeth Kirkwood, chairman at the time, was just as pleased with that move, and for the same reason: She said it would generate "improved liquidity in the stock" and a "higher overall profile for the company."

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