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Diamonds & Specialty Minerals Summary for Jan. 26, 2015

2015-01-26 19:18 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score for Monday was a mediocre 49-56-147. The TSX Venture Exchange fell three points to 678 while polished diamond prices inched lower. Robert Gannicott's Dominion Diamond Corp. (DDC) slipped 35 cents to $19.78 on 361,000 shares. There is nothing new to account for today's dip, but investors may be growing annoyed with the delay in the company's prefeasibility study of the big Jay project, which was promised before the end of last year. Iamgold Corp. (IMG) fell three cents to $3.47 on 4.93 million shares. The company has closed its $500-million sale of the big Niobec niobium mine in Quebec to a group led by Magris Resources Inc., a private, Toronto-based company that invests and conducts mergers and acquisitions in the mining sector.

Patrick Evans's Kennady Diamonds Inc. (KDI) fell four cents to $4.71 on 31,000 shares on word it has recovered more diamonds from its Kelvin kimberlite, 10 kilometres northeast of Gahcho Kue in the Northwest Territories. An 18.9-tonne batch of kimberlite processed by dense media separation yielded 48.84 carats, about 2.59 carats per tonne. Another 5.0 tonnes of rock processed by caustic fusion for microdiamond recovery yielded 12.85 carats larger than a 0.85-millimetre sieve -- a nearly identical average of 2.57 carats per tonne. Mr. Evans, CEO, says Kennady continues to estimate that Kelvin and the associated Faraday kimberlite "have the potential" to contain between nine million and 12 million tonnes of kimberlite at between 2.0 and 2.5 carats per tonne.

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