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Diamond & Specialty Minerals Summary for Dec. 18, 2015

2015-12-18 20:49 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score for Friday was a ho-hum 43-40-154. The TSX Venture Exchange gained four points to 501 while polished diamond prices edged lower. Robert Gannicott and Brendan Bell's Dominion Diamond Corp. (DDC) had another good day, gaining 51 cents to $11.77 on 571,000 shares. Good days have been rare since the stock traded at $24.60 in June; it was as low as $9.96 earlier this week. Glenn Kelly's Orbite Technologies Inc. (ORT) gained two cents to 38 cents on 1.98 million shares. The company has again delayed its target date for production at its high-purity alumina plant on Gaspe peninsula. It should now occur during the first quarter.

Dermot Desmond and Patrick Evans's Kennady Diamonds Inc. (KDI), up 44 cents to $2.84 on 73,000 shares, has diamond counts from another batch of drill core from the northern lobe of Kelvin, one of two complex kimberlites 10 kilometres northeast of Gahcho Kue in the Northwest Territories. The 926.3-kilogram batch held 96 diamonds larger than a 0.85-millimetre sieve and their 3.29-carat total weight yielded "an exceptional sample grade" of 3.55 carats per tonne. Mr. Evans, president and chief executive officer, said the north lobe samples "continue to return outstanding diamond recovery results." Kennady Diamonds has processed 14.7 tonnes of core from the northern lobe this year and the 41.6 carats recovered work out to 2.83 carats per tonne. Mr. Evans says these tests correspond well with an 18.88-tonne mini-bulk test completed a year ago that averaged 2.59 carats per tonne; a test that he said capped a "remarkably successful year."

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