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Diamond & Specialty Minerals Summary for July 21, 2016

2016-07-21 20:13 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score for Thursday was a ho-hum 65-62-139. The TSX Venture Exchange gained 11 points to 766 while polished diamond prices fell 0.25 per cent. Eric Friedland and Tom Peregoodoff's Peregrine Diamonds Ltd.< (PGD) closed unchanged at 22 cents on 214,000 shares. Peregrine ran as high as 31.5 cents from 22 cents following the release of a preliminary assessment of its Chidliak project on Baffin Island. Unfortunately, the stock has since found its way home.

Patrick Power and Buddy Doyle's Arctic Star Exploration Corp. (ADD) gained 1.5 cents to four cents on 9.48 million shares on word the company has acquired the 40,800-hectare Diamond Dunes diamond project in the western Athabasca basin of northwestern Saskatchewan in exchange for $25,000 in cash and one million shares, which were worth just $25,000 at the time of the deal. Mr. Power, president and chief executive officer, says the prospect consists of two claim blocks, one southwest and the other southeast of a diamond project on which De Beers Canada can earn a majority interest from Canalaska Uranium Ltd. (CVV: $0.99). The promise of Athabasca diamonds worked wonders for Canalaska, carrying the company's stock from a dime to a July high of $1.55, although most of the enthusiasm followed word that De Beers was keen on the project.

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