Diamond & Specialty Minerals Summary for Oct. 24, 2016
2016-10-24 21:09 ET - Market Summary
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by Will Purcell
The diamond and specialty minerals stocks box score for Monday was a weak 46-77-141. The TSX Venture Exchange fell four points to 786 while polished diamond prices edged lower. Matt Manson's Stornoway Diamond Corp. (SWY) jumped another four cents to $1.30 on 5.87 million shares, setting a new five-year high of $1.34 in intraday trading. The company continues to ramp up production at its new Renard mine in Quebec.
Dr. Stewart Blusson's Archon Minerals Ltd. (ACS: $1.42) says it continues to discuss its dispute with its majority co-venturer, Dominion Diamond Corp. (DDC: $11.90), regarding work on the Buffer claims and the big Jay kimberlite, east of Ekati at Lac de Gras. Archon's objections related to the budget laid out by Dominion early this year, some of which Dr. Blusson maintains are in breach of the Buffer joint venture agreement. Archon said it would not pay its 34.67-per-cent share of those costs and Dominion countered by saying it would dilute Archon accordingly. Since then, both companies have said that they are continuing to talk. Still, neither side is willing to reveal what parts of the Jay program were in dispute.
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Speaking of diamonds why does RTM.V hire Kevin Kivi all of a sudden after pulling up core? The Company is pleased to appoint Mr. Kevin Kivi, P.Geo. as Qualified Person ("QP") for the Ballard Lake Project. Mr. Kivi has 33 years of mineral exploration experience in search of diamonds, base and precious metals worldwide. He worked on Rio Tinto's Canadian diamond team at Lac de Gras from 1993 until the Diavik discovery, and then built and managed the company's diamond laboratory in Thunder Bay. Kevin became a consultant in 2004 exploring for diamonds, base and precious metals for major, junior, and private companies. Mr. Kivi is President of KIVI Geoscience Inc. and Orebot Inc.
Posted by Jay at 2016-10-24 21:22
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