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by Will Purcell

The diamond and specialty minerals stocks box score for Thursday was an upbeat 83-63-164 as the TSX Venture Exchange rose fractionally to 770. Ewan Mason and Jean-Raymond Boulle's Star Diamond Corp. (DIAM) nevertheless lost one-half cent to 4.5 cents on 110,000 shares. Shareholders have approved a series of resolutions designed to pave a path to prefeasibility for the company's Fort a la Corne diamond project in central Saskatchewan.

Shareholders waived the company's shareholder rights plan and then terminated said plan with approvals of over 93 per cent, so it was no surprise that they also approved the big private placement in which Mr. Boule will acquire 133.33 million shares at three cents apiece, putting a much-needed $4-million into the company's treasury. (There could be more, as those new shares come with a like number of warrants, exercisable at four cents over the first year and five cents over the following year.)

What is a surprise is that investors holding nearly 10 million shares voted against all the provisions, and against the appointment of Mr. Boulle's two nominees to Star's board -- his Texas-based lawyer, Wayne Malouf, and Al Gourley, one of his London-based attorneys. After all, Star Diamond's stock sagged as low as a single sad cent in December, when it looked like nobody would step up to bankroll the company's plan.

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