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Diamond & Specialty Minerals Summary for Feb. 11, 2019

2019-02-11 19:44 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score on Monday was a weak 64-89-148 as the TSX Venture Exchange fell three points to 608 and polished diamond prices rose 0.2 per cent. Toby Mayo's Far Resources Inc. (FAT) traded busily, gaining one cent to 14.5 cents on 5.08 million shares. The company had a tough 2018, dropping from a January high of $1.10 to just six cents in December. The stock is on a bit of an upswing again as investors await assays from a 16-hole drill program at its Zoro lithium project in Northern Manitoba. The first four phases of drilling were encouraging, but Zoro and its several pegmatite dike occurrences have become old news to investors.

Dev Shetty's Fura Gems Inc. (FURA), down one cent to 40.5 cents on 163,000 shares, has dropped the acquisition of a ruby project in Mozambique that had been in the works since summer. The deal had required Fura to pay nearly $3-million in cash and about $11.6-million in stock to Australia-based Mustang Resources Ltd. and Regius Resources Group Ltd. Mr. Shetty, president and chief executive officer had been enthused about the plan in August, but he is mum about the deal's demise.

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