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Diamond & Specialty Minerals Summary for March 27, 2019

2019-03-27 19:57 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score on Wednesday was a ho-hum 64-78-158 as the TSX Venture Exchange fell eight points to 626 and polished diamond prices were flat. Toby Mayo's Far Resources Ltd. (FAT) closed unchanged at 12 cents on 646,000 shares. Far said Tuesday that it plans to spin off its Winston precious metals project in New Mexico to concentrate on its lithium projects. The company's top priority is the Zoro project in Northern Manitoba, but it also has the Hidden Lake lithium property, near Yellowknife in the Northwest Territories.

Several hand-me-down diamond projects in Brazil are being handed down once again. Matthew Wood's Five Star Diamonds Ltd. (STAR: $0.07) plans to sell its diamond projects to a cash shell, Mr. Wood and Ali Haji's Spirit Banner II Capital Corp. (SBTC.P: $0.15), in exchange for $225,000 in cash and 100 million shares. Spirit Banner currently has just 11.6 million shares outstanding, so Five Star will own nearly 90 per cent of Spirit's stock initially. (It intends to pass along the Spirit Banner shares to its own shareholders.)

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