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Diamond & Specialty Minerals Summary for April 3, 2019

2019-04-03 19:45 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score on Wednesday was a poor 63-82-145 as the TSX Venture Exchange rose one point to 627 while rough diamond prices fell 0.4 per cent over the past week. That is not good news for Mountain Province Diamonds Inc. (MPVD), which dipped to its nine-year low of $1.16 before ending the day down two cents to $1.18 on 151,000 shares; nor did it much help Stornoway Diamond Corp. (SWY), which added one-half cent to 10 cents on 5.01 million shares.

Dev Shetty's Fura Gems Inc. (FURA), unchanged at 30 cents on 950,000 shares, has added yet another month to the drop-dead deadline for its purchase of interests in three ruby licences in Mozambique. (The arrangement covers a 52.5-per-cent interest in the 5030L licence, a 60-per-cent interest in the 8921C concession, plus an option on a 65-per-cent interest in the 8955C concession.) When Fura reached the agreement in late November, it carried a drop-dead date of Feb. 28. Since then, the date has been extended month by month as Fura and the vendor work to close the deal. (In early February, Fura and Regius Resources Group Ltd. terminated their arrangement through which Fura would acquire other Mozambique ruby licences.)

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