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Diamond & Specialty Minerals Summary for April 5, 2019

2019-04-05 19:40 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score on Friday was an upbeat 88-58-154 as the TSX Venture Exchange rose three points to 629 while rough diamond prices fell another 0.1 per cent. Lukas Lundin's Lucara Diamond Corp. (LUC), one of the few Canadian diamond listings not to have set a nine-year-low recently, rose two cents to $1.59 on 344,000 shares. (The company's descent to $1.38 late last year was merely a six-year low.)

Chuck Fipke and Chad Ulansky's Metalex Ventures Ltd. (MTX), down one cent to 2.5 cents on 30,000 shares Thursday, continues to spout its refrain, now hardened to boilerplate, that it is "in the process of securing the funding" for a big bulk sample of the U2 kimberlite pipe, in the Kyle Lake district of Northern Ontario. (If so, then a key part of that process involves a four-year hiatus in which there has been not so much as a rumour about a possible financial deal.)

Metalex had financing in place at one point. Dundee Corp. (DC.A: $1.15) agreed in 2013 to invest up to $51-million for a 51-per-cent interest in the project. Unfortunately, Metalex was unable to get the required permits from a balky Ontario government that preferred dithering for years about consultations with the locals before reluctantly granting permission for modest work programs. The bureaucrats finally did bestow their blessing upon Metalex and its U2 plan, three years later, but by then Dundee had called it quits.

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