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Diamond & Specialty Minerals Summary for April 12, 2019

2019-04-12 20:49 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score on Friday was a mediocre 70-73-157 as the TSX Venture Exchange added one point to 625 while polished diamond prices edged upward. Tim Fernback's Surge Exploration Inc. (SUR) sort of lived up to its name, surging to four cents before ending the day up one cent to 3.5 cents on 2.08 million shares. There is nothing new, officially at least, since the company received assays from its Glencore Bucke cobalt project in Ontario two months ago.

A new resource estimate for Faraday 2 has yielded an eye-popping increase in diamond value for Dermot Desmond and Stuart Brown's Mountain Province Diamonds Inc. (MPVD). The new calculation more than doubled the gross value of the Faraday 2 kimberlite to $763-million (U.S.) from $350-million (U.S.). The news sent Mountain Province's flagging stock, just off a nine-year low of $1.09, to an intraday high of $1.26 on Thursday. Today it added four cents to $1.24 on 4.7 million shares.

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