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Diamond & Specialty Minerals Summary for June 18, 2019

2019-06-18 19:54 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score on Tuesday was a weak 59-78-163 as the TSX Venture Exchange fell fractionally to 584 and polished diamond prices edged lower.

Brixton Metals Corp. (BBB) gained one-half cent to 12 cents on 165,000 shares. Tenacious diamond investors -- the only kind left -- still hold out hope that Brixton will produce good news from its Langis project in Ontario. Unfortunately, diamonds - gems perhaps? - has become a four-letter word with the company these days.

Cobalt 27 Capital Corp. (KBLT) jumped 61 cents to $4.08 on 3.68 million shares on word that its major shareholder, Vladimir Iorich's Pala Investments Ltd., is offering $3.57 in cash and $2.18 in stock of a new company, to be called Nickel 28 Capital Corp. (Investors like the cash; the stock, apparently not as much.)

Long-loyal -- and nearly as long-suffering -- retail shareholders of Ken MacNeill and George Read's Star Diamond Corp. rejoiced today with word that the first big, deep trench-cutter hole into the Star kimberlite has been successfully completed. The market's reaction to the news was muted, as Star's stock, up one-half cent to 20.5 cents on 346,000 shares today, remained stuck like glue near the 20-cent mark -- probably because the fate of the project will rest upon what the hole, and up to 29 others like, it will reveal later this year and next year.

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