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by Will Purcell
The diamond and specialty minerals stocks box score on Thursday was a lethargic 50-65-180 as the TSX Venture Exchange rose one point to 587 and polished diamond prices slid another 0.2 per cent. Dermot Desmond and Patrick Brown's Mountain Province Diamonds Inc. (MPVD) gained one cent to $1.27 on 41,000 shares. The company has been holding its own (breaking even) with its 49-per-cent share of the Gahcho Kue mine in the Northwest Territories, but the big dividends -- indeed, any dividends -- anticipated by shareholders in the run-up to production have not materialized.
Brian Testo's Grizzly Discoveries Inc. (GZD), down one cent to four cents on 85,000 shares, is running out of time to work its Alberta diamond project in the Buffalo Hills district of Northern Alberta. The company considered the property its "flagship project" from 2004 until 2008, when, in Mr. Testo's words, "the market appetite for diamond projects weakened significantly." That understatement aside, Grizzly has been avoiding its project like the plague for the past decade. That run of indifference has now reached a point of no return: Grizzly must spend more money this year to keep its claims in good standing or allow them to lapse.
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Will Purcell should check his facts before he posts. Grizzly Discoveries renewed their diamond claims for 2 years a while back.