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Diamond & Specialty Minerals Summary for July 12, 2019

2019-07-12 20:04 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score on Friday was a lethargic 56-69-169 as the TSX Venture Exchange fell four points to 576 and polished diamond prices inched higher. Dermot Desmond and Stuart Brown's Mountain Province Diamonds Inc. (MPVD) closed unchanged at $1.24 on 34,000 shares. Mountain Province will be the next Canadian diamond miner to reveal its second quarter results, perhaps in about a week. The company's Gahcho Kue mine should deliver its usual plentiful carat crop, but its sales results could be worrisome as rough diamond prices continue to sag.

Chuck Fipke and Chad Ulansky's Metalex Ventures Ltd. (MTX), up 1.5 cents to 4.5 cents on 6,000 shares Thursday but untraded today, may be getting exasperated with the slow pace of talks with the local First Nations groups near its U2 kimberlite project, 60 kilometres west of the now closed Victor diamond mine in Northern Ontario. As it has said for years, Metalex "has continued discussions" with the local First Nations bands, Attawapiskat, 150 kilometres to the east, and Marten Falls, a similar distance to the south, "in an effort to secure a signed agreement." That much of the company's prose has now hardened to boilerplate. What is new, is that it now adds that it "does not plan to undertake further work until such agreement is in place."

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