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Diamond & Specialty Minerals Summary for July 24, 2019

2019-07-24 19:44 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score on Wednesday was a positive 77-66-151 as the TSX Venture Exchange rose four points to 593 and polished diamond prices edged lower. Leni Keough's Olivut Resources Ltd. (OLV) dropped one-half cent to 8.5 cents on 41,000 shares. The company has been silent for over a month -- not a good promotional tactic when one had been promising a summer drill program at the Seahorse diamond project, north of Great Bear Lake.

Dev Shetty's Fura Gems Inc. (FURA), down 1.5 cents to 15.5 cents on 171,000 shares, has rejigged its option covering the acquisition of the Capricorn sapphire project in Australia from Richland Resources Ltd. The agreement between the two companies, laid out late last month, required Fura to pay $150,000 in cash up front and $185,000 (U.S.) on closing the acquisition, along with 4.86 million shares, along with other payments of cash and stock in the coming months. Fura and Richmond have now agreed to reduce the $150,000 payment to $25,000, but to increase the payment due on completion of the acquisition by $125,000.

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