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Diamond & Specialty Minerals Summary for Aug. 29, 2019

2019-08-29 19:56 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score on Thursday was a positive 80-79-141 as the TSX Venture Exchange slipped two points to 581.

Rough diamond prices edged slightly lower this week according to diamantaire Paul Zimnisky, although the 0.03-per-cent decline might be confused with good news, given the woes of the past year -- or the past eight years for those keeping score. Mr. Zimnisky's index is off 4 per cent in the past three months and is down nearly 10 per cent over the past year. Rough diamond prices are down over 25 per cent from their highs of 2011, so it is no surprise that Canadian diamond miners are trading near their record lows. One, Stornoway Diamond Corp. (SWY), unchanged at 1.5 cents on 752,000 shares, has lost 99 per cent of its value in the past three years.

Dr. Leon Daniels and Graham Warren's Pangolin Diamonds Corp. (PAN), up one cent to 4.5 cents on 347,000 shares, has found new sparkle to support its coming drill program at MSC, on its Malatswae project in Botswana. The company has recovered another two diamonds from soil samples collected in the MSC area, bringing the company's tally to 18. Dr. Daniels, president and chief executive officer, said nothing about the size of the new gems, so they were probably macrodiamonds. The other stones had ranged from microscopic shards to a stone about two millimetres long, but whatever the size of the gems, they augur well for the diamond potential of any kimberlite find in the area -- assuming there are kimberlites to be found at MSC.

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