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by Will Purcell
The diamond and specialty minerals stocks box score on Monday was a so-so 73-85-142 as the TSX Venture Exchange fell four points to 583. Rough diamond prices had a good week, adding 0.2 per cent to put them up about 0.3 per cent from their bottom in early August according to diamantaire Paul Zimnisky. There is still a long way to go: Prices are nearly 5 per cent lower than in early spring and are down over 15 per cent in the past five years, according to Mr. Zimnisky's index.
Last week ended on a hint of optimism, as Stornoway Diamond Corp. (SWY) gained one cent to two cents on 36 million shares, but reality bit with a vengeance today -- and investors had been amply warned. Stornoway's stock was abruptly halted before the open today, pending an announcement that the company has filed for bankruptcy protection under the Companies' Creditors Arrangement Act. The company has been working since spring to find a white knight -- even a grey one would do -- willing to buy or otherwise bail out the company's Renard diamond mine in Quebec.
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