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by Will Purcell
The diamond and specialty minerals stocks box score for Tuesday was a weak 50-66-141. The TSX Venture Exchange gained three points to 808 while polished diamond prices were flat. Lithium Americas Corp. (LAC) fell four cents to 96 cents on 2.28 million shares. The company is plodding along with its Cauchari-Olaroz lithium project in Argentina.
Dermot Desmond and Dr. Rory Moore's Kennady Diamonds Inc. (KDI), unchanged at $3.14 on 100 shares, has increased its planned private placement to $12-million from $10-million. The company is offering a mix of flow-through shares at $4.38 and regular shares at $3.25. Dr. Moore, president and chief executive officer for the past year, expects to close the placement on Wednesday. He says that the cash is for work this year at the Kennady North diamond project, 10 kilometres northeast of Gahcho Kue in the Northwest Territories, and for general corporate purposes.
Kennady Diamonds has already spent a hefty sum this year at Kennady North. The company drilled three Faraday kimberlites this winter and early spring, collecting 555 tonnes of kimberlite from the three bodies. Nearly 270 tonnes of that came from Faraday-2 and the company said it was expecting the final diamond counts by mid-May. Processing of the 260 tonnes from Faraday-3 was to start late in April, so the results from that pipe should be available in June if all goes well. Presumably, the counts from about 25 tonnes of Faraday-1 kimberlite would come later.
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