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by Will Purcell
The diamond and specialty minerals stocks box score for Tuesday was a bleak 57-103-130 as the TSX Venture Exchange fell two points to 702 while polished diamond prices rose 0.3 per cent. Mark Smith's Largo Resources Ltd. (LGO) dropped 40 cents to $3.51 on 10.35 million shares. The stock slumped to $3.23 this morning, tripping a regulatory circuit breaker. There was no news to account for the market's reaction.
Ken MacNeill and George Read's Star Diamond Corp. (DIAM) fell 2.5 cents to 28 cents on 558,000 shares as Rio Tinto PLC begins its first bulk sampling hole at the Star pipe, 60 kilometres west of Prince Albert in Saskatchewan. (Rio Tinto can earn a 60-per-cent interest in Star's Fort a la Corne diamond project by spending about $70-million across four phases of work leading to a new feasibility study.) The first phase of work, which earns Rio Tinto no interest, requires a 10-hole program, or at least $18.5-million in expenditures.
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