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Diamond & Specialty Minerals Summary for Aug. 10, 2022

2022-08-10 17:51 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score on Wednesday was a healthy 103-71-136 as the TSX Venture Exchange rose five points to 669. UEX Corp. (UEX) continues to trade busily as a bidding war to acquire the company continues. In the six previous sessions, over 100 million UEX shares traded. Today, the stock rose one-half cent to 48.5 cents on 6.23 million shares.

Nick Zeng and Fleming Huang's Golden Share Resources Corp. (GSH) closed unchanged at 7.5 cents on 1,000 shares. "Discovery in motion," cheers the company's website, adding that "drilling for discovery" is the apparent driver of its proclaimed motion. Unfortunately, there has been no drilling and therefore neither motion nor discovery at the company's top project, Ogoki, a diamond prospect just southwest of Marten Falls in Northern Ontario. Indeed, the company has spent just $1,552 on the project through its last two quarters.

Mr. Zeng, chairman and chief executive officer, and Mr. Huang, president, say that Golden Share planned an energetic drill program at Ogoki in the winter prior to the pandemic but the plan "failed [because of] the market conditions" -- promoterese that translates to "nobody would buy our stock." Then, they excuse, the company "selected to be prudent because of the unprecedented COVID-19 pandemic for the past two winters." Now, they enthuse, the pandemic should be in the rear-view mirror and so Golden Share will "try to get the drilling to proceed."

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