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Diamond & Specialty Minerals Summary for May 23, 2023

2023-05-23 20:35 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score for Tuesday was a 93-93-124 draw as the TSX Venture Exchange fell one point to 611. Ewan Mason's Star Diamond Corp. (DIAM) sat unchanged at eight cents on just 48,000 shares.

Laura Lee Duffett's Tres-Or Resources Ltd. (TRS) was unchanged at eight cents on 1,000 shares. The company has sold two million shares (plus one extra share) at five cents to Ken Johnson, a Howe Street diamond promoter who founded Vaaldiam Diamonds Ltd. two decades ago and ran it until it fell into bankruptcy, having made an expansion push just as the Great Recession began. (That Vaaldiam may be long gone but another popped up to take its place: Mr. Johnson moved to Brazil, where he went on to become a successful diamond miner.)

One might well ask why Mr. Johnson bought the single extra share. It was a curious legacy from an option agreement between Tres-Or and Kiboko Exploration Inc., which participated in two placements a few years back and ended up with the two-million-plus-one-share tally through a rounding calculation. Kiboko agreed to return the shares to Tres-Or last year through an amendment to their agreement in which Kiboko acquired Tres-Or's Harricana gold project. Now, Tres-Or is selling them all to Mr. Johnson.

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