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Diamond & Specialty Minerals Summary for April 29, 2024

2024-04-29 19:14 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score for Monday was a so-so 77-83-150 as the TSX Venture Exchange rose three points to 590. Ewan Mason and George Read's long-running diamond story, Star Diamond Corp. (DIAM) closed unchanged at 7.5 cents on 90,000 shares.

The company's stock is gasping for air -- as it has since mid-2022 when Rio Tinto Exploration Canada Inc. surprised the market by walking away from its 75-per-cent interest in Star's Fort a la Corne diamond project in central Saskatchewan. (Star's financial emphysema arguably began with the Great Recession, when a previous partner, Newmont Corp. (NGT: $57.77), abruptly went inactive and eventually quit. Before that, Star Diamond traded as high as $8.75 per share.)

Today's Star Diamond is vastly different than the Star of old -- when it was Shore Gold Inc. and when diamonds were not an expletive to investors. Unfortunately, while today's Star is a Chatty Cathy compared with the earlier version, no amount of enthusiasm from Mr. Mason, its chairman and chief executive officer, has stirred its stock to life. No matter -- Mr. Mason takes the blows, brushes himself off and offers a new spin in the hope of attracting notice.

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