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Diamond & Specialty Minerals Summary for March 23, 2020

2020-03-23 17:52 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score on Monday was a mediocre 68-78-156. The markets slid lower yet again, with the TSX Venture Exchange dropping five points to 351. Mountain Province Diamonds Inc. (MPVD) bounced off its 26-year low of 34 cents, ending the day up one-half cent to 35 cents on 294,000 shares. The move came in anticipation of the company's 2019 financials, slated to be released after the close today.

Another old Canadian diamond play is finding new life, although potential Canadian investors may have to wait for the Australia-based company to obtain a TSX-V listing. Peter Ravenscroft and Michael O'Keefe's EHR Resources Ltd. has just closed its acquisition of Nanuk Diamonds Inc., a private Quebec-based company primarily owned by Mr. O'Keefe and Robert St. Martin, for 20 million five-cent shares. Nanuk's primary asset is the 27,400-hectare Torngat property, east of Ungava Bay in northernmost Quebec.

To enhance its conversion to a diamond company, EHR has just appointed Mr. Ravenscroft, a busy diamond consultant, as its chief executive officer. Mr. Ravenscroft, who has done modelling work on the Diavik mine and who was a director of Star Diamond Corp. (DIAM: $0.22) a few years ago, is likely to continue his Canadian diamond focus with EHR. Indeed, he says that the company is looking at other Canadian diamond projects and getting a Canadian listing "would be a logical thing to do."

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