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Diamond & Specialty Minerals Summary for Aug. 11, 2020

2020-08-11 20:01 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score on Tuesday was a depressing 49-136-115 as the TSX Venture Exchange slid 30 points to 717 and polished diamond nosed upward. It had no news, but Sienna Resources Inc. (SIE), a nickel explorer in Sweden, dropped two cents to nine cents on 1.98 million shares.

Ken MacNeill and George Read's Star Diamond Corp. (DIAM) gained one-half cent to 27.5 cents on 422,000 shares on word that a Saskatoon-based justice of the Court of Queens Bench has handed down his decision on the company's request for an injunction preventing Rio Tinto Exploration Canada, its co-venturer on the FalCon project in central Saskatchewan, from forming a joint venture and calling a management committee meeting and presenting Star with a massive cash call.

Investors who ground through Star Diamond's paragraphs of apparent glee ultimately gleaned the grist of the matter: The court declined to grant Star's request for an interim injunction. Still, all is not lost. During the to-and-fro lawyering, RTEC agreed not to call a meeting until the 120 days after the results of the 10-hole trench cutter program at the Star pipe come available. The court has now solidified that pledge into a promise to the court. Therefore, Star Diamond will have several more months to prepare for a potential cash call.

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