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by Will Purcell
The diamond and specialty minerals stocks box score on Thursday was a dismal 47-120-133 as the TSX Venture Exchange slid 15 points to 830 while polished diamond prices rose 0.1 percent. Energy Fuels Inc. (EFR) was silent but a busy trader. It lost 27 cents to $7.23 on 2.33 million shares.
Twenty-six years ago today, Star Diamond Corp. -- then 40-cent-per-share Shore Gold Inc. with a market cap of $4-million -- acquired an initial 50-per-cent interest in a 4,650-hectare southern sliver of what is now the 43,000-hectare FalCon project in central Saskatchewan. In its opening promotional salvo, the company looked to the immediate northwest where, it cheered, a rival group led by De Beers Canada had "obtained grades of up to 55.6 carats per hundred tonnes at $184 (U.S.) per carat, giving a per-tonne value of $102 (U.S.)."
The touted grades are now much lower, and the diamond values have barely moved, but after a big kimberlite find of its own and then a series of hundred-million-dollar deals, Star Diamond's play has expanded to cover the entire district. Much has changed on one hand, as the company's market value has swelled to $165-million and its project interest has shrunk to just a 25-per-cent share through an arrangement with Rio Tinto Exploration Canada Inc. (RTEC). On the other hand, Star's share price is near where it started, having today lost one cent to 36 cents on 205,000 shares.
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