07:49:29 EDT Thu 24 May 2018
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Diamonds Summary
Symbol C : *MKTDIAM
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Diamond & Specialty Minerals Summary for Feb. 8, 2018

2018-02-08 19:58 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score for Thursday was a bleak 47-102-141. The TSX Venture Exchange dropped 11 points to 819 while polished diamond prices edged higher. Guy Bourassa's Nemaska Lithium Inc. (NMX) dropped 12 cents to $1.58 on 3.60 million shares. The company is inching ahead with its mine plan for the Whabouchi lithium project in north-central Quebec.

Denis Hayes and Simon Tam's Gem International Resources Inc. (GEM: $0.015) slipped further into disarray this week when the company was suspended by the British Columbia Securities Commission for failing to file its fiscal 2017 audited annual report. Information has been hard to come by for some time, and a quick visit to Gem International's website is unproductive, as a big banner displays the terse notice: "Account Suspended", presumably because the company had no cash to pay its hosting provider, let alone its accountants.

Unfortunately, there is not much left to promote, or to audit, on the company's books. Gem had to terminate its option to acquire an interest in the Dala diamond project in Angola because it was unable to raise the required cash. Assuming Gem's investment in Dala has gone poof -- the company was carrying its previous investment at $1.05-million -- then all there is left to audit is a few thousand dollars in cash and receivables, and just under $90,000 in payables.

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