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by Will Purcell
The diamond and specialty minerals stocks box score for Tuesday was a bleak 59-104-127. The TSX Venture Exchange fell 11 points to 815 while rough diamond prices were flat. Patrick Power's Arctic Star Exploration Corp. (ADD) gained one-half cent to 21.5 cents on 502,000 shares. The company, a diamond hunter for many years in Canada's North, is now pursuing gems in northern Finland. Drilling should start soon.
Terry Tucker and Samer Khalaf's Tango Mining Ltd. (TGV), unchanged at four cents on 930,000 shares, has sold 76 diamonds from its Oena alluvial diamond project in South Africa. The small parcel, which weighed 107.11 carats, sold for an average of $1,329 (U.S.) per carat, or just over $142,000 (U.S.). The company hired Bluedust 7 Pty. Ltd. to do the mining at its own expense. Bluedust gets the bulk of the revenue in return. Tango keeps 40 per cent of the gross income from diamonds recovered from tailings and 25 per cent of the gross income from diamonds recovered from gravel deposits. Mr. Khalaf, president and chief executive officer, and Mr. Tucker, executive chairman, say nothing about how much cash,if any,that Tango received from the sale.
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