Results from De Beers October sale. [Rappaport] Buyers passed on half of the parcels on offer; estimated take was $200M.
Indian diamond exports in September down 28% year-on-year. [Rappaport] … and imports were down 23% YoY.
John Kaiser sees an opportunity in diamond exploration. [Kaiser Research Online] His big idea is that with developments in kimberlite evaluation, some old finds are worth a second look and they might be less risky…
The difference between a grassroots metal play and a brownfields diamond play is that with the former one has nothing until a target emerges and is turned into a discovery, a possibly eternal timeline, while with the diamond play one has something potentially valuable whose assessment involves a fairly clear-cut exploration program with a distinct timeline.
Corporate contretemps in Nunavut. Seems that a feud between Allan Barry Laboucan, a recently appointed adviser to Dunnedin Ventures and CEO Chris Taylor has erupted into the public domain. On one side, allegations of financing skulduggery and a hidden diamond! [CEO.ca/ Chat]
“One of those events, I can’t go into in-depth details because it is an option that is under negotiation, that gives away too much for too little. I also opposed this because the entity involved is very wealthy and has a propensity for being in lawsuits. I believe that I have enough shareholder support to change the board to do what I can to prevent it from happening.”
“An equally alarming event concerns Chris Taylor, current President/CEO of Dunnedin, and a recent broker investor presentation. It was communicated to me, by a reliable source who was at the meeting, that Mr. Taylor told those at this meeting he had found a diamond while on the property this past summer. As I was with Mr. Taylor while out on the project, I immediately said no we didn’t, there was only three of us on the ground prospecting. I then asked the source who was at the presentation if he was sure that Mr. Taylor said he found a diamond, he assured me he had, and one of the brokers had asked how big the diamond was, Mr. Taylor indicated it was small. Upon finding this out, I was very concerned. There are set protocols on chain of custody of diamonds, if you haven’t announced that to the public, telling brokers you found a diamond while out prospecting is not one of them.”
After a brief digression on diamonds and kimberlites, he continues…
“The biggest problem is, it didn’t happen, we were prospecting and were certainly hopeful the rocks we had collected contained some diamonds, but we took such small amounts of rock, the chances are small even in a kimberlite field with high-grade kimberlites. The second problem is, if Mr. Taylor had found a diamond, he did not follow proper chain of custody rules.”
“Mr. Taylor had little experience in diamonds when we started the effort to move Dunnedin into the diamond space a little over a year ago. The recent events concerning this diamond he allegedly “found” while out prospecting, and how he handled it are a perfect example of his inexperience concerning the diamond industry, and that he is unfit to lead the company any longer.”
but – there is a solution…
I made these concerns known to the board of directors, at the time my contract had expired, they chose to keep Chris Taylor as President/CEO and not offer me a new contract. I was instrumental in many important events at Dunnedin in its early stages as a diamond company. An offer was made to keep me on as an employee on a limited basis and they would contact me when they need my skill set. My plan is much different. I want to change the board of directors, put me in as the President/CEO and I will bring in a new team with complementary skills to mine and experience in diamonds. Much of what was done in the past, I feel was more about the board of directors trying to build a stock promotion than a diamond mining company. I believe the science of what we have discovered shows we have a world-class diamond project.
and – there’s another card to play…
Another part of my vision, is to make sure First Nations are given more than the lowest jobs on the pay scale, but have the opportunity to move up the ladder and make it into management. I used myself as an example, now the board has made it clear they no longer want me involved in the management of Dunnedin. It would catch world-wide media and diamond mining industry attention for a First Nations mining entrepreneur with expertise in diamonds to be the leader of a Canadian diamond company with a world-class project.
So – stand by:
I will be putting together a dissident shareholder group. I have confidence that I can get a majority of shareholders to back my initiatives and will announce more details in the near future.
and Mr. Taylor has responded [Junior Mining Network]:
Dunnedin Ventures Inc. (the “Company” or “Dunnedin”) (TSX-V: DVI) announces that the term of its consulting arrangement with Allan Barry Laboucan has ended, and the Company has elected not to renew the arrangement. Mr. Laboucan previously served as an advisor to the Company on matters relating to investor relations and corporate communications.
An interview with UCore’s Jim McKenzie. [MetalNews.com] He got his start promoting technology companies way back when and may be returning to his roots. The focus seems to be on developing and licencing their new “SuperLig-One” pilot plant. Bokan might be their major source of feed but he makes it clear they are looking for others.
And in other REE news… Chinese output cut as prices sag. [China Mining] China Southern Rare Earth Group will use 12% less than their production quota this year.
Climate and metal prices [Reuters]
Yukon field trip: Wellgreen Platinum touts its wares. [Northern Miner] A 330 Mt bouillabaisse of low grade Pt, Pd, Cu, Ni, currently valued at $13 per tonne in-situ. Their PEA may need revision:
The company’s economic base case assumes US$1,450 per oz. platinum, US$800 per oz. palladium, US$1,250 per oz. gold, US$8 per lb. nickel and US$3 per lb. copper.
More high grade assays from Ascot’s Lunchroom Subzone at the Premier Mine. [Marketwired] In addition to stale sandwiches and pop cans, 367 g/t Au over 0.9 m.
Klondike Gold reports drilling results. [Klondike Gold Corp.] Shallow hits in their first 4 holes from 2.3 to 5.7 g/t Au over 3 to 7.7 m; 15 holes to come. CEO Peter Tallman reports that:
“in plain terms: the hunt is on.”
Likely first for more money.