It is a very busy exploration year in the area that surrounds Kugaaruk in central Nunavut. The total exploration budget for the region is least $15-million for 2007. 

Indicator Minerals has encouraging diamond counts from an area only a short distance from the community.  A 25.5 kg kimberlite float sample from the 2006 field season recovered 176 diamonds. 

While Indicator has yet to find the source of the boulder, the company has started a $1-million exploration program on the Barrow property and will drill test the best geophysical targets defined in 2005/2006.

The UN Security Council voted October 20 to leave the international ban on rough diamond exports from Liberia in place until the end of the year. (more…)

Here is some interesting data on capital raised by Canadian listed public companies during the month of October for mineral exploration and development around the world. 

Total Amount Raised:   C$434,476,604.00
Total Flow Through:   C$129,846,024.00
Total for Base Metals:   C$244,589,721.00 (Between 35 companies)
Total for Precious Metals:   C$307,397,075.00 (Between 46 companies, 26 specializing in Gold)
Total for Diamonds:    C$11,923,582.00 (Between 5 companies)

Top Brokers by Value Raised:  Pacific International with C$34,073,125.00 and Sprott Securities with C$30,000,435.00
Top Regions:    Canada (with 74 companies, 29 of which have operations in BC) Latin America (Between 14 companies, 3 projects?or companies? in Argentina and 3 in Chile)

Source: http://www.canadianfinancing.com/

August 22, miners in the Letseng Mine in Lesotho South Africa unearthed the largest diamond mined since 1993.  The Lesotho Promise, a 603 carat stone, is the 15th largest diamond ever discovered and was sold to South African Sightholder Safdico (South African Diamond Corporation) for $12.36 million.

For the origional article, click here

- Antwerp Facets News Service (AFNS) October 10, 2006

The GIA (The Gemological Institute of America) will start accepting and grading synthetic diamonds starting January of next year (2007).

 “The final synthetic diamond grading report has now been accepted by stakeholders on all sides of this issue, and is totally consistent with GIA’s high standards of science, public service, education and professionalism.”  - Acting GIA president Donna Baker.

To view the origional article, click here

- Antwerp Facets News Service (AFNS) October 10, 2006