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by Will Purcell

The diamond and specialty minerals stocks box score for Monday was a weak 69-96-145 as the TSX Venture Exchange rose fractionally to 594. Ewan Mason and George Read's Star Diamond Corp. (DIAM) was among the unchanged, closing at 6.5 cents on 594,000 shares.

As long expected, Star and its co-venturer at the Buffalo Hills diamond project in Northern Alberta have come to terms on an arrangement that will see one company move on and the other look to advance the project after a decade of inaction. Chris Pennimpede's Canterra Minerals Corp. (CTM: $0.045) and Star Diamond each shelled out $8.75-million to acquire one-third interests in the project in 2007. They subsequently boosted their shares to 50 per cent in 2022 after Ovintiv Inc. (OVV: $66.86) quitclaimed its share, granting Star and Canterra its interest for "nominal consideration" -- next to nothing, in other words.

Today, Mr. Pennimpede, Canterra's president and chief executive officer, was "very pleased to monetize this non-core asset in Canterra's project portfolio." Much of his pleasure undoubtedly derives from the 17.5 million Star Diamond shares he was able to extract from his former co-venturer at Buffalo Hills, as although the value is far less than what Canterra paid 17 years ago, it is $1.1-million more than the next-to-nothing value that Ovintiv bestowed on the project -- or the carrying value of nil that both Canterra and Star have given the play for years.

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