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by Will Purcell

The diamond and specialty minerals stocks box score for Thursday was an upbeat 100-62-148 Monday as the TSX Venture Exchange rose four points to 725. Oh dear! News late on a Friday, especially a Friday the 13th, is rarely good. Dean Taylor's plucky but struggling Diamcor Mining Inc. (DMI) was unchanged at 1.5 cents on 814,000 shares today following end-of-Friday news that it has received notice that Tiffany & Co. intends to enforce its security against Diamcor. Essentially, Tiffany has filed a default notice against Diamcor under the bankruptcy legislation in Canada, seeking to recover what it lent the company over a decade ago.

The terse news from Mr. Taylor, Diamcor's Kelowna-based founder, president and chief executive officer, added that Diamcor and Tiffany "are currently exploring alternatives to the enforcement of the security." One presumes those alternatives are limited. Tiffany can either agree to look the other way as it has for years, or Diamcor can negotiate some form of a repayment plan to avoid bankruptcy. Otherwise, Tiffany, a major diamond jewellery retailer, could end up owning a minor diamond mine -- something that has not gone well for other creditors in recent years.

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