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by Will Purcell

The diamond and specialty minerals stocks box score for Thursday was a weak 61-84-165 as the TSX Venture Exchange fell two points to 715. Ewan Mason's Star Diamond Corp. (DIAM) rose one-half cent to 5.5 cents on 1.06 million shares. Yes, the company has a deal that will provide it with the cash needed to complete a prefeasibility study of its Fort a la Corne diamond project in central Saskatchewan, but it does not yet have the cash: Shareholders will not vote until late July on the sale of 133.33 million shares at three cents apiece to Jean-Raymond Boulle and his Spirit Resources SARL.

In the meantime, Star Diamond is keeping the proverbial wolf from its door -- an entire pack of them it seems -- thanks to a loan from Mr. Boulle and now, the voluntary conversion of principal and interest from a sale of convertible debentures earlier this year. That sale raised $565,000 and the recent conversion covered nearly $153,000 in principal and interest. The volunteers received 3.4 million shares at a deemed price of 4.5 cents per share. (It is more a case of being "voluntold," since once the placement with Mr. Boulle closes, the rest of the principal and interest will be automatically converted into stock.)

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