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by Will Purcell

The critical and specialty minerals stocks box score for Wednesday was a positive 92-80-138 as the TSX Venture Exchange rose six points to 943. Nick Horsley's Margaret Lake Diamonds Inc. (DIA) jumped nine cents to 23 cents on 2,000 shares. After more than two months of trying, the company has abandoned its proposed placement of nine million shares at 10 cents, which had been designed to add $900,000 to the company's coffers. The financing was needed to advance the company's exploration activities and to cover the catch-all "general corporate purposes" expenses.

The exploration, one presumes, was to occur at the company's one project -- the Letain nickel project in British Columbia. At the end of September, Margaret Lake had a working capital deficiency of over $500,000, so exploring Letain will be a challenge without the cash infusion. What Mr. Horsley, CEO since early this year, now has planned is unclear -- and is unstated in the company's most recent news. (If raising cash is still the intention, a change of name might be in order: Doing business with diamonds in your corporate moniker these days is akin to living in postwar Germany with the surname Goebbels.)

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