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by Will Purcell

The diamond and specialty minerals stocks box score for Wednesday was a so-so 67-70-173 as the TSX Venture Exchange fell 14 points to 678. Dermot Desmond and Mark Wall's Mountain Province Diamonds Inc. (MPVD) rose one-half cent to 6.5 cents on 84,000 shares. The company has again received a helping hand from Mr. Desmond, an Irish billionaire with eclectic investment tastes who is Mountain Province's largest shareholder. Of course, the assistance comes at a cost. Mr. Desmond has been doing well, and will continue to do so, so long as the company keeps its nose above the water line.

The latest rejigging of Mountain Province's debt arrangements was approved at the company's annual and special meeting, held last Friday. The $33-million -- $23.7-million (U.S.) -- working capital credit facility has already had a $7-million (U.S.) initial drawdown, which was needed to satisfy "immediate working capital needs." Mountain Province says that the value of consideration to insiders -- that would be Mr. Desmond -- is estimated at $1.1-million, a sum that reflects the 10.5-per-cent annual interest payable on the drawdown and the pro rata share of the $1-million (U.S.) facility fee payable at maturity.

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