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by Will Purcell

The diamond and specialty minerals stocks box score for Wednesday was a ho-hum 72-74-164 as the TSX Venture Exchange lost two points to 786. Dermot Desmond's Mountain Province Diamonds Inc. (MPVD) closed unchanged at 4.5 cents on 265,000 shares as the company revealed its second quarter financials after the close Tuesday. The results were as expected, given that it had revealed its production and sales data for the quarter a month ago.

What is new is the loss -- $52.6-million from mining operations during the quarter and a net loss of $37.7-million -- the latter number improved by a $20.4-million foreign exchange gain and a deferred income recovery of $7.27-million, much to the chagrin of Canada's taxman. By any measure it was a tough quarter, as Mountain Province's operations generated $26.3-million in negative cash flow, forcing the company to run a $10-million bank overdraft, borrow $14-million against its bridge credit facility and borrow $33-million against the Dunebridge working capital facility.

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