"Frank Smeenk's Debut Diamonds Inc. (DDI), down one-half cent to one-half cent on 16,000 shares, will clear $1.44-million in debt from its books by issuing 144 million shares to another of Mr. Smeenk's hapless promotions, KWG Resources Inc. (KWG: $0.035). Mr. Smeenk says the MacFadyen kimberlite cluster, just north of the Victor mine in Northern Ontario, is Debut's main project. (He might be more convincing if the company's website gave the play top billing. That distinction goes to the now terminated Timmins South gold play.) Further testing of the MacFadyen pipes is in order if Mr. Smeenk intends to get Debut's promotion back on track. Earlier work showed the pipes had diamond grades and size distribution patterns potentially comparable with Victor. Proving the point will take larger samples, which will take several million dollars and the acquiescence of the Attawapiskat Indians. Raising new cash will be a struggle as Mr. Smeenk's grumpy shareholders have nixed his plan to roll back Debut's stock 1:10 and append "Consolidated" to the company's name. Nevertheless, dealing with the Indians could be just as big a challenge."

[2014-12-23 18:21]