Pangolin Diamonds Corp V.PAN.H

RE:RE:RE:commentary on PAN Today

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 Dr. Daniels cheerily touted Mr. Bonner as a former key official with Diavik Diamonds Inc. but he neglected to mention his continuing role as director of the thin-trading Augustine Ventures Inc. (WAW: $0.06). Mr. Bonner also directed Nevado Resources Corp. (VDO: $0.06) until last summer. It may not be a huge change for Pangolin because Dr. Daniels, its other co-founder and chairman, has had a heavy hand in running and promoting the company. Pangolin's stock ran to 53 cents from 20 cents in October after it drilled several holes into the Magi kimberlite, perhaps the world's largest pipe. The stock was back at 17.5 cents by mid-December as Dr. Daniels said much about garnets but nothing about diamonds. Pangolin has been inching upward since then but investors had best not expect a big haul of Magi microdiamonds. Nomathata Diamonds Inc., a private company controlled by Dr. Daniels, sold Pangolin its main exploration licences two years ago. The two companies recently revised the purchase agreement in Pangolin's favour -- Nomathata gets $1.2-million if Pangolin discovers 10 diamondiferous pipes, not five -- but the definition of diamondiferous seems telling. The two companies will deem a pipe diamondiferous if it yields a single sliver of diamond 0.5 millimetre in length. The good news is that could provide Dr. Daniels with an incentive to test Pangolin's kimberlite core for diamonds, not just garnets.