Frank Smeenk's Debut Diamonds Inc. (DDI: $0.01) has sold five million flow-through shares at one cent. It is unclear where Debut will explore but its options seem limited. When Mr. Smeenk admits that "exploration results to date have been discouraging," he is referring to the Nakina diamond project and the Timmins South gold play. He cannot be discouraged by exploration results from the MacFadyen diamond play near the De Beers Victor mine in Northern Ontario because there have been no results in several years. Disappointment there -- and there is plenty of it -- stems from the intransigence of the local Indians in allowing exploration to proceed, and by Debut's inability to raise several million dollars to complete a required mini-bulk test of the intriguing kimberlites. Debut's best shot could be the Good Friday pipe, but the MacFadyen-1 and MacFadyen-2 pipes and dikes appear equally worthy candidates. Results of sampling in the 1990s and mid-2000s suggest they could have Victor-sized grades, perhaps 0.2 carat per tonne. What Mr. Smeenk needs to find out is if they also have Victor-sized diamond valuations.