The Investment column: Cambridge Mineral

DIAMONDS ARE all about romance. Cambridge Mineral Resources, the Aim-listed minerals tiddler capitalised at pounds 5m, is extending its diamond hunt from the north of Ireland to a remote Highland estate, prompting a renewed interest in the stock.

Managing director David Bramhill is at pains to warn investors the shares are very high risk. But he reports progress in Ireland, where the group has eight licences to search for gemstones in County Donegal. CMR has found rock structures there that are the type that sometimes contain gemstones. Although the Scottish investigation has hit the headlines, it is still the Irish exploration that is most likely to bear fruit. Mr Bramhill says that drilling could start by the end of the year.

Housebroker Walker Cripps Weddle says the shares are not for widows and orphans. They tipped up 0.75p yesterday at 15.75p. Investors would see more volatile price movements upon news of geological survey results. If gemstones are not found, however, they would see the shares plummet - not romantic at all. Punters should question whether the possible rewards are worth the risk.