Montreal Exchange Syngold shares active

When a company trades close to half a million shares during the week, it is not always easy to discover the reason why. Such is the case with Syngold Exploration.

The mining firm closed at $2.47, up 52 cents , after 462,600 shares changed hands.

“There is no real news to report at this stage,” Syngold President Barry Simmons said.

“The stock is building general strength, and people are becoming more aware of Syngold.”

The company is concluding a drilling program on property in the Rouyn-Noranda area, but Mr. Simmons said it will be a couple of weeks before all the assay work is in.

Among other actively traded stocks, North American Rare Metals also gained, rising 13 cents on 729,500 shares. The share price closed at 82 cents . On the down side, Noranda lost 25 cents on 746,000 shares, closing at $26.75.

Falconbridge was actively traded, closing at $18.88, down 88 cents . Morgan Grenfell Securities is predicting better times for the nickel producer. Citing last year as a period of stringent cost-cutting in all operations, the securities firm says the benefits of this cost-cutting program will be seen in 1987.

Falling bank shares affected the market throughout the week. Exchanges in Montreal, Toronto and New York were all sent into a broad retreat after Brazil announced it would suspend interest payments on its commercial foreign debt. Banking institutions in Canada have loans outstanding to the South American country totalling approximately $7.7 billion.

Yorbeau Resources was down 3 cents on the week to 60 cents on 147,600 shares. Yorbeau has reported finding gold samples ranging from 0.08 oz to 0.75 oz per ton in recent drill results on its Astoria property near the town of Rouyn-Noranda.

Brosnor Exploration closed the week at 28 cents , with no change in price. The company reports it has completed five additional surface diamond drill holes on its new zone discovered last year, southwest of the Adelmont zone, near Val d’Or. In one hole a new vein was reintersected, revealing 0.43 oz of gold per ton.

Messeguay Mines reports first results on its Launey/Privat property northeast of Rouyn-Noranda have yielded high gold content, reaching up to 0.14 oz per ton over 30.9 ft. The company’s stock closed up 2 cents to 47 cents .