Montreal Exchange Yorbeau trades heavily

The most active issue on the Montreal Exchange this short holiday week was Yorbeau Resources, unchanged at 70 cents on 425,600 shares.

Company officials said they knew of no reason why the stock had traded so heavily. Yorbeau did announce some good results from underground and surface exploration on its Astoria property near Rouyn, Que., in early December.

Syngold continued to trade heavily with 221,500 shares changing hands as it slipped 9 cents to close at $1.70. There have been rumors that a major mining company has been acquiring Syngold stock, but there has been no confirmation of that to date.

Syngold announced some fantastic results in December from drilling it is funding on Falconbridge’s Owl Creek West gold property in Timmins. Although the most recent results were disappointing, several other holes are still out for assay.

Exploration Rambo lost 8 cents to close at 76 cents on 49,500 shares. Its gold discovery in Massicotte Twp. near Detour Lake but on the Quebec side has stirred some excitement, but the stock has fallen for the past two weeks.

Belmoral Mines gained a dime on light trading to close at $2.65. It fell sharply the previous week when the Quebec Court of appeal ordered a new trial into charges that Belmoral was criminally negligent in the death of eight miners in 1980 following a cave-in at one of Belmoral’s gold mines. Belmoral had been acquitted of the charges by a jury but now faces a lengthy process before the issue is finally settled.

Mazarin was off 2 cents to 62 cents on 109,200 shares. Its Wilco property near Rouyn and a large piece of ground in a virtually unexplored area of Quebec near Schefferville appear to hold a lot of potential for this company.

A sister company to Mazarin, Vior, was off 8 cents to close at $1.75 on 39,900 shares.

Wrightbar gained 10 cents on 13,100 shares to close at $1.70. Belmoral recently bought 750,000 Wrightbar shares at $3 each in order to gain a 30% interest in the company. Belmoral hopes to have a gold mine operating on the property this year.