Montreal Exchange Cogesco actively traded

Active trading on the Montreal Exchange led to new highs during the past week before the exchange’s portfolio index slipped back slightly. Mining issues continued to be among the active stocks, with three resource companies trading more than one million shares each during the week.

Cogesco Mining was among the top traders with a volume of 1,188,800 shares. It closed up 20 cents to 99 cents . A Cogesco spokesman in Montreal said the company has not released any results recently and attributed the heavy trading to an “awareness in general” by investors.

“People are beginning to realize the intrinsic value of Cogesco,” he said. The mining company is involved in a number of joint ventures.

Exploration Sphinx “A” continued to be a popular issue, with 1,258,100 shares changing hands. Sphinx shares closed at $2, down 11 cents . Favorable bulk sample results from the Duvay property in northwestern Quebec were recently released by the company.

Also hitting the “million mark” was Chabela Minerals, which closed up 23 cents to 58 cents on 1,169,600 shares. The company has released preliminary results of a second drilling program on property in Dubuisson Twp., near Malartic, Que., which confirm the extension of the gold zone discovered last year after the first drilling program.

Chabela announced early in 1986 findings of geological reserves of more than 150,000 tons. The new figures are expected to boost those reserves dramatically. Chabela also says it has concluded an agreement with another mining company for the joint development of this property.

Closing up 11 cents to 44 cents on 639,600 shares was J.A.G. Mines, which recently published favorable results for property at Malartic. The company is near final approval for exploration financing, the largest chunk of which will be spent on the Malartic gold property.