Metanor Resources Inc. ("Metanor") (TSX - V: MTO) is pleased to release an update regarding the current development of its Bachelor project.
Metanor produced 3017 ounces of gold in February, compared to 2 236 oz in December, bringing the total production since July to 13,128 ounces of gold. The ounces produced in February come from 18,186 tonnes grading 5,34 grams per tonne recovered at 96,7%.
The average tonnage in February was 650 tonnes per day (Tpd) compared to 447 Tpd in January, and 275 Tpd in December. The commissioning of new stopes allowed the company to deliver a steady flow of ore to the mill.
Furthermore, the company announces that it has been granted an additional three month delay before commencement of capital repayment of the Ressource Quebec (subsidiary of Investissement Québec) loan. Details are available at http://www.sedar.com. The first payment will be made May 31, 2013.
About Metanor
Metanor is a Canadian based gold mining company with a focus on adding value per share through efficient production, exploration, and development of it properties. Maintaining a low risk profile through a strong operating team, sound financial management, and operating in secure jurisdictions like Quebec are key priorities for Metanor’s management team.
Qualified Person
Pascal Hamelin, P.Eng, Vice-president of Operations, is the Qualified Person under NI 43-101 responsible for reviewing and approving the technical information contained in this news release.
Cautionary Language and Forward-Looking Statements
This press release includes certain statements that may be deemed "forward-looking statements". All statements in this discussion, other than statements of historical facts, that address future exploration drilling, exploration activities, anticipated metal production, internal rate of return, estimated ore grades, commencement of production estimates and projected exploration and capital expenditures (including costs and other estimates upon which such projections are based) and events or developments that the Company expects, are forward looking statements.
Although the Company believes the expectations expressed in such forward looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include, metal prices, exploration successes, continued availability of capital and financing, and general economic, market or business conditions. Accordingly, readers should not place undue reliance on forward-looking statements.
Neither the TSX Venture Exchange, nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
For more information, please contact:
Ronald Perry, Vice-President
Contact: 514-262-8286
Email: rperry@metanor.ca
2872, Sullivan, suite 2
Val-d'Or, Quebec J9P 0B9
