METANOR ACHIEVES COMMERCIAL PRODUCTION AT BACHELOR
November 14, 2013 - Val-d'Or, Quebec, Canada: Ressources Métanor Inc. ("Metanor") (TSX - V: MTO) is pleased to report that its Bachelor Project reached commercial production on November 2, having operated for a period of 60 consecutive days, at over 80% of its theoretical mill capacity with an average of 629 tonnes per day.
In accordance with the criteria established by Metanor, the commercial production will be declared the first day of the calendar month following the mill having operated at over 80% of its capacity for a period of 60 days. Therefore, the company will commence reporting operating costs as of December 1, 2013.
During this 60 day period, the mill processed 37,743 tonnes of ore. The company now plans to maintain the milling rate over 18,500 tonnes per month producing close to 10,000 ounces per quarter. Metanor anticipates that its operating cash cost will be near $1,000 per ounce in the next months, and forecasts a decrease in the operating cost once in full production. Metanor expects to produce over 40,000 ounces for the year ending June 30th, 2014.
The company maintains its objective of increasing the production at its Bachelor Mine toward 713 tonnes per day, as established in the prefeasibility study published in April 2011. Also, the company continues to drill underground in order to maintain its gold inventory at Bachelor Mine.
Ghislain Morin, president and chief executive officer, and Serge Roy, executive chairman of the board, declare:” To reach commercial production at Bachelor Mine is an important milestone for the company that we can proudly take credit for. We want to personally thank all our employees, suppliers, financial partners such as Sandstorm, Ressource Québec and our shareholders, as well as members of the Cree Communities and James Bay communities for their effort and support.”