VAL-D'OR, QUEBEC, CANADA--(Marketwire - Oct. 17, 2012) - Metanor Resources Inc. ("Metanor") (MTO.V) is pleased to release an update regarding the current development of its Bachelor project.
The company announced on July 6, 2012 that it received its certificate of approval for commercial production and on July 12, 2012, it announced positive results of the bulk sample 25% more gold than expected. These results together with that approval, Metanor, then proceeded to commence development work to begin the ramp up towards commercial production. During the months of July, August and September 2012, the company continued the development in the mineralized 'Main' and 'B' vein structures on levels 12 and 13 and began the development of underground infrastructures such as the escape-way, the ore handling system, the permanent dewatering system, and the bulk explosive storage all necessary for eventual commercial production at the Bachelor project.
From the end of July to September 30, 2012, Metanor has produced 3,191 ounces of gold.
Metanor Resources is very encouraged by the exploration results and mining progress being made. The results of its drilling campaign on the Bachelor Mine project are very promising (see the recent press releases: September 5, June 5, May 16 and February 28, 2012) as well as the development work to date confirm the value of the resource in the ground.
Serge Roy, Chairman of the Board and Chief Executive Officer and Ghislain Morin, President and Chief Operating Officer have both indicated that: "we are very excited about seeing the fruit of several years of effort by our team leading us to cash-flow positive and then to eventual full commercial production. We are also pleased to observe a continued progression of underground work and an excellent recovery at the mill (97.4%)."
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.
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.
226,639,754 outstanding shares
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.
Ronald Perry, Vice-President