Mr. Ronald Perry reports

METANOR REPORTS ITS FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED JUNE 30TH, 2014 WITH A NET INCOME OF $1,078,441 IN THE QUARTER

Metanor Resources Inc. has released its financial results and accompanying notes for the quarter and year ended June 30, 2014. This press release should be read in conjunction with Metanor's financial statement for the year ended June 30, 2014, and related management's discussion and analysis, which can be found on the company website or on SEDAR. (All amounts are in Canadian dollars unless otherwise stated.)

Fourth quarter 2014 highlights:

• Gold sales of 12,468 ounces on gold production of 13,083 ounces;
• Total of $16,523,725 in revenues from gold sales;
• Net income of $1,078,441 for the quarter;
• Milled 61,905 tonnes of ore at a feed grade of 6.8 grams per tonne and a recovery of 96.9 per cent;
• Cash cost of $873 per ounce sold in fourth quarter ($786 (U.S.) per ounce at an exchange rate of 90 U.S. cents per $1 (Canadian));
• Sustaining cost of $1,051 per ounce sold ($946 (U.S.) per ounce using an exchange rate of 90 U.S. cents per $1 (Canadian));
• All-in cost of $1,123 per ounce sold in fourth quarter ($1,010 (U.S.) per ounce at an exchange rate of 90 U.S. cents per $1 (Canadian)).

Full-year 2014 highlights:

• Total of $38,488,620 in revenues from gold sales;
• Net loss of $2,875,391 for the year;
• Cash cost of $908 per ounce sold ($817 (U.S.) per ounce at an exchange rate of 90 U.S. cents per $1 (Canadian));
• Sustaining cost of $1,071 per ounce sold ($964 (U.S.) per ounce using an exchange rate of 90 U.S. cents per $1 (Canadian));
• All-in cost of $1,195 per ounce sold ($1,076 (U.S.) per ounce at an exchange rate of 90 U.S. cents per $1 (Canadian)).

                        OPERATING AND FINANCIAL RESULTS 

                                                Quarter
                           Quarter   Quarter      ended     Quarter
                             ended     ended        Dec.      ended
                           June 30,    March         31,       Sept.    Year
                              2014  31, 2014    2013 (i)   30, 2013    total

Operational results

Tonnes milled (tonnes)      61,905    60,497     62,033     55,591   240,026
Feed grade (g/t)               6.8       6.7        6.6        6.0      6.52
Mill recovery rate            96.9%     96.8%      97.5%      97.1%     97.1%
Ounces produced             13,083    12,641     12,751     10,373    48,848
Ounces sold                 12,468    13,700     10,427     10,269    46,864
Underground
development (metres)         1,411     1,751      1,492      1,277     5,931
Diamond drilling
(metres)                    17,374    10,550      9,164      7,237    44,325

Financial results
(thousand dollars)

Gold sales                 $16,524   $18,408     $3,557         $0   $38,489
Operating costs            (10,632)  (12,833)    (2,221)         0   (25,686)
Royalties                     (271)     (333)      (117)         0      (721)
Depreciation and
depletion                   (2,894)   (4,609)    (1,070)         0    (8,573)
Gross profit                 2,726       633        149          0     3,508
Net results                  1,078    (1,919)      (410)    (1,624)   (2,875)

(i) As of Dec. 1, 2013, the Bachelor mine reached commercial production
status.

Ghislain Morin, president and chief executive officer, and Serge Roy, executive chairman of the board, declared, "We are very pleased with our quarterly results, which show that Metanor generates positive income and improves its financial situation, while continuing its underground drilling and development at the Bachelor mine."

Outlook for the coming quarters

Metanor continues to develop new drifts to the west at the Bachelor mine and will continue the diamond drilling in the coming months to eventually add new resources and reserves.

Qualified person

Pascal Hamelin, PEng, 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.

We seek Safe Harbor.