Mr. Ronald Perry reports

METANOR PRODUCED 8,332 OUNCES DURING THE QUARTER ENDING DECEMBER 31ST 2014

Metanor Resources Inc. produced 8,332 ounces of gold during the quarter ending Dec. 31, 2014.

A total of 59,013 tonnes of ore at a feed grade of 4.56 grams per tonne was processed during the quarter with a 96.3-per-cent recovery rate. The lower feed grade in this last quarter was caused by the higher-than-expected dilution from three stopes. These three stopes were adjacent to openings already mined. These old workplaces were outside the mineralized structure, and, when the stopes were blasted, some non-mineralized sections associated with the old workings fell and contaminated the ore grade. Management considers this occurrence to be isolated, and, if mine stopes adjacent to non-mineralized openings are to be mined, measures will be taken to reduce the dilution risk such as cable bolting the hangingwall sector of a stope. In order to reduce the impact on the cost per ounce in the last quarter, some investments not related to the daily operation have been delayed. The company expects the feed grade to go back up in the coming months, the feed grade has been 5.74 g/t during the first 17 days of January and 5.85 g/t in the last seven days.

Consequently, Metanor is revising its guidance for the current year. Production of gold is expected to be between 43,000 and 46,000 ounces for the fiscal year ending June 30, 2015.

Also, Metanor announces that it has granted 200,000 options, at an exercise price of eight cents and for a period of five years, to a director in accordance with the stock option plan.

Qualified person

Pascal Hamelin, PEng, vice-president of operations, is the qualified person under National Instrument 43-101 responsible for reviewing and approving the technical information contained in this news release.

We seek Safe Harbor.