Mr. Ronald Perry reports

METANOR REPORTS ITS FINANCIAL RESULTS FOR THE QUARTER ENDED DECEMBER 31, 2014

Metanor Resources Inc. has released its financial results for the quarter ended Dec. 31, 2014 (second quarter). This press release should be read in conjunction with Metanor's quarterly financial statements and accompanying notes, and the related management's discussion and analysis, which can be found on the Metanor website or on SEDAR.

Second quarter highlights:

• Gold sales of 9,055 ounces;
• Gold production of 8,332 ounces;
• Total of $11,731,674 in revenues from gold sales at the average sale price of $1,408 per ounce;
• Cash cost of $1,203 per ounce sold;
• Sustaining cost of $1,375 per ounce sold;
• All-in cost of $1,395 per ounce sold;
• Net change in cash of negative $4,484,054;
• Cash flow from operating activities of negative $2,486,355;
• Net loss of $3,745,526 after depreciation and depletion of $2,950,949.

                                         Dec. 31, 2014      Dec. 31, 2013 

Operational results
Tonnes milled                                   59,013             62,033 
Feed grade (g/t)                                   4.6                6.6 
Mill recovery rate                                96.3%              97.5%
Ounces produced                                  8,332             12,751 
Ounces sold                                      9,055             10,427 
Underground development (m)                      1,998              1,492 
Diamond drilling (m)                             5,734              9,164 

Financial results (in thousands of dollars)
Gold sales                                    $ 11,731           $  3,557 
Operating costs                                (10,723)            (2,221)
Royalties                                         (187)              (117)
Depreciation and depletion                      (2,951)            (1,070)
Gross profit                                    (2,130)               149 
Other expenses                                  (1,207)            (1,014)
Operating (loss)                                (3,337)              (865)
Financial expenses and revenues                   (468)               125 
Deferred income taxes                               60                330 
Net results                                     (3,745)              (410)

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

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.