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Metanor Resources Inc
Symbol MTO
Shares Issued 431,689,449
Close 2016-07-12 C$ 0.08
Market Cap C$ 34,535,156
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Metanor to complete PEA for Barry in September

2016-07-13 10:31 ET - News Release

Mr. Ronald Perry reports

METANOR MOVES FORWARD WITH A PRELIMINARY ECONOMIC ASSESSMENT STUDY FOR THE BARRY PROJECT

Metanor Resources Inc. is moving forward with a preliminary economic assessment (PEA) study for the Barry project.

Following the positive results of the updated mineral resource estimate on its Barry property, located 116 kilometres from the Bachelor mill, Metanor has given a mandate to Goldminds Geoservices Inc. (GMG) for the completion of an independent PEA. The results of this assessment will be published as soon as available and the technical report (NI 43-101-compliant) will be available on SEDAR within 45 days following the publication of the results. Metanor expects to receive the results of this assessment in September, 2016.

The PEA will target an open-pit scenario with the mineralized material shipped to the Bachelor mill. A road upgrade to accommodate road train from 80 to 100 tonnes will be considered, and the assessment will also analyze the costs associated with the implementation of a gravity recovery circuit and the increase of the grinding capacity in order to maximize the combined operations of the Bachelor and Barry mines.

The results of metallurgical testing realized at SGS Lakefield show a coarse gold proportion varying from 18 per cent to 30 per cent (July 11, 2016) with an average of 24 per cent. These tests demonstrate a mill recovery between 93.8 per cent and 94.8 per cent with an average of 94.3 per cent. Worth noting is that the mineralized material from Barry requires less energy to grind than the Bachelor ore with 21 kilowatts per hour compared with 17 kilowatts per hour for the Barry material (historical milling information).

The assessment will be based on the resource update of June, 2016. A drill program aiming to convert a portion of the inferred resource to the indicated resource category, as well as to drill targets on adjacent properties outside the pit area, is being prepared.

This program will target mainly the resources identified from the optimized pit shell (June 22, 2016). The total resource in the pit shell is 347,350 ounces of gold at a grade 2.07 grams per tonne in 5.24 million tonnes. The pit shell is calculated using parameters for direct shipping of mineralized material to the Bachelor Lake mill, where 45 per cent is in the measured and indicated category and 55 per cent is in the inferred category.

Ghislain Morin, president and chief executive officer, adds: "Following the successful drill program on the Moroy property which lead to the extension, at depth, of the main veins at Bachelor mine and the extension in the Hewfran sector, added to the mineral resource update at Barry to be quickly completed by a PEA, Metanor is entering into a new phase of growth, and we expect a very dynamic end of year. In the short term, one of our objectives is to open the access to more than four sources of ore to feed the Bachelor mill. In such a scenario, a mill throughput between 1,500 and 2,000 tonnes per day could be achieved in less than five years. We add that the majority of the permits required to operate the Barry open pit are already in place, this constitutes an important advantage for Metanor."

Qualified persons

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

Claude Duplessis, PEng, of GoldMinds Geoservices Inc., is the independent qualified person under NI 43-101 who has prepared and reviewed the technical information contained in this news release.

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