Mr.
Ronald Perry reports
METANOR CLARIFIES ITS DISCLOSURE OF THE RESOURCES OF JUNE 22 2016 PRESS RELEASE AND FILES AN AMENDED TECHNICAL REPORT
Following a review by the Autorite Des Marches Financiers (AMF), Metanor Resources Inc. is issuing the following press release to clarify its disclosure of the mineral resources of its Barry gold project.
The company filed the report, "Technical Report Updated Mineral Resources Estimate, Barry Gold Deposit, Quebec, Canada," on Aug. 5, 2016, in support of the June 22, 2016, press release. At the request of the AMF, Metanor has submitted a modified technical report with clarification and modification changes as to the baseline scenario selected for the presentation of mineral resources. Moreover, the regulation does not allow the presentation of the total ounces of the different classes of resources in an optimized pit, and this was corrected.
The basic scenario with reasonable prospect of economic extraction is now clearly identified and the resources of the current base case defined by a pit optimization are shown in the attached table.
MINERAL RESOURCES
Optimization Resource Tonnage Grade Au Au content
No. classification (t) (g/t) (oz)
Base case Measured 5,880,000 1.04 197,000
Indicated 3,020,000 0.87 85,000
Measured plus
indicated 8,900,000 0.98 282,000
Inferred 20,705,000 0.99 659,000
WASTE
Total
Optimization Resource Tonnage Grade Au Tonnage stripping
No. classification (t) (g/t) (t) ratio
Base case Measured 7,835,000 0.13 13,715,000
Indicated 5,795,000 0.12 8,815,000
Measured plus
indicated 13,630,000 0.13 22,530,000
Inferred 118,505,000 0.05 139,210,000
4.46
The optimization parameters of the open pit to determine the mineral resource of the Barry project base case with milling on site are shown in the attached table.
Gold price $1,650 per ounce
Mineralized material mining cost $3.25 per tonne mined
Waste mining cost $3.25 per tonne mined
Processing cost $18 per tonne milled
Slope angle 50 degrees
Processing recovery 95 per cent
Mill cut-off grade 0.36 gram per tonne
Mining recovery 90 per cent
Resource included Measured, indicated and inferred
Block model used Three metres by three metres by three metres
For the milling scenario at the Bachelor mill, the updated resources are as shown in the attached table.
MINERAL RESOURCES
Optimization Resource Tonnage Grade Au Au content
No. classification (t) (g/t) (oz)
Pit 3 Measured 3,455,000 1.37 152,000
Indicated 910,000 1.24 36,000
Measured plus
indicated 4,365,000 1.34 188,000
Inferred 1,670,000 2.17 116,000
WASTE
Total
Optimization Resource Tonnage Grade Au Tonnage stripping
No. classification (t) (g/t) (t) ratio
Pit 3 Measured 6,465,000 0.22 9,920,000
Indicated 1,845,000 0.20 2,755,000
Measured plus
indicated 8,310,000 0.22 12,675,000
Inferred 4,865,000 0.05 6,535,000
2.18The parameters for identification of the resources that would be sent to Bachelor are as shown in the attached table.
OPTIMIZATION -- PIT 3 (BACHELOR)
Gold price $1,650 per ounce
Mineralized material mining cost $5.17 per tonne mined
Waste mining cost $4.81 per tonne mined
Processing cost $20 per tonne milled
Material loading $1.50 per tonne milled
Road maintenance $1.50 per tonne milled
Transport $7.35 per tonne milled
Slope angle 50 degrees
Processing recovery 95 per cent
Mill cut-off grade 0.60 gram per tonne
Mining recovery 90 per cent
Resource included Measured, indicated and inferred
Block model used Three metres by three metres by three metres
Metanor also announces the amended report filed on Sept. 20, 2016, on SEDAR; all the details are available in this report and the report supersedes the press release of June 22, 2016, and the report filed on Aug. 5, 2016.
Cautionary statement: Mineral resources that are not mineral reserves do not have demonstrated economic viability.
Qualified persons
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.
Claude Duplessis, Ing, of Goldminds Geoservices Inc., is the independent qualified person under NI 43- 101 standard who has prepared and reviewed the technical information contained in this release.
We seek Safe Harbor.
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