Mr. Eric Sprott, a shareholder, reports

ERIC SPROTT ANNOUNCES ACQUISITION OF SECURITIES OF METANOR RESOURCES INC.

Between March 17 and March 23, 2016, Eric Sprott acquired ownership and control over 8,698,000 common shares of Metanor Resources Inc., representing approximately 2.1 per cent of the currently issued and outstanding common shares of the corporation on a non-diluted basis. The acquired shares were purchased at prices ranging from 7.88 cents to 9.5 cents per acquired share.

As of the date hereof, after giving effect to the acquisition, Mr. Sprott beneficially owns, or exercises control or direction over: (i) 38,698,000 shares; and (ii) 20 million common share purchase warrants of the corporation. Based on the foregoing, Mr. Sprott beneficially owns, or exercises control or direction over, approximately 9.2 per cent of the currently issued and outstanding shares on a non-diluted basis, and approximately 13.3 per cent of the currently issued and outstanding shares on a partially diluted basis.

The acquired shares were purchased through the facilities of the TSX Venture Exchange.

The acquired shares were acquired for investment purposes. Mr. Sprott has a long-term view of the investment, and Mr. Sprott and any joint actors do not intend at this time to acquire additional shares, but may acquire additional shares either on the open market or through private acquisitions or sell the shares either on the open market or through private dispositions in the future, depending on market conditions, reformulation of plans and/or other relevant factors.

This press release is issued pursuant to National Instrument 62-103 (the early warning system and related takeover bid and insider reporting issues), which also requires a report to be filed with regulatory authorities in each of the jurisdictions in which the corporation is a reporting issuer, containing information with respect to the foregoing matters. A copy of the early warning report will appear with the corporation's documents on the System for Electronic Document Analysis and Retrieval and may also be obtained by contacting Mr. Sprott at 416-362-7172.

The issuance of this news release is not an admission that an entity named in the news release owns or controls any described securities or is a joint actor with another named entity.