VAL-D'OR, QUEBEC--(Marketwired - June 15, 2015) - Metanor Resources Inc. ("Metanor") (TSX VENTURE:MTO) announces that in the coming weeks, a drill campaign will begin in close proximity to the current pit. The results will be published once available.
Metanor is very encouraged by the announcements made by Osisko Gold Royalties Ltd. and Oban Mining Corporation in the past week, as they are investing in the Urban-Barry area which surrounds Metanor's Barry Property. This suggests the potential of the area and the importance of Metanor's Barry property, covering over 7,336 hectares, for Metanor's future. In November 2010, SGS Canada Inc published a NI 43-101 Technical Report on the Barry Property which contains the following resources:
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Au g/T Au g/T Au Ounces
Class Tonnes uncapped capped (capped)
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Indicated 7,701,000 1.29 1.25 309,500
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Inferred 10,411,000 1.65 1.41 471,950
----------------------------------------------------------------------------Resources above 0.5 g/T, capping 35 g/T on assay.
The nearest mill in operation in the Urban Barry area is the mill at the 100% owned Bachelor Mine. Presently, Metanor operates the Bachelor mill at its nominal capacity. However, when Hydro-Quebec completes the construction of the new electrical sub-station 25 km away from Bachelor mine in September 2015 which will increase the total available power at the mine, Metanor could, with a minimal investment, increase the mill capacity to treat ore from another mine site. As previously stated, the medium term goal of the Company is to bring a second mine into production to further enhance cost reduction and increase revenues.
Qualified Person
Andre Tremblay, Ing., Vice-president of Exploration, is the Qualified Person under NI 43-101 responsible for reviewing and approving the technical information contained in this news release.
Cautionary Language and Forward-Looking Statements
This press release includes certain statements that may be deemed "forward-looking statements". All statements in this discussion, other than statements of historical facts, that address future exploration drilling, exploration activities, anticipated metal production, internal rate of return, estimated ore grades, commencement of production estimates and projected exploration and capital expenditures (including costs and other estimates upon which such projections are based) and events or developments that the Company expects, are forward looking statements. Although the Company believes the expectations expressed in such forward looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in forward-looking statements.
Neither the TSX Venture Exchange, nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.