VAL-D’OR, QUEBEC, Jan 19, 2015 (Marketwired via COMTEX) — Metanor Resources Inc. (“Metanor”) (TSX VENTURE: MTO) announces that it has produced 8,332 ounces of gold during the quarter ending December 31st 2014.
A total of 59,013 tonnes of ore at a feed grade of 4.56 grams / tonne were processed during the quarter with a 96.3% recovery rate. The lower feed grade in this last quarter was caused by the higher than expected dilution from 3 stopes. These three stopes were adjacent to openings already mined. These old workplaces were outside the mineralized structure and when the stopes were blasted, some non-mineralized sections associated with the old workings fell and contaminated the ore grade. Management considers this occurrence to be isolated and, if mine stopes adjacent to non-mineralized openings are to be mined, measures will be taken to reduce the dilution risk such as cable bolting the hanging wall sector of a stope. In order to reduce the impact on the cost per ounce in the last quarter, some investments not related to the daily operation have been delayed. We expect the feed grade to go back up in the coming months:, the feed grade has been 5.74 grams / tonne during the first 17 days of January, and 5.85 grams / tonne in the last seven 7 days.
Consequently, Metanor revises its guidance for the current year; production of gold to be between 43,000 and 46,000 ounces for the fiscal year ending June 30th 2015.
Also, Metanor announces that it has granted 200,000 options, at an exercise price of $0.08 and for a period of five years, to a director in accordance with the stock option plan.
Metanor is a Canadian based gold mining company with a focus on adding value per share through efficient production, exploration, and development of it properties.
Pascal Hamelin, P.Eng, 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.
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.
Contacts: Ronald Perry, Vice-President 514-262-8286 firstname.lastname@example.org