Sector: Mining - Metals and Minerals
News Release - March 28, 2013 5:40 PM ET
Metanor Resources Inc. (TSX-V: MTO) Currently
Producing Over 3000 oz Gold per month, Discusses Future Prospects in
PDAC Commodity TV Interview
YORK, NY, March 28, 2013 /Sector Newswire/ - Metanor Resources Inc. (TSX-V:
MTO) (Pink Sheets: MEAOF) (Frankfurt: M3R)
is the subject of a newly released PDAC Commodity TV interview with
Ron Perry, Metanor’s V.P. and treasurer. Metanor has been steadily
increasing Gold production at its newly refurbished 1200TPD capacity
Bachelor Mine & Mill, in Quebec. Earlier this month Metanor
announced it produced 3,017 oz Gold in February 2013, a ~35%
increase in production over ounces poured in January, and January
was a 30% increase over December's ounces poured -- all part of an
ongoing ramp-up toward its target of ~5,000 oz Gold per month run
rate utilizing 2/3 capacity.
The full 20 minute interview is available at the following URL
With a current market cap under $50 million, Metanor represents
exceptional value for investors establishing a long position now.
Metanor's infrastructure is valued (estimated replacement value) at
~CDN$200 million. The intrinsic value of Metanor’s known resources (~1.6M
oz gold in all categories on all its properties) and infrastructure
are several times the company’s current market capitalization. With
MTO now entering steady-state gold production and cash flow positive
status, this should result in improved market awareness and
appreciation for the Company; the reality of the infrastructure and
resource value, cash flow growth, and clear ability to add ounces
should translate to share price appreciation.
MTO is leveraged to the price of gold, able to sell 80% of its
Bachelor Mine sourced gold at spot prices with the balance sold to
Sandstorm as per gold participation agreement. Fully permitted,
fully capitalized, and sufficiently staffed with professional mining
personnel able to handle the ramp-up, MTO presents investors with an
exceptional opportunity as the first new gold miner in Quebec's Plan
Nord. Operational highlights of this new low cost gold producer
• Low geopolitical risk.
• Low hydro-electric costs, not affected by oil prices.
• Targeting 5000 oz per month production at 800TPD, >96% recoveries.
• Grades upwards of 26 g/t gold with an average grade of 7.38 g/t
gold (fully diluted using long hole).
• Estimated cash cost of ~US$464/oz gold (2011 pre-feasibility by Stantec)
[actual, with rising costs, is speculated at closer to $700/oz].
• Identified zones should lead to resource growth and extension of
mine life closer to 10+ years; Industrial Alliance analyst
calculated (non 43-101) 700,000 oz achievable based on deep hole
intercepts and extrapolation of data.
Metanor’s other project of significance is its 100% owned Barry gold
project located ~65 km from the Bachelor mill. The Barry property
resource estimate now sits at 309,500 oz Gold of Indicated Resources
(7,701,000 t at 1.25 g/t Au) and 471,950 oz gold of Inferred
Resources (10,411,000 t at 1.41 g/t Au) and is wide open for large
resource growth expansion. The current 1km strike at Barry is
potentially 13km; there are in excess of 150 anomalies outside the
pit area. The Barry deposit is a 10M+ ounce target; the independent
international professional geological firm SGS Geostat has
identified Metanor’s Barry deposit as comparable in potential to
rival other multi-million ounce deposits such as Osisko's Malartic
gold deposit & Detour Gold's Detour deposit.
For additional insight on Metanor Resources Inc. the following
research links have been identified:
Mining Journal article:
Q1 2013 analyst research report:
This release may
contain forward-looking statements regarding future events that
involve risk and uncertainties. Readers are cautioned that these
forward-looking statements are only predictions and may differ
materially from actual events or results. Articles, excerpts,
commentary and reviews herein are for information purposes and are
not solicitations to buy or sell any of the securities mentioned.
located at the above referenced URLs.
SOURCE: Sector Newswire editorial
Additional Disclaimer and Disclosure I
Terms and Conditions I