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Sector: Mining - Metals and Minerals  :

Sub Sector: Precious Metals  :

 

News Release - September 17, 2010 5:36 PM ET 

 

 

Metanor Resources Inc. VP Interviewed by Jay Taylor on Gold Growth Prospects and Upcoming NI 43-101 Resource Estimate at Open Pit Deposit in Quebec
   

NEW YORK, NY, September 17, 2010 /Sector Newswire/ - Metanor Resources Inc. (TSX VENTURE: MTO) (US Listing: MEAOF) (Frankfurt: M3R) is the subject of a recommendation by mining expert Jay Taylor and related radio interview offering insight and opportunity afforded investors as Metanor, a unique exploration junior with well over $35,000,000 of gold poured to date from their 1200 TPD mill, will soon release a new NI 43-101 compliant resource estimate on its Barry open pit gold project in Quebec. Metanor is progressing with plans to access the high grade underground ore at Bachelor Lake and is feeding the mill on an interim bases with ore from their 100% owned Barry open pit deposit.

 

Jay Taylor is a former banker and value investor whose picks have greatly outperformed bench mark indexes since 2000. Jay Taylor is also a regular Kitco contributor, guest on BNN, and is editor of 'J Taylor's Gold Energy & Tech Stocks Newsletter' which features Metanor as an ideal vehicle for investors seeking exposure to gold; Metanor is a top recommendation as the gold growth prospects and valuation metrics are compelling.

 

Jay Taylor's September 15, 2010 radio show 'Turning Hard Times into Good Times' featured an interview with Metanor Resources' VP and Treasurer Ronald Perry. The full interview may be found at the following URL http://www.voiceamerica.com/voiceamerica/vepisode.aspx?aid=48593 online, the Metanor interview begins at the 3:45 mark and runs for approximately 7.5 minutes.

 

 

Selected excerpts from the radio interview:

Jay Taylor: Give us an update on your company, maybe start with the shares outstanding and the price.

 

Ronald Perry, VP & Treasurer Metanor: We have ~133M shares outstanding and are trading at ~CDN$[under 80 cents; see quote here] … We have imminent news on our 43-101 on the Barry property coming out and we’ll be updating the corporate presentation, after that we will really show people the blue sky potential on the Barry pit … We’re preparing a (presentation) slide that I think will show people [the potential]; the pit is an anomaly but we have [several] other anomalies that are that big or bigger on our property … we have [the Barry property] close to 15Km in length, the Barry pit is only 1Km in length at present and is open in all directions still and at depth. …

 

Jay Taylor: Indeed Ron, you actually have a 43-101 calculation already do you not (on the Barry pit)?

 

Ronald Perry, VP & Treasurer Metanor: When we purchased Barry in 2006 it had 35,000 oz gold measured and indicated, since then we mined well over 40,000 … so obviously we found more gold … the original story of Metanor was getting a mill as a cornerstone of the strategy and doing acquisitions in the area and our first acquisition, a temporary asset of Barry, turned into a long term asset. So we’ve been using a lot of the funds that were suppose to go for Bachelor at Barry, but I think the investment is going to pay off when we show people the number of ounces we have at Barry.

 

Jay Taylor: You’ve been feeding the Bachelor Lake (1200TPD capacity) mill from the Barry open pit and those are lower grade ounces I might mention, you have to truck those a fair distance right now, once you have the ounces built up at Barry as I understand it may be feasible it would seem to build a concentration plant so you’re hauling higher value ore over to the mill for processing at Bachelor Lake, is that right?

 

Ronald Perry, VP & Treasurer Metanor:  No question, once the 43-101 is public and once we start our drilling campaign the strategy at Metanor will be a little different. The Barry pit with lower grade but higher tonnage and with a good drill campaign up to 50,000m, maybe starting with 20K- 30K right away, I think we could double that resource number that we are going to announce [next week] and then I think after that we can get a bankable feasible study. We envision Metanor in the future with the Bachelor Lake mill handling [only] Bachelor and Hewfran ore -- the original game plan was to be 700TPD [high grade] from Bachelor and 500TPD [lower grade] from Barry and that was going to give us ~60,000 ounces [gold per annum], but if we remove the 500TPD from Barry and replace it with 300 – 500TPD from Bachelor you end up with almost 100,000 ounces [gold per annum] just from Bachelor Lake at the Bachelor mill and if you put a 8000 tonne concentrator at Barry Metanor becomes a 150,000 – 200,000 ounce [per annum] producer in two years. Right now I think we will be identified as a successful exploration company that also produces. …

 

Jay Taylor: It really is an exciting property there is no doubt about it, and I might say that here in Val d’Ore Quebec, Quebec is probably the premier gold mining province, one of the most prolific gold mining provinces in the world, one of the most mining friendly provinces in the world, and so that’s one of the reasons why I am up here – I believe we are in bull market of a life time for gold mining companies. …. Any parting words Ron?

 

Ronald Perry, VP & Treasurer Metanor:  I appreciate you having me on this show, like I said we have the imminent 43-101, a new corporate presentation which will show the anomalies, the [new] drill program, and just one quick thing on the Bachelor Lake property and Hewfran [which are adjacent to each other] – that has a historical 43-101 of ~300,000 ounces in 2005, since then there has been some more work done on the property and there is a lot of work we did on Hewfran that has not been included in a 43-101, so we are going to be updating that 43-101. The cut-off grade when we did the 300,000 ounces was done when gold was $485 an ounce and the cut off was at ~3.5 g/t so we think with an investment in a 43-101 and trying to get that out in 2010, before the end of the year is feasible and updating that, I think it will give Metanor a lot of ounces in its inventory. ## 

 

 

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SOURCE: Sector Newswire

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