Sector
NewswireTM
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. ##
|
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.
The interview was transcribed on a best effort bases by Sector
Newswire, content is NOT guaranteed -- accents, inflections, and
improvisations (considering English is not necessarily the subjects
primary language) can not be communicated in a transcript so all
information should be double checked by the reader and verified with
reliable sources prior to taking any action. Readers are referred to
the terms of use, disclaimer and disclosure located at the above
referenced URL and also below.
SOURCE: Sector Newswire
editorial@SectorNewswire.com
Additional Disclaimer and Disclosure I
Contact I
Terms and Conditions I
Copyright I
Privacy Policy
|