August 25, 2009 16:44 ET

Metanor-To File Restatement of Financials

VAL-D'OR, QUEBEC, CANADA--(Marketwire - Aug. 25, 2009) - Metanor Resources Inc. ("Metanor" or the "Company") (TSX VENTURE:MTO) reports that it plans to file a restatement of its March 31, 2009 financial statements and related Management Discussion and Analysis.

The Company intends to change certain of its accounting policies in order to comply with Canadian Institute of Chartered Accountants' Accounting Guideline 11 (AcG-11"), "Enterprises in the Development Stage" and to respect the dispositions mentioned in the National Instrument 43-101 relating to the mining projects information ("NI 43-101"). These modifications reflect in particular, the opinion that as long as the Company did not proven mineral reserves and reach the criteria allowing her to be considered "in production", it must be considered to be in the development stage. As a development stage company, costs directly related to mining property are deferred and revenues earned are recorded as a reduction of the deferred expenses. Amortization of the deferred costs will not commence until the property is considered to be in full commercial production. These accounting changes will be applied retrospectively in the amended March 31, 2009 financial statements.

The firm SGS Geostat has begun, last month, the preparation and the compilation of a new independent National Instrument NI43-101 Compliant Technical Report on the Barry property. Once this Technical Report is completed, an economic study of feasibility will follow.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release."

105,807,582 outstanding shares

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