METANOR RESOURCES INC.
TSX VENTURE : MTO

METANOR RESOURCES INC.

November 26, 2008 09:52 ET

Private Placement-Metanor Resources Inc. (MTO-V)

VAL-D'OR, QUEBEC--(Marketwire - Nov. 26, 2008) -

NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES

Metanor Resources Inc. ("Metanor" or the "Company") (TSX VENTURE:MTO) is pleased to announce that it has entered into an agreement with Raymond James Limited pursuant to which Raymond James will act as lead agent (the "Agent") for a private placement. Raymond James will offer on a best efforts basis 20,000,000 Flow Through Common Shares at a price of $0.50 per share, for a gross amount of $10,000,000 (the "Offering"). Raymond James will be paid a cash commission of 6.25%. The closing of the Offering will be December 16, 2008, or earlier or a later date as the Agent may determine.

The net proceeds from the Offering will be used for further exploration and development of Metanor's Bachelor, Hewfran and Nelligan gold projects as follows: $6,000,000 for the Hewfran underground and surface drilling program, $3,000,000 for the underground development at Bachelor Lake Mine and $ 1,000,000 for exploration on the Nelligan property.

The Flow Through Common Shares have not been registered under the United States Securities Act of 1933 (the "Act") and may not be offered or sold absent registration under the Act or an applicable exemption from the registration requirements thereof. This press release does not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction or an exemption there from.

73,469,693 outstanding shares.

TSX Venture Exchange does not accept any responsibility for the adequacy or the accuracy of the press release.

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