VAL-D'OR, QUEBEC, CANADA--(Marketwire - Nov. 13, 2012) - Metanor Resources Inc. ("Metanor") (TSX VENTURE:MTO) is pleased to release an update regarding the current development of its Bachelor project.
The company announced on July 6, 2012 that it received its certificate of approval for commercial production and on July 12, 2012, it announced positive results of the bulk sample- 25% more gold than expected. Metanor, then proceeded to commence development work to begin the ramp up towards commercial production. Since July 2012, the company continued the development in the mineralized 'Main' and 'B' vein structures on levels 12 and 13 and began the development of underground infrastructures necessary for eventual commercial production at the Bachelor project.
In October, Metanor produced 1,250 ounces of gold coming from the lateral development accessing the future production zones, bringing the total production since July to 4,442 ounces of gold.
Last week, we completed the excavation and construction of a 625 meters (2,050 feet) passageway allowing a second distinct access towards the surface (Escapeway). According to provincial legislation, this second passageway now allows the project to proceed with the next phase which is the production activities in the stopes. This step will allow the project to continue the production ramp up toward commercial production.
Further, the company announces changes to its board of directors and officers. Mr. Serge Roy will be the Executive Chairman of the Board, and Mr. Ghislain Morin will be the President and Chief Executive Officer.
Metanor is a Canadian based gold mining company with a focus on adding value per share through efficient production, exploration, and development of it properties. Maintaining a low risk profile through a strong operating team, sound financial management, and operating in secure jurisdictions like Quebec are key priorities for Metanor's management team.
Pascal Hamelin, P.Eng, Vice-president of Operations, is the Qualified Person under NI 43-101 responsible for reviewing and approving the technical information contained in this news release.
226,639,754 outstanding shares
Cautionary Language and Forward-Looking Statements
This press release includes certain statements that may be deemed "forward-looking statements". All statements in this discussion, other than statements of historical facts, that address future exploration drilling, exploration activities, anticipated metal production, internal rate of return, estimated ore grades, commencement of production estimates and projected exploration and capital expenditures (including costs and other estimates upon which such projections are based) and events or developments that the Company expects, are forward looking statements. Although the Company believes the expectations expressed in such forward looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include, metal prices, exploration successes, continued availability of capital and financing, and general economic, market or business conditions. Accordingly, readers should not place undue reliance on forward-looking statements.
Neither the TSX Venture Exchange, nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.