Metanor Resources Inc.
TSX VENTURE : MTO

Metanor Resources Inc.

May 31, 2011 09:00 ET

Metanor Drilled a New Gold Horizon at Barry

VAL-D'OR, QUEBEC--(Marketwire - May 31, 2011) -Metanor Resources Inc. ("Metanor") (TSX VENTURE:MTO) and its exploration team are pleased to announce that phase 1 of a drilling campaign on the Barry property allowed to localize a new gold bearing sheared zone to the northwest of the Barry deposit.

A total of sixty-four (64) IP anomalies were detected as new anomalies or like extensions of the anomalies detected during preceding surveys. On the Barry United property, several IP anomalies characteristics of gold bearing mineralisation of the vein type has the signature of those hosting the various gold bearing bodies constituting the Barry mine (Main zone, zone 43, Center zone and zone 48). These mineralized zones are localised in a major deformation corridor (Mazère fault), oriented N060°.

From November to December 2010, a drilling program was carried out on the Barry United property, specifically to investigate significant induced polarization (IP) anomalies occurring in volcanic units throughout the property. These IP anomalies were detected in the eastern and western extensions of the Barry deposit, as well as in parallel volcanic units that are highly prospective for gold mineralization similar to the mineralization exposed in the Barry pit.

Phase 1 of this drilling program focused particularly on the area west of the pit, with a few holes drilled immediately north and south of it. The program of 15 drill holes totalling 4 127 m was completed during the last fiscal year; all the holes intersected shear zones mineralized with pyrite and/or pyrrhotite and local gold over varying widths.

The strong anomalies detected in the area west of the pit coincide with pyrite and/or pyrrhotite veins in wide shear zones trending northeast, parallel to those of the Barry deposit. The best gold intersection was obtained in hole MB-10-516, with an intersection of 2.36 g/t Au over 2.9 m. The presence of gold in the area's shear zones shows that there is potential for discovering gold mineralization similar to the pit's in these mineralized shear zones that cross the entire property from east to west.

Drill holes testing the IP anomalies in the area directly north of the pit intersected pyrite mineralized zones, which returned intersections of 1.04 g/t Au over 4.13 m (MB-10-505) and 1.22 g/t Au over 2.92 m (MB-10-506) also indicating the gold potential of the mineralized shear zones that extend north of the Barry deposit.

A hole drilled in the south-western extension of the pit intersected mineralized shear zones over a width of 130 m with gold intersections grading 1.54 g/t Au over 6.5 m, 0.32 g/t Au over 30.5 m and 1.35 g/t Au over 13.5 m, confirming the continuity of the deposit's gold zones in this area.

Considering the direct association between gold content and pyrite-rich zones in the Barry pit, additional exploration is needed to investigate the strong IP anomalies detected in the areas between Barry, Noront (Eagle Hill) and Lac Rouleau, and to locate new gold zones and increase the resources of the Barry deposit.

SGS Geostat was mandated to plan the next stage of the drilling program with the goal of increasing resources on the Barry gold zone. This report was recently submitted to Metanor with a recommendation to begin by investigating the north-eastern area (near Eagle Hill) of the property, which is marked by the presence of IP anomalies, magnetic highs and major faults. A further Induced Polarization (IP) survey in this area is underway and results are pending.

Analyses were performed by fire assay at the Bachelor Mine laboratory with verification of several samples at the ALS Assay Laboratory of Val-d'Or, Quebec.

Mr. André Tremblay, P Eng. is the qualified person pursuant to National Instrument 43-101 and supervised the technical information presented in the news release.

Shares issued: 201,686,865

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