July 30, 2009 08:45 ET

Metanor Goes Underground: Targets the High Grade Ore at Bachelor Lake

VAL-D'OR, QUEBEC--(Marketwire - July 30, 2009) - Metanor Resources Inc. ("Metanor") (TSX VENTURE:MTO) is pleased to announce that it has completed its new head frame and the installation of a 10ft hoist, all on schedule and at 30 % of the budgeted costs. The Company recently engaged Montali Inc., a mining contractor of Val d'Or to sink the Bachelor Lake mine shaft another 210 meters to a depth of 771m.

In 2005, Metanor completed a 15,000 meter drilling campaign from the last underground level of the Bachelor Lake mine and also drilled from the surface between 2005 and 2009. The drilling campaign produced very good drill results which demonstrated the development of new gold zones and higher grade ore at depth. Certain examples of high grade ore are as follows: 27.49 g/t over 2.78m (Press Release-May 26,2005), 22.19 g/t over 3.77m and 18.81 g/t over 4.70m(Press Release-June 8, 2005), 17.77 g/t over 3.25m and 27.43 g/t over 1.25m(Press Release-July 13,2005) 26.50 g/t over 2.75m and 25.12 g/t over 1.95m(Press Release-August 17, 2005) and 17.76 g/t over 3.66m, 13.08 g/t over 7.62m, 9.46 g/t over 25.7m and 9.59 g/t over 13.72m(Press Release-December 8, 2005).

Serge Roy, CEO and Ghislain Morin, President both stated that "The Bachelor Lake Property has always been the cornerstone of our strategy, with the potential resources it contains, which were evaluated by InnovExplo inc., in a NI 43-101 technical report, dated of October 31, 2005 as follows: measured and indicated resources of 841,591 t at 7.79 g/t Au(or 210,857 oz of gold) and inferred resources of 426,148 t at 6.52 g/t Au (or 89,366 oz of gold)."

The Company has been intensively pursuing a drilling campaign on the promising Barry property for many months now and SGS Geostat was recently mandated to produce a NI 43-101 report on the property which will be submitted to SEDAR during September 2009.

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

105,807,582 outstanding shares

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.

Contact Information

  • Metanor Resources Inc.
    Serge Roy
    President and CEO