Metanor Resources Inc.

Metanor Resources Inc.

January 21, 2013 08:30 ET

Metanor Intersects 29.63 g/t Over 4.42m, 14.79 g/t Over 14.02m and 19.19 g/t Over 8.48m at Its Bachelor Project

VAL-D'OR, QUEBEC--(Marketwire - Jan. 21, 2013) - Metanor Resources Inc. ("Metanor") (TSX VENTURE:MTO) is pleased to release an update regarding the current drilling program at its Bachelor project.

Following the bulk sampling program of 5,000 tonnes in July (Refer to press release dated July 12th 2012), the company did significant progress in developing its underground infrastructure required to eventually begin its commercial production. In November 2012, the company began its long hole stoping activities in certain stopes, allowing the increase in monthly production (Refer to press release dated December 11th, 2012).

In parallel, Metanor continues the underground drilling program of the «Main» «A» and «B» veins, from various levels of the Bachelor mine. Recently, the company focused at verifying the lateral extensions of these veins on level 13:

  • Twelve (12) drill holes (13-040 to 13-050A) totaling 1,382 meters were completed. These holes were to verify the eastern extension of the «Main» and «A» veins. All twelve holes intersected the veins as well as the intersection between the two veins. (The «Main» vein intersect the «A» vein.)
  • Nine (9) drill holes (13-051 to 13-059) totaling 430 meters were completed. These holes were to verify the western extension of the «Main» and «B» veins. The first results available confirm the presence of these veins.

The table below summarize the significant intersections obtained:

Drill hole From (m) To (m) Width (m) * Grade g/t Au Zone
East Sector
13-040 23.80 27.07 3.27 8.01 A
13-041 34.32 37.19 2.87 12.95 A
13-042 54.71 63.19 8.48 19.19 A
13-043 77.75 81.90 4.15 5.56 A
13-044 60.05 65.13 5.08 2.77 A/P
13-045 75.47 80.04 4.57 8.56 A/P
13-046 92.69 97.11 4.42 29.63 P
13-047 96.01 100.61 4.60 5.73 P
13-048 122.04 122.38 0.34 8.53 P
13-049 87.08 89.18 2.10 3.79 P
13-050 90.40 91.24 0.84 9.20 A/P
13-050A 77.08 80.22 3.14 4.79 A/P
West Sector
13-051 3.60 4.75 1.15 18.50 B
18.29 21.18 2.89 14.70 P
13-052 8.56 10.52 1.96 14.54 B
13-053 Verify the hanging wall going south Nil
13-054 1.77 7.19 5.43 5.87 B
13-055 8.72 11.66 2.94 12.44 B
34.53 48.55 14.02 14.79 P

* : All intercepts represent the true core length

Metanor is very encouraged by the progress realized to date in regards to the production ramp up of its Bachelor Project, and by the results obtained in its diamond drilling campaigns. The last drilling campaign realized on level 13 allowed the extension of the veins 100 meters east, and 60 meters west of the existing ore zones on level 13. The company immediately decided to develop a drift toward the new sectors. A diamond drill was relocated to level 12 to continue the drilling of the new sectors at an higher elevation.

The true width is approximately 90% of the core length obtained in diamond drill holes targeting the western sector. The true width is approximately 70% of the core length obtained in diamond drill holes targeting the eastern sector. The samples were assayed by fire-assay at the Metanor assay lab. The quality control program of the assay results (QA QC) adopted by Metanor includes a minimum of 10% of controlled assays being conducted as well as verification by an independent external assay lab.

Ghislain Morin, President & CEO stated, "We are very pleased to see our current resource extending east and west. These are additional ounces accessible through a short 40 meters drift. This drift will also allow us to increase our geological knowledge of the ore body, and potentially add more resource."

About Metanor

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.

Qualified Person

Pascal Hamelin, P.Eng, Vice-president of Operations, is the Qualified Person under Regulation 43-101 responsible for reviewing and approving the technical information contained in this news release.

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.

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