Metanor Resources Inc.

Metanor Resources Inc.

February 29, 2012 09:03 ET

Metanor Intersects 9.26 g/T Au over 2.63m and 10.83 g/T Au over 1.96m at Hewfran/Bachelor Lake

VAL-D'OR, QUEBEC--(Marketwire - Feb. 29, 2012) - Metanor Resources Inc. ("Metanor") (TSX VENTURE:MTO) is pleased to provide a new update of its exploration work at the Bachelor Lake project.

Metanor is nearing completion of the first phase of its surface drilling campaign at the Bachelor/Hewfran zone with the intent of increasing its' resources. In total, 11,200 meters of diamond drilling have been completed along this zone that extends more than 850 meters west of the Bachelor mine. It should noted again that this structure is accessible via a gallery located on level 6 of the Bachelor Lake mine and that it already contains indicated and inferred resource (REF.: Technical Report NI 43 - 101 Stantec, February 2011). All drilling intersected the Hewfran zone. The holes are all intersected their target and the alteration type and mineralization associated to the presence of gold were observed at different degrees in all the drill holes completed to date. Further, the results of the last 12 holes (2,700 m) are still pending. The following table summarizes the most significant intersections obtained since the publication of the last press release (ref.: November 16, 2011) dealing with this drilling program:

B11-151 280.02 281.23 1.21 8.41 West A
B11-154 129.20 129.99 0.79 2.49 West HW
167.00 167.83 0.83 16.90 West A
B11-158 54.50 56.22 1.72 5.61 West B
89.49 90.86 1.37 5.95 West A
B12-175 182.70 185.33 2.63 9.26 Main
219.62 225.35 5.73 2.28 A

(*) All intercepts represent the true core length

Based on the results obtained to date, Metanor is very confident to increase the resources of the Hewfran zone. In addition, Metanor plans begin the rehabilitation of the Gallery on level 6 to continue the development of this area.

Metanor has also started the underground drilling of the "Main" and "B", veins from level 15 of the Bachelor Lake mine. To date, about 3,600 meters of drilling has been completed. The first drill results are available and are summarized in the table below:

15-007 220.68 223.82 3.14 6.67 Main
239.42 241.38 1.96 10.83 (B)

(*)All intercepts represent the true core length

These holes are focused on increasing resources by targeting the known extensions of the existing resource under the level 14 and at depth. A second drill is planned for the month of March 2012. It will target the lateral extensions between levels 12 and 14 and will provide information to support the planned development of these levels.

The true width is approximately 90% of the core length obtained in diamond drill holes. 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.

About Metanor

Metanor is a Canadian based gold mining company with a focus on adding value per share through efficient 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 Operations, is the Qualified Person under NI 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.

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Neither the TSX Venture Exchange, nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

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