Metanor Resources Inc.
TSX VENTURE : MTO

Metanor Resources Inc.

October 27, 2014 19:12 ET

Metanor Reports its Financial Results for the Quarter and Year Ended June 30th, 2014 with a Net Income of $1,078,441 in the Quarter

VAL-D'OR, QUEBEC--(Marketwired - Oct. 27, 2014) - Metanor Resources Inc. ("Metanor") (TSX VENTURE:MTO) is pleased to report on its financial results and accompanying notes for the quarter and year ending June 30th 2014 (Q4). This press release should be read in conjunction with Metanor's financial statement for the year ended June 30th 2014 and related Management's Discussion and Analysis (MD&A), which can be found on the Company website www.metanor.ca or on SEDAR www.sedar.com. All amounts are in Canadian dollars unless otherwise stated.

Q4 2014 Highlights

  • Gold sales of 12,468 ounces on gold production of 13,083 ounces.
  • Total of $16,523,725 in revenues from gold sales.
  • Net Income of $ 1,078,441 for the quarter.
  • Milled 61,905 tonnes of ore at a feed grade of 6.8 g/T and a recovery of 96.9%.
  • Cash Cost of $873 per ounce sold in Q4 (US$786/oz at an exchange rate of US$0.90/CA$1.00).
  • Sustaining cost of CND$1,051 per ounce sold (US$946/oz using an exchange rate of US$0.90/CND$1.00).
  • All-In cost of $1,123 per ounce sold in Q4 (US$ 1,010/oz at an exchange rate of US$0.90/CA$1.00).

Full-Year 2014 Highlights

  • Total of $38,488,620 in revenues from gold sales.
  • Net loss of $2,875,391 for the year.
  • Cash Cost of $908 per ounce sold(US$817/oz at an exchange rate of US$0.90/CA$1.00).
  • Sustaining cost of CND$1,071 per ounce sold (US$964/oz using an exchange rate of US$0.90/CND$1.00).
  • All-In cost of $1,195 per ounce sold (US$ 1,076/oz at an exchange rate of US$0.90/CA$1.00).
Operating and financial results Quarter ended
June 30th 2014
Quarter ended
March 31st 2014
Quarter ended
December 31st 2013*
Quarter ended
September 30th 2013
Year total
Operational results
Tonnes milled (Tonnes) 61,905 60,497 62,033 55,591 240,026
Feed grade (g/T) 6.8 6.7 6.6 6.0 6.52
Mill recovery rate 96.9 % 96.8 % 97.5 % 97.1 % 97.1 %
Ounces produced 13,083 12,641 12,751 10,373 48,848
Ounces sold 12,468 13,700 10,427 10,269 46,864
Underground development (metres) 1,411 1,751 1,492 1,277 5,931
Diamond drilling (metres) 17,374 10,550 9,164 7,237 44,325
Financial results (Thousand dollars)
Gold Sales 16,524 18,408 3,557 0 38,489
Operating Costs (10,632 ) (12,833 ) (2,221 ) 0 (25,686 )
Royalties (271 ) (333 ) (117 ) 0 (721 )
Depreciation & Depletion (2,894 ) (4,609 ) (1,070 ) 0 (8,573 )
Gross Profit 2,726 633 149 0 3,508
Net Results 1,078 (1,919 ) (410 ) (1,624 ) (2,875 )
* As of December 1st 2013, the Bachelor Mine reached commercial production status.

Ghislain Morin, president and chief executive officer, and Serge Roy, executive chairman of the board, declared: « We are very pleased with our quarterly results which show that Metanor generates positive income, and improves its financial situation while continuing its underground drilling and development at the Bachelor Mine. »

Outlook for the coming quarters

Metanor continues to develop new drifts to the west at the Bachelor Mine and will continue the diamond drilling in the coming months to eventually add new resources and reserves.

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.

Qualified Person

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.

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.

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

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