July 09, 2008 09:00 ET

Metanor Resources Inc.: 25% More Gold from the Bulk Sampling at Barry

VAL-D'OR, QUEBEC--(Marketwire - July 9, 2008) - Metanor Resources Inc. (TSX VENTURE:MTO) is pleased to announce that it has completed, with great success, its program of Bulk Sampling of more than 50,000 metric tons of material coming from the open pit of the Barry project, Quebec and the processing of this gold bearing material to the mill of the Bachelor mine.

Since the beginning of 2008, Metanor proceeded to the Bachelor mill a total of 53,901 metric tons of mill-feed at a grade of 5.23 g/t Au coming from the open pit of the Barry deposit. With an average recovery of 84.6%, Metanor thus recovered 7,655 ounces of gold. This represents an increase of approximately 25% of the gold content during the evaluation of the resources.

The Gold Resources for the Barry deposit were evaluated by Systemes Geostat International Inc. in compliance with NI 43-101 and are estimated at 52 300 oz Au of Indicated Resources (385,000 t at 4.23 g/t Au) and 126 600 oz Au of Inferred Resources (966,000 t at 4.07 g/t Au) in zones 43, 45 and the southwest extension of the main zone (April 30, 2007). This resource evaluation is incorporating channel sampling and all drill results performed by Murgor. This resource evaluation was performed with a 2 g/t Au Cut-off and using the inverse distance method. A major portion of the resources are at, or near surface and are considered open-pitable, thereby reducing operating costs significantly.

Metanor completely refurbished the Bachelor mill in order to proceed the material taken from the Barry deposit and is always improving the operations to increase recovery. Current recovery is approximately 92% and Metanor is aiming to bring this recovery to approximately 96% during the next weeks.
Following these very interesting and conclusive results as for the profitability of this project of open pit mining, Metanor confirms its intention to go in commercial production during the next weeks.

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.

73,419,693 outstanding shares

The TSX Venture Exchange does not accept any responsibility for the adequacy or the accuracy of the press release.

Contact Information