METANOR RESOURCES INC.

METANOR RESOURCES INC.

March 09, 2005 09:06 ET

Metanor Resources Inc. Announces a Private Placement of a Maximum of $4,500,000


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: METANOR RESOURCES INC.

TSX VENTURE SYMBOL: MTO

MARCH 9, 2005 - 09:06 ET

Metanor Resources Inc. Announces a Private Placement
of a Maximum of $4,500,000

VAL-D'OR, QUEBEC--(CCNMatthews - March 9, 2005) - Metanor Resources Inc.
(TSX VENTURE:MTO) will perform a private placement of up to $ 4,500,000,
with European Investors.

For this private placement, a maximum of 7,500,000 Units can be
subscribed at the price of 0,60$ per unit. Each unit is comprised of
one (1) Common Shares and one (1) Common Share purchase Warrant, which
warrant is exercisable into one common share of the Company at an
exercise price of $0.85 for eighteen (18) months from the date of its
issue.

The previous closing date is no later than March 24, 2005. The
Securities issued in virtue of the placement will be subject to certain
resale restrictions imposed under the Applicable Securities Laws, which
require that the Securities not be traded for a period of four months
from the Closing.No Agent is acting for this placement.

The proceeds of the subscription will be used to pay the balance of
pruchase price of the Bachelor Lake Property, for the developement of
this property and for the working capital of Metanor.

A diamond drilling campaign was performed on the Wahnapitei Porperty
(Sudbury) at the end of the Fall 2004 to test some geophysical
conductors (IP). Multi-element assays of some mineralized sections in
gabbro and dioryte to quartz units revealed the presence of rare
elements and of platinum-palladium (EPG Group) in three (3) sectors of
the Property. Assays of other similar mineralized sections are underway
and will be disclosed as soon of avalaible with complete results of the
diamond drilling campaign.

10,215,951 SHARES ISSUED

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Metanor Resources Inc.
    Serge Roy
    President and CEO
    (819) 825-8678 or (819) 856-8435
    or
    Metanor Resources Inc.
    Ghislain Morin
    Director
    (819) 354-9439
    or
    Metanor Resources Inc.
    Andre Tremblay
    Geologist
    (819) 825-8628
    ressources.metanor@cablevision.qc.ca
    www.metanor.ca
    The TSX Venture Exchange does not accept any responsability for the
    adequacy or the accuracy of this release.