December 22, 2010 14:18 ET

Metanor Resources Inc. Announces the Closing of a Non-Brokered Private Placement

VAL-D'OR, QUÉBEC--(Marketwire - Dec. 22, 2010) - Metanor Resources Inc. ("Metanor") (TSX VENTURE:MTO) announces the closing on December 22, 2010 of a non-brokered private placement with Société de développement de la Baie-James (SDBJ) for gross proceeds of $400,000. The private placement consisted of 800,000 Common Shares (the "Shares") at a price of $0.50 per share.

Metanor will use the net proceeds of the private placement towards production at the Bachelor Lake mine located in the James Bay territory.

All securities issued are subject to a holding period of four months and one day from the date of closing.

The Shares have not been registered under the United States Securities Act of 1933 (the "Act") and may not be offered or sold absent of registration under the Act or an applicable exemption from registration requirements thereof. This press release does not constitute an offer to sell or a solicitation to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction or an exemption therefrom.

150,543,307 outstanding shares

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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