June 29, 2005 12:00 ET

Metanor Resources Inc.: Final Closing of the Second Private Placement

VAL D'OR, QUEBEC--(CCNMatthews - June 29, 2005) - Metanor Resources Inc. ("Metanor") (TSX VENTURE:MTO) has completed a third and final closing of its second private placement originally announced on March 11, 2005. In the course of this third closing, Metanor accepted subscriptions for a total of 100,000 units at the price of $0.60 per unit representing a money amount of $60,000. Each unit is comprised of one common share and one common share purchase warrant. Each share purchase warrant entitles its holder to subscribe to one common share of Metanor at the price of $0.85 per share at any time until December 28, 2006.

One European investor subscribed for 50,000 units ($30,000) and Canadian investors subscribed for 50,000 units ($30,000).

Metanor has raised an aggregate amount of $3,470,500.80 through the issuance of 5,784,168 units, such units described above.

The securities issued pursuant to this private placement are subject to certain resale restrictions pursuant to the applicable securities legislation and subject to a four months hold subsequent to the closing date.

The TSX Venture does not accept responsibility for the adequacy or the accuracy of this news release.

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