November 10, 2006 14:22 ET

Metanor Resources Inc.: First Closing of a Private Placement of a Maximum of $2.5 M

VAL-D'OR, QUEBEC--(CCNMatthews - Nov. 10, 2006) - Metanor Resources Inc. (TSX VENTURE:MTO) "Metanor" announces that it has proceeded with a first closing of a private placement of 4,129,077 units at the price of $0.50 per unit for a total amount of $ $2,064,538.50 with Canadians, Americans and Europeans investors. Each unit comprises one common share and a half warrant. Each whole warrant entitles its holder to subscribe one common share of Metanor at a price of $0.55 per share within a period of 24 months from the date of issuance. A second closing for at least 500,000 units totaling $250,000 is scheduled to take place on or about November 16, 2006.

The common shares and the warrants as well as the common shares underlying warrants are subject to a resale restriction for a period of four months and one day following the closing date.

20,460,629 outstanding shares

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

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