METANOR RESOURCES INC.
TSX VENTURE : MTO

METANOR RESOURCES INC.

February 02, 2006 09:00 ET

Metanor Resources Inc.: Private Placement of $ 200,000

VAL-D'OR, QUEBEC--(CCNMatthews - Feb. 2, 2006) - Metanor Resources Inc. (TSX VENTURE:MTO) "Metanor" announces its intend to proceed with a private placement of 333,333 common shares for a total amount of $200,000 ($0.60 per common share) with an European investor. Each share is issued together with one warrant, each warrant entitling its holder to subscribe one common share of the company at a price of $0.85 per share within a period of 18 months from the date of issuance.

Desjardins Securities Inc. will receive a fee of 10% of the gross proceeds from the private placement.

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.

The proceed of this private placement after deduction of Desjardins Securities Inc.'s fee and the cost of issue will be used for exploration work on the Metanor properties Bachelor Lake, Dubuisson, Opinaca and Wahnapitei properties.

This private placement and the issuance of the common shares and the warrants are subject to the approval of the TSX Venture Exchange.

19,142,598 outstanding shares

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

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