December 18, 2008 16:30 ET

Metanor Resources Inc.: Private Placements

VAL-D'OR, QUEBEC--(Marketwire - Dec. 18, 2008) - Further to the press release issued by Metanor Resources Inc. ("Metanor" or the "Company") (TSX VENTURE:MTO) on November 26, 2008, Metanor announces that Raymond James Limited will act as lead agent (the "Agent") for a private placement and will, on a best efforts basis, obtain offers of up to 4,444,444 Flow Through Common Shares at a price of $0.45 per share, for a gross amount of up to $2,000,000 (the "Offering"). Raymond James will be paid a cash commission of 6.25%. The closing of the Offering will be on or about December 19, 2008, or earlier or later date as the Agent may determine.

The net proceeds from the Offering will be used for surface drilling at the Company's Hewfran and Barry (Zone 51) projects.

Furthermore, Metanor will proceed with a non-brokered concurrent private placement with one investor pursuant to which Metanor will issue a maximum of 1,200,000 Flow-Through Common Shares at a price of $0.50 per share, which will allow Metanor to incur and renounce expenses that qualify as "Canadian exploration expenses" under the Income Tax Act (Canada), as well as "super flow-through" entitlements under the Taxation Act (Quebec). The gross proceeds from this concurrent private placement will be used for drilling activities on the Hewfran and Nelligan properties located in Quebec.

The Flow Through Common Shares have not been registered under the United States Securities Act of 1933 (the "Act") and may not be offered or sold absent registration under the Act or an applicable exemption from the registration requirements thereof. This press release does not constitute an offer to sell or a solicitation of an offer 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.

73,469,693 outstanding shares

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

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