November 20, 2006 10:40 ET

Metanor Resources Inc. Signs a New Agreement to Acquire Halo Resources Ltd.'s 50% Interest in the Bachelor Lake Property, Quebec

VAL-D'OR, QUEBEC--(CCNMatthews - Nov. 20, 2006) - Mr. Serge Roy, President and CEO of Metanor Resources Inc. (TSX VENTURE:MTO) is pleased to announce the conclusion of a New Purchase Agreement whereby Metanor will purchase from Halo its 50% undivided ownership interest in the Bachelor Lake Property, the Hewfran Property and the MJL-Hansen Property located in Quebec, Canada (collectively, the "Bachelor Property"). The New Purchase Agreement provides for the payment by Metanor of $2,000,000 on November 20, 2006, of $500,000 on or before March 31, 2007, and of three (3) additional payments of $500,000 on or before May 31, August and November 30, 2007 in cash or common shares to Metanor's choice.

Metanor also grants to Halo a 1% net smelter returns royalty on all minerals or mineral products derived from the Bachelor Property (the "Halo Royalty"). Aside from the payment and royalty conditions, Metanor will assume for all liabilities arising under the previous Agreements signed on September 8, 2005 and April 27, 2006, and amended on August, 17, 2006.

Upon the complete fulfillment of this agreement Metanor will own 100% of the Bachelor Lake Property.

Metanor actually has the complete financial capacity needed to realize the acquisition of the Bachelor Lake Property following the last private placement (November 10 and 16, 2006 press releases).

The transaction is subject to regulatory approval.

Shares outstanding: 25,169,708

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information