January 28, 2008 09:30 ET

Metanor Resources and the Waswanipi Cree Community Sign a Draft Agreement for the Bachelor Lake Mine

MONTREAL, QUEBEC--(Marketwire - Jan. 28, 2008) - Metanor Resources (TSX VENTURE:MTO)is proud to announce the signature of a draft agreement with the Waswanipi Cree community as part of the reopening of the Bachelor Lake gold mine, located in the Le Sueur township of James Bay.

"We are proud of the quality of the relationship we have developed in recent months with the Waswanipi Cree community," explains Mr. Claude Imbeault, Vice-President of Operations for Metanor Resources. "It is based on trust and collaboration, and the goal is to maximize positive outcomes for both parties."

The draft agreement covers several sectors, such as a pre-employment program to be developed and implemented by Metanor Resources for members of the Cree community interested in working at the mine. In addition, the agreement provides for a financial investment that will allow a host of projects to be developed and managed jointly by the Cree community and Metanor Resources socially, culturally and environmentally, as well as in terms of health and security. The Cree community's seniors will be called upon to act as advisors with the company to ensure that mining operations do not have an adverse impact on traditional activities such as trapping.

Among other things, the agreement has allowed Metanor Resources to obtain the permit needed from the ministere du Developpement durable, de l'Environnement et des Parcs to reopen the mine's mill.

"Our main goal was to establish a true partnership with the Waswanipi community so it can actively take part in the development of mining resources through the pre-employment program, for instance", added Mr. Imbeault. "The sharing of knowledge and experience will contribute to the success of these mining operations."

An Unprecedented Agreement

This type of agreement involving leaders of a Cree community in the development of guidelines for the management of a mine is a first in this sector.

To maintain an open and effective communication between both parties, a committee comprised of representatives from Metanor Resources and the Waswanipi community was implemented. "This committee will make sure that the interests of all parties involved are respected. Its mandate will be to monitor the Bachelor Lake mine, develop new collaborative agreements when needed and bring forth solutions to resolve potential issues", explained Mr. John Kitchen, Chief of the Waswanipi community.

The reopening of the mine, scheduled for the end of January 2008, will create more than 83 immediate jobs. The Gold Resources for the Barry deposit were re-evaluated by Systemes Geostat International Inc. in compliance with NI 43-101 and are now estimated with a 2 g/t Au Cut-off at 385,000 mt at 4.23 g/t Au (52,300 oz) of indicated resources and 966,000 mt at 4.07 g/t Au (126,600 oz) of inferred resources (Press release of May 8, 2007).

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