October 09, 2008 10:00 ET

Metanor Sells 1st Commercial Gold Bar at $1,018CDN/oz

VAL D'OR, QUEBEC--(Marketwire - Oct. 9, 2008) - Metanor ("the Company") (TSX VENTURE:MTO) is pleased to announce that yesterday morning it sold its first commercial pure gold bar containing 540.69oz at a record price of $1,018CDN/oz. Metanor is presently mining the Barry Open pit and transporting the mill feed to the Bachelor Lake Mill facility which is continuing to operate uninterrupted 7 days/week, 24 hours/day. The Company is unhedged and has virtually no long term debt and together with its $10M line of credit it is well positioned in today's credit and investment climate. Serge Roy, Chairman and CEO and Ghislain Morin, President and COO both stated: " Metanor and its team have built North Americas Newest Gold Producer in record time and we are coming online at the best time ever. The current worldwide financial crisis has made gold once again the safe haven investment of choice and we produce it. What a great opportunity for our Company to grow and prosper and also self finance its future exploration from cash flow thereby avoiding significant dilution to its shareholders. We firmly believe that our current share price is not indicative of its full value, with a current Market Capitalization of approximately $30M CDN compared to a replacement cost of $140M CDN for its mill, buildings, roads, tailing pond, power lines, mining camps, equipment, etc., Metanor is trading at a significant discount. Further, there is no value attributed to its current gold resources in the ground".

Mr. Andre Tremblay, P Eng. is the qualified person pursuant to National Instrument 43-101 and supervised the technical information presented in the news release.

73,469,693 outstanding shares

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

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