METANOR RESOURCES INC.
TSX VENTURE : MTO

METANOR RESOURCES INC.

May 14, 2008 09:11 ET

Modifications of the Agreement to Acquire the Hewfran Property, Signed Between Metanor Resources and Aur Resources

VAL-D'OR, QUEBEC, CANADA--(Marketwire - May 14, 2008) - Metanor Resources Inc. "Metanor" (TSX VENTURE:MTO) announces that modifications to the terms and conditions of the option to purchase the Hewfran Property, signed on June 8, 2005, was negotiated with Aur Resources (now Teck Cominco Ltd). This agreement states that Metanor can acquire a 100 % interest in the Hewfran property by spending a total of $1,600,000 in exploration work and in consideration of the payment of a sum of $375,000 payable in cash or in common shares, over a three year period ending may 31, 2008 (press release dated of August 10, 2005).

In order to complete and fulfill the commitments, a total of $200,000 is still payable (in cash or in common shares, to the discretion of Metanor) and an amount of approximately $460,000 in exploration work must be spent on the property before the end of May 2008. A diamond drilling program along with geological survey and stripping were planned and are underway in certain areas of the property, but more time is needed to complete these work.

Metanor obtained an extension to meet its expenditure commitments. Teck Cominco Ltd agrees to grant an extension to Metanor, replacing the date of May 31, 2008 by the date of December 31, 2008.

In consideration of this extension of delay, and subject to exchange approval, Metanor agrees to satisfy its last payment by issuing to Teck Cominco Ltd, prior to May 15, 2008, a total of 200,300 units of Metanor. The conversion of $200,000 is based on 95% of the weighted average trading price for 20 days commencing 25 trading days prior to April 4, 2008 (rounded to closest 100 units). Each unit shall comprise one common share and one share purchase warrant. Each warrant shall be valid for two years from the date of issuance and shall entitle Teck Cominco to purchase one Metanor common share at an exercise price of $1.20 per share.

This modification to the Agreement is subject to regulatory approval. 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.

73,050,393 outstanding shares

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

Contact Information