VAL-D'OR, QUEBEC--(Marketwire - Dec. 11, 2012) - Metanor Resources Inc. ("Metanor") (TSX VENTURE:MTO) is pleased to release an update regarding the current development of its Bachelor project.
Metanor produced 1,715 ounces of gold in November, compared to 1,251 ounces in October, bringing the total production since the end of July to 6,157 ounces of gold. This can be attributed to the beginning of our production activities on level 12 and 13 in November.
Since July, Metanor continues to build the infrastructures required to ramp up towards commercial production. As announced on November 13th 2012, we completed the excavation and construction of a 625 meters (2,050 feet) passageway allowing a second distinct access toward surface (Escapeway). This second passageway required pursuant to provincial legislation allows the project to proceed with the next phase: production activities in the stopes, and increase in the monthly production.
In addition, Metanor announces that an agreement was reached with Ressource Québec (a subsidiary of Investissement Québec) whereby Metanor will begin the repayment of the capital owed on the loan February 28, 2013 ( please refer to the press release issued April 19, 2012 for details of the loan), three months later then what was provided for. For more details on the loan, please consult Metanor's file on the web at www.sedar.com .