VAL-D'OR, QUEBEC -- (Marketwire) -- 02/07/13 -- Metanor Resources Inc. ("Metanor") (TSX VENTURE:MTO) is pleased to release an update regarding the current development of its Bachelor project.
Metanor produced 2,236 oz. of gold in January, compared to 1,718 oz. in December, bringing the total production since July 2012 to 10,111 oz. of gold. The ounces produced in January come from 13,871 tonnes of ore grading 5.18 grams per tonne recovered at 96.8%. This 30% increase of ounces in one month is related to the start up of more production stopes in January. The average monthly grade was lower than December because of the mining of one stope at a lower grade. The average monthly grade in February is expected to be higher than January.
The average tonnage in January was 447 tonnes per day (Tpd) compared to 275 Tpd in December. The commissioning of new stopes in the coming weeks will allow the company to step up its production, and eventually start its commercial production. Metanor will publish a press release regarding its production update between March 6th and 14th 2013.
Metanor is a Canadian based gold mining company with a focus on adding value per share through efficient production, exploration, and development of it properties. Maintaining a low risk profile through a strong operating team, sound financial management, and operating in secure jurisdictions like Quebec are key priorities for Metanor's management team.
Pascal Hamelin, P.Eng, Vice-president of Operations, is the Qualified Person under NI 43-101 responsible for reviewing and approving the technical information contained in this news release.
Cautionary Language and Forward-Looking Statements
This press release includes certain statements that may be deemed "forward-looking statements". All statements in this discussion, other than statements of historical facts, that address future exploration drilling, exploration activities, anticipated metal production, internal rate of return, estimated ore grades, commencement of production estimates and projected exploration and capital expenditures (including costs and other estimates upon which such projections are based) and events or developments that the Company expects, are forward looking statements. Although the Company believes the expectations expressed in such forward looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include, metal prices, exploration successes, continued availability of capital and financing, and general economic, market or business conditions. Accordingly, readers should not place undue reliance on forward-looking statements.
237,650,916 outstanding shares
Neither the TSX Venture Exchange, nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
Contacts: Ronald Perry Vice-President 514-262-8286 firstname.lastname@example.org