I was looking for the size of dore bars that MTO poured on it's first run, I belive 740g or thereabouts and found this now laughable story (not so much if you are still a $1 holder)
For those not familiar with the story, time to pay attention is now as in Q4 2007 Metanor Resources will commence gold production, pouring their first gold bar. Metanor will become a gold producer at their 100% owned Bachelor Lake Gold Mill in the prolific Abitibi mining District of Quebec. With the refurbishment of Metanor’s 1000 tonne capacity per day mill, initial mill output from the Q4 test batch is ready. Production next year should accelerate to 45K oz in 2008, ramping up to 65K oz in 2009. The mill is configured to produce dore bars of approximately 90% gold, with a small component of silver. MTO.V appears to offer exceptional opportunity; their 2008 and onwards EPS will likely be very significant as a debt free unhedged gold producer. The current market cap relative to expected revenues is disproportionate (analysts report pegs $3 per share price). With plans to readily upgrade the resource base from over 500,000 oz of gold to over 1,000,000 oz, with approximately 60M shares outstanding and currently trading under CDN$1/share, the present valuation of MTO.V provides exceptional opportunity for investors. ... There should be no further share dilution or bank financing in Metanor's future, as Mining Expert David Bonds put it "they're a pay-as-you go operation with Class A properties on their books". It is not often a new gold mine comes online in a stable jurisdiction, especially offering as much near term operational value and future potential as Metanor. Once the shares that are currently available in its current trading range are absorbed it is likely the stock price of MTO.V will rise significantly. There is just too much going for Metanor and its future prospects, the window of opportunity being made available by shares at the current price level (while still available) are considered by those in-the-know as extremely undervalued with tremendous near-term upside potential.
3) Since our October review Metanor has provided an update (Nov 8, 2007) on operations that confirm restoration of the Bachelor Mill (mechanical and electrical) is 95% completed and the company is progressing towards production, among other insightful points. The Nov 8th release also had a synopsis of considerations that make Metanor a more attractive investment than was previously taken into account in economic studies. Madison Avenue Research notes some interesting points touched on that make Metanor an even more undervalued entity.
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