Metanor Provides Bachelor Project Update
VAL-D'OR, QUEBEC -- (Marketwired) -- 05/22/13 -- Metanor Resources Inc. ("Metanor") (TSX VENTURE: MTO) is pleased to provide an update on the development activities currently underway at its Bachelor project.
Metanor produced 1,977 ounces of gold during the month of April, bringing the total number of ounces produced from July 2012 to 17,451. The ounces produced in April came from development ore and also some from stopes for a total of 13,454 tonnes of ore at a combined grade of 4.72 grams / tonne with a 96.8% recovery.
The tonnage milled in April was lower than March because of a production loss due to an electrical problem with the cable feeding the underground section of the project. Once the problem was identified, a water infiltration on the circuit due to quick spring thaw, Metanor quickly proceeded with the required modifications on the circuit to prevent reoccurrence in the future. We are therefore forecasting higher tonnage in May.
In April, the gold extraction was on the two levels in development, 12 and 13. The access on levels 14, 11, and 10 are continuing toward the ore zones. The ore feeding the mill came mainly from one stope currently in development.
With respect to the April 29th press release, we reached the ore zones on level 14on May 8th The main and B veins were both identified. In the coming weeks, we will develop the drifts in the veins on level 14, as well the raises toward level 13 to eventually begin the production activities between these two levels.
Further, due to the volatility of the gold market and as other gold companies have done, Metanor's management adopted a company-wide cost reduction program to ensure that the production ramp up continues unabated.
About Metanor
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.
Qualified Person
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.
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:
Metanor Resources Inc.
Ronald Perry
Vice-President
514-262-8286
rperry@metanor.ca
