July 16, 2015 – Val-d’Or, Quebec, Canada: Metanor Resources Inc. (“Metanor”) (TSX – V: MTO) announces that it has produced 10,277 ounces of gold during the quarter ended June 30th 2015.
A total of 58,499 tonnes of ore at a feed grade of 5.66 grams / tonne were processed during the quarter with a 96.5% recovery rate.
For the fiscal year ended June 30th, Metanor produced 40,067 ounces. A total of 234,826 tonnes of ore at a feed grade of 5.50 grams / tonne were processed during the year with a 96.5% recovery rate. Metanor sold 10,626 ounces of gold in the quarter and 41,242 ounces of gold for the year.
The production, in the last quarter, came from the «Main» and the «A» veins. For the coming quarter, the production will continue to come from these two veins with a grade near the current level. Starting this fall, the «B» and «Hewfran» veins will be added to production in addition to the «A» vein. The production from Hewfran is expected to increase the average grade of the mine between 5.8 and 6.2 g/t. For the coming year, Metanor expects to produce between 42,000 and 45,000 ounces of gold.
Development towards the west continued in the last quarter on levels 6 and 8, and 14. The development will continue on the same levels during the coming quarters. The exploration program also continued to the west with good results on level 6. The upcoming drill program will aim to connect the sector on level 13 with the known upper sector on levels 6 and 8.
The surface drill program began in the region of the Bachelor mine in early July, and will continue through the coming year. The surface drilling on the Barry property is planned later in 2015.
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.
Neither the TSX Venture Exchange, nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
For more information, please contact:
Ronald Perry, Vice-President
2872, Sullivan Road, suite 2
Val-d’Or, Quebec J9P 0B9
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