METANOR REPORTS ITS FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED JUNE 30TH, 2014 WITH A NET INCO

October 27, 2014 – Val-d’Or, Quebec, Canada: Metanor Resources Inc. (“Metanor”) (TSX – V: MTO) is pleased to report on its financial results and accompanying notes for the quarter and year ending June 30th 2014 (Q4).  This press release should be read in conjunction with Metanor’s financial statement for the year ended June 30th 2014 and related Management’s Discussion and Analysis (MD&A), which can be found on the Company websitewww.metanor.ca or on SEDAR www.sedar.com.  All amounts are in Canadian dollars unless otherwise stated.

 

Q4 2014 Highlights  

 

  • Gold sales of 12,468 ounces on gold production of 13,083 ounces.
  • Total of $16,523,725 in revenues from gold sales.
  • Net Income of $ 1,078,441 for the quarter.
  • Milled 61,905 tonnes of ore at a feed grade of 6.8 g/T and a recovery of 96.9%.
  • Cash Cost of $873 per ounce sold in Q4 (US$786/oz at an exchange rate of US$0.90/CA$1.00).
  • Sustaining cost of CND$1,051 per ounce sold (US$946/oz using an exchange rate of US$0.90/CND$1.00).
  • All-In cost of $1,123 per ounce sold in Q4 (US$ 1,010/oz at an exchange rate of US$0.90/CA$1.00).

 

Full-Year 2014 Highlights 

 

  • Total of $38,488,620 in revenues from gold sales.
  • Net loss of  $2,875,391 for the year.
  • Cash Cost of $908 per ounce sold(US$817/oz at an exchange rate of US$0.90/CA$1.00).
  • Sustaining cost of CND$1,071 per ounce sold (US$964/oz using an exchange rate of US$0.90/CND$1.00).
  • All-In cost of $1,195 per ounce sold (US$ 1,076/oz at an exchange rate of US$0.90/CA$1.00).

 

 

 

Operating and financial results

Quarter ended

June 30th 2014

Quarter ended

March 31st 2014

Quarter ended

December 31st 2013*

Quarter ended

September 30th 2013

Year total

Operational results

Tonnes milled (Tonnes)

61,905

60,497

62,033

55,591

240,026

Feed grade (g/T)

6.8

6.7

6.6

6.0

6.52

Mill recovery rate

96.9%

96.8%

97.5%

97.1%

97.1%

Ounces produced

13,083

12,641

12,751

10,373

48,848

Ounces sold

12,468

13,700

10,427

10,269

46,864

Underground development (metres)

1,411

1,751

1,492

1,277

5,931

Diamond drilling (metres)

17,374

10,550

9,164

7,237

44,325

Financial results                 (Thousand dollars)

Gold Sales

16,524

18,408

3,557

0

38,489

Operating Costs

(10,632)

(12,833)

(2,221)

0

(25,686)

Royalties

(271)

(333)

(117)

0

(721)

Depreciation & Depletion

(2,894)

(4,609)

(1,070)

0

(8,573)

Gross Profit

2,726

633

149

0

3,508

Net Results

1,078

(1,919)

(410)

(1,624)

(2,875)

*As of December 1st 2013, the Bachelor Mine reached commercial production status.

Ghislain Morin, president and chief executive officer, and Serge Roy, executive chairman of the board, declared: « We are very pleased with our quarterly results which show that Metanor generates positive income, and improves its financial situation while continuing its underground drilling and development at the Bachelor Mine. »

 

 

Outlook for the coming quarters 

 

Metanor continues to develop new drifts to the west at the Bachelor Mine and will continue the diamond drilling in the coming months  to eventually add new resources and reserves.

 

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.

 

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, Contact: 514-262-8286, Email: rperry@metanor.ca.

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