February 28, 2014 – Val-d’Or, Quebec, Canada: Metanor Resources Inc. (“Metanor”) (TSX – V: MTO) is pleased to report on its financial results for the quarter ending December 31st 2013 (Q2).  This press release should be read in conjunction with Metanor’s interim consolidated financial statement for the three month period ended December 31st2013 and related Management’s Discussion and Analysis (MD&A), which can be found on the company or on SEDAR  All amounts are in Canadian dollars unless otherwise stated


Q2 2014 Highlights  

  • Metanor achieves Commercial production November 2nd 2013(declared December 1st 2013).
  • Gold production of 12,751 ounces for the quarter which 4,514 oz were produced in December.
  • Gold sales of 10,427 ounces for the quarter of which 2,863 oz were sold in December.
  • Gross Margin of $149,128 for the quarter after depreciation and depletion of $1,070,138.
  • Net Loss for the quarter of $410,174 which includes revenues and cost of sales for December and three months of expenses.
  • Milled 62,033 tonnes of ore at a feed grade of 6.6 g/T and a recovery of 97.5%.
  • Total of $3,556,885 in gold sales in December (commercial production period) at an average selling price of $1,242/oz (US$1,167/oz at an exchange rate of US$0.94/CA$1.00).
  • Cash Cost of $815 per ounce sold in December (US$766/oz at an exchange rate of US$0.94/CA$1.00).
  • Began the payment on the capital totaling $933,333 during Q2 on the loan provided by Ressources Québec.
  • Subsequent to December 31st, Ressources Québec and Métanor concluded an amendment distributing the balance of the loan until March 2015. (See the press release issued February 27th 2013)

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 can already generate a positive gross margin at the onset of commercial production.  We plan to improve these results during the coming quarters as we attain full production capacity. »

Operating and financial results

Quarter ending December 31st

Commissioning and commercial production period

Quarter ending September 30th

Commissioning period

Year to date

Operating Results


Tonnes milled (Tonnes)

62,033 55,591 117,624

Feed Grade (g/T)

6.6 6.,0 6,28

Gold Recovery

97.5% 97.1% 97.3%

Ounces of gold Produced

12,751 10,373 23,124

Ounces of gold sold

10,427 10,270 20,697

Underground Development  (metres)

1,492 1,277 2,769

Diamond drilling (metres)

9,164 7,237 16,401

Financial Results ($000)


Gold Sales

3,556 0 3,556

Operating Cost

(2,221) 0 (2,221)


(117) 0 (117)

Depreciation & Depletion

(1,070) 0 (1,070)

Gross Margin

149 0 149

Net Results

(410) (1,624) (2,034)

Average sell price / oz(1)

1,242 – US$1,167 0 1 242 – US$1,167

Cash Cost / oz(2)

(815) – (US$766) 0 (815) – (US$766)

Gross Cash Margin / oz

427 – US$401 0 427 – US$401


  1. The average selling price is calculated on the ounces of gold sold in December (2,863oz).  The ounces sold in October and November were credited against the capital cost.
  2. The cash cost per ounce sold include the extraction cost, milling costs, on-site costs, and the royalties.

During this quarter (Q2), Metanor milled 62,033 tonnes of ore at a feed grade of 6.6 g/T and a recovery of 97.5% producing 12,751 ounces of gold.  On December 31st 2013, Metanor had a gold inventory of 2,375 ounces at the Royal Canadian Mint.  This higher inventory was related to the longer processing delays of the holiday period.

Outlook for the coming quarters 

The company continues to develop new drifts to the west which will allow access to new zones and increase the production toward a full capacity. The company will increase the diamond drilling in the coming months in order 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:

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