|By Marketwired .||
|December 11, 2012 08:45 AM EST||
VAL-D'OR, QUEBEC -- (Marketwire) -- 12/11/12 -- Metanor Resources Inc. ("Metanor") (TSX VENTURE:MTO) is pleased to release an update regarding the current development of its Bachelor project.
Metanor produced 1,715 ounces of gold in November, compared to 1,251 ounces in October, bringing the total production since the end of July to 6,157 ounces of gold.
This can be attributed to the beginning of our production activities on level 12 and 13 in November.
Since July, Metanor continues to build the infrastructures required to ramp up towards commercial production. As announced on November 13th 2012, we completed the excavation and construction of a 625 meters (2,050 feet) passageway allowing a second distinct access toward surface (Escapeway). This second passageway required pursuant to provincial legislation allows the project to proceed with the next phase: production activities in the stopes, and increase in the monthly production.
In addition, Metanor announces that an agreement was reached with Ressource Quebec (a subsidiary of Investissement Quebec) whereby Metanor will begin the repayment of the capital owed on the loan February 28, 2013 ( please refer to the press release issued April 19, 2012 for details of the loan), three months later then what was provided for. For more details on the loan, please consult Metanor's file on the web at www.sedar.com .
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. Maintaining a low risk profile through a strong operating team, sound financial management, and operating in secure jurisdictions like Quebec are key priorities for Metanor's management team.
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. Factors that could cause actual results to differ materially from those in forward-looking statements include, metal prices, exploration successes, continued availability of capital and financing, and general economic, market or business conditions. Accordingly, readers should not place undue reliance on forward-looking statements.
226,639,754 outstanding shares
Neither the TSX Venture Exchange, nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
Metanor Resources Inc.
Ronald Perry, Vice-President
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