Metanor Pours Consecutive Record Weekly Gold Bars of 917 Oz and 868 Oz - Targeting 60,000 Oz/annum

Metanor Resources Inc. (TSX-V: MTO) has been steadily increasing Gold production at its newly refurbished Bachelor Mill, in Quebec, part of an ongoing ramp-up toward a targeted 5000 oz Gold per month run rate utilizing 2/3 of its 1200TPD capacity.
By: Mining MarketWatch Journal
 
March 3, 2013 - PRLog -- New York, NY -- Metanor Resources Inc. (TSX-V: MTO) (Pink Sheets: MEAOF) (Frankfurt: M3R) has had several news releases of significance over the last several weeks indicating it is steadily increasing Gold production at its newly refurbished 1200TPD capacity Bachelor Mine & Mill, in Quebec. This last week (Feb. 27, 2013) Metanor announced it poured a record Gold bar of 917 ounces, representing only one weeks production, and on Feb. 19, 2013 it announced 868 ounces was poured, a sizeable rise in the rate of production over what it had accomplished in January 2013. In January Metanor produced 2,236 oz of Gold, compared to 1,718 oz in December demonstrating a 30% month-on-month improvement, February production results expected to be released in the second week of March appear on track to show an even greater increase.

The consecutive rises in Gold production is part of an ongoing ramp-up toward Metanor's targeted 5000 oz Gold per month (60,000 oz per annum) run rate which is expected to be accomplished this 2013 utilizing 2/3 capacity of its 1200 TPD mill.

In the paragraph below is excerpt copy from Metanor Resources’ release this week;

Metanor Resources Inc. ('Metanor') is pleased to announce that it recently poured a new record 917 oz. gold bar at its 100% owned Bachelor Mill. The ore comes from the very promising Bachelor underground gold mine. Ghislain Morin, President and CEO stated that "This gold bar is now the largest weekly bar in the history of the company thus far, and represents a significant milestone in the company's progress over the last years. We recognize and thank our underground miners for their efforts and hard work which has enabled the company to accelerate the development and ramp up of the project. The increase in quantity of gold is not only because of the mill capacity increase but also the better grade control (less dilution) with now more work areas (stopes) being mined. We are very pleased with the continued performance of the mill since the beginning of its commissioning, the recoveries of 96-98% are exceptional and our mill team is doing a great job of monitoring the process of slowly increasing the mill's capacity to its full potential."

Metanor was recently identified in an analyst report with upside market valuation by investment dealer Secutor Capital Management. The analyst initiated coverage with significant upside re-rating based on several factors. A full PDF copy of the analyst’s report is available at the following URL http://sectornewswire.com/SCMCanalystMTOJan29-2013.pdf online. Additionally, Metanor was recently the subject of a Mining Journal review; the full Mining Journal review may be found at http://miningmarketwatch.net/mto.htm online.

Metanor is leveraged to the price of gold, able to sell 80% of its Bachelor Mine sourced gold at spot prices with the balance sold to Sandstorm as per gold participation agreement. Fully permitted, fully capitalized, and sufficiently staffed with professional mining personnel able to handle the ramp-up, MTO presents investors with an exceptional opportunity as the first new gold miner in Quebec's Plan Nord. Operational highlights of this new low cost gold producer include;
 
 • Low geopolitical risk.
 • Low hydro-electric costs, not affected by oil prices.
 • Grades upwards of 26 g/t gold with an average grade of 7.38 g/t gold (fully diluted using long hole).
 • Targeting 60,000 oz per year production at 800TPD, >96% recoveries.
 • Estimated cash cost of ~US$464/oz gold (2011 pre-feasibility by Stantec).
 • Identified zones should lead to resource growth and extension of mine life closer to 10+ years; Industrial Alliance analyst calculated (non 43-101) 700,000 oz achievable based on deep hole intercepts and extrapolation of data.
 
The intrinsic value of Metanor’s known resources (~1.6M oz gold in all categories on all its properties) and infrastructure are several times the company’s current market capitalization. With MTO now entering steady-state gold production and cash flow positive status, this should result in improved market awareness and appreciation for the Company; the reality of the infrastructure and resource value, cash flow growth, and clear ability to add ounces should translate to share price appreciation.

This release may contain forward-looking statements regarding future events that involve risk and uncertainties. Articles, excerpts, commentary and reviews herein are for information purposes and are not solicitations to buy or sell any of the securities mentioned.
End
Source:Mining MarketWatch Journal
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Tags:Precious Metals, Gold, Mining, Metanor, Mto
Industry:Investment
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