TSX VENTURE EXCHANGE: MTO
Outstanding Shares: 57,199,624
VAL-D'OR, QC, June 14 /CNW Telbec/ - Mr. Serge Roy, President of Metanor
Resources Inc. "Metanor" (TSX-V: MTO), whose strategic plan is to become a
profitable gold producer during the coming year, is pleased to announce the
beginning of a new exploration program on the Bachelor Lake property.
Prospecting in an area east of the Bachelor Mine and the O'Brien Pluton
has led to the identification of mineralized alteration zones similar to those
hosting the mine's gold zones. Grab sampling of these mineralized zones, which
lie less than 750 m from the mine, produced values of up to 6 g/t Au
associated with hematized and pyritized zones. A compilation of past work also
made it possible to link these altered mineralized zones with historic induced
polarization (IP) anomalies, where a few holes drilled in the past returned
interesting gold intersections. Hole 87-56, drilled about 870 m east-northeast
of the mine and associated with a large IP anomaly, returned intersections of
41.14 g/t Au over 1.0 m and 3.43 g/t Au over 1.92 m. About 440 m further
south, hole 82-38 returned an intersection of 4.87 g/t Au over 3.29 m. Hole
86-37, collared about 400 m further to the southwest and 790 m from the mine,
intersected a mineralized zone associated with a large IP anomaly, which
returned an intersection of 13.71 g/t Au over 1.35m.
Following the interpretation of these very interesting results, a
stripping program was planned to cover this highly prospective sector. An
exploration team assisted by an excavator will be mobilized in the coming week
to expose the mineralized zones, which represent the eastern extensions of the
Bachelor Mine's Main and B zones. In addition to improving knowledge of the
sector, the work should make it possible to better position the next drill
targets in this area.
Once the management permit was acquired, a 2.5-km road was built linking
the Bachelor Mine to Domtar's main system of logging roads. Repair and
maintenance work was also initiated over the portion of the system linking
Bachelor to the Barry site, to bring the road up to standard for ore
The firm A. Golder & Ass. has now issued its recommendations for
rehabilitating the old tailings impoundment on the Bachelor Lake property and
work is under way to implement them.
Concurrently, consulting engineering firm Genivar submitted an
application for a certificate authorizing the extraction of a 40,000-tonne
bulk sample from the surface of the Barry gold deposit to the Ministère du
Développement durable, de l'Environnement et des Parcs du Québec (Québec
department of sustainable development, environment and parks).
Meanwhile, Metanor has hired Mr. Daniel Macameau as underground
development superintendent and Mr. Laurien Marcotte as mechanical maintenance
superintendent for the Bachelor Lake mining complex. Mr. Macameau and
Mr. Marcotte both have many years of experience in managing the operations of
various mining complexes, including Cambior and Iamgold.
Metanor's management intends to begin collecting the 40,000-tonne bulk
sample of ore on its Barry property as soon as the permits have been obtained
and, if possible, before the end of summer 2007.
As a result of the exercise of several warrants and of recently completed
private placements, Metanor has more than $20 million in working capital,
allowing it to complete the work underway, meet its medium-term obligations
and continue to develop its other projects.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
For further information:
For further information: Serge Roy, President, Metanor Resources Inc.,
(819) 825-8678, Fax: (819) 825-8224, email@example.com, www.metanor.ca; Renmark
Financial Communications Inc.: Jason Roy: firstname.lastname@example.org; Philippe
DeSerres: email@example.com; (514) 939-3989, Fax: (514) 939-3717,