TSX VENTURE EXCHANGE: MTO
Outstanding Shares: 37,250,358
VAL-D'OR, QC, April 12 /CNW Telbec/ - Mr. Serge Roy, President of Metanor
Resources Inc. "Metanor" (TSX: MTO), whose development strategy is to become a
profitable gold producer during the coming year, is pleased to provide an
update of ongoing work at the Bachelor Lake mining complex. Metanor is working
on obtaining permits and authorizations to get the Bachelor mill and tailings
impoundment back into operation, as well as authorizations to operate an open
pit mine on the Barry site.
The firm A. Golder & Ass has finished drilling the Bachelor mine's
tailings impoundment and the report with recommendations is being prepared.
The work to make the impoundment compliant should be minor and will begin as
soon as the authorizations arising from the report have been obtained.
Repairs to the mill infrastructure having been completed, Metanor has
just initiated refurbishing work on internal components (mechanical and
electrical). The work will be carried out under the supervision of Mr. Pierre
Filteau and Mr. Harold Gauthier, working as superintendent and foreman of the
Bachelor Lake mining complex, respectively. Mr. Filteau and Mr. Gauthier both
have many years of experience in managing the operations of mills and mining
complexes for various companies, including Agnico-Eagle, Horizon Mines,
Selbaie and Aur Resources.
Surveying is currently underway on the Barry property to establish its
boundaries for obtaining a mining lease. An application for a certificate of
authorization for a 40,000-metric-ton bulk sample of ore is being prepared by
consulting engineering firm Genivar; Metanor intends to begin extracting ore
from the open pit and transporting it to the Bachelor mill as soon as the
permits have been obtained, before the end of summer 2007, if possible. The
Barry gold deposit, as evaluated by Geostat Systems International Inc. in
compliance with NI 43-101, has indicated resources of 35,500 oz Au (269,000
metric tons as 4.10 g/t Au) and inferred resources of 67,600 oz Au (450,000
metric tons as 4.68 g/t Au) in zones 43 and 45 and in the Main Zone (April 10,
2006). In addition, following a drilling program carried out in 2006, a new
evaluation is underway that should contribute to increasing these resources.
As a result of the exercise of several warrants and recently completed
private placements, Metanor is in an excellent position and has more than
$6.5 million in available working capital, allowing it to complete the work
underway, meet its medium-term obligations and continue to develop its other
Metanor is also continuing its aggressive development strategy to
eventually increase gold production at the Bachelor mill, which is the only
gold processing plant in the region. A compilation of public data reveals that
8.9 million metric tons of resources at a grade of 5.3 g/t Au (1.5
million oz Au) have been inventoried within a 100-km radius of the Bachelor
mill; Metanor has begun evaluating deposits containing resources with
potential comparable to the Barry gold deposit.
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 or (819) 856-8435, Fax: (819) 825-8224, firstname.lastname@example.org
www.metanor.ca; Renmark Financial Communications Inc.: Jason Roy:
email@example.com; Danielle Velez: firstname.lastname@example.org, (514)
939-3989, Fax: (514) 939-3717, www.renmarkfinancial.com