VAL-D'OR, QUEBEC--(Marketwired - May 30, 2016) - Metanor Resources Inc. ("Metanor") (TSX VENTURE:MTO) reports its financial results for the quarter ended March 31st, 2016 (Q3 2016). This press release should be read in conjunction with Metanor's financial statement for the quarter ended March 31st, 2016 and related Management's Discussion and Analysis (MD&A), which can be found on the Company website www.metanor.ca or on SEDAR www.sedar.com. All amounts are in Canadian dollars unless otherwise stated.
Q3 2016 Highlights
T3 2016, Operating and financial results
Operating and financial results | Quarter ended March 31st, 2016 | Quarter ended March 31st, 2015 | Nine months ended March 31st, 2016 | Nine months ended March 31st, 2015 |
Operational results | ||||
Tonnes milled (Tonnes) | 60,727 | 60,365 | 171,601 | 176,327 |
Feed grade (g/T) | 4.9 | 5.3 | 4.7 | 5.4 |
Mill recovery rate | 96.3% | 96.1% | 96.5% | 96.5% |
Ounces produced | 9,113 | 9,860 | 24,948 | 29,790 |
Ounces sold | 8,730 | 9,518 | 24,003 | 30,616 |
Underground development (metres) | 1,571 | 1,920 | 4,933 | 5,256 |
Diamond drilling (metres) | 6,795 | 4,398 | 42,191 | 21,694 |
Financial results (Thousand dollars) | ||||
Gold Sales | 11,902 | 13,499 | 32,822 | 41,108 |
Operating Costs | (9,901) | (9,682) | (28,419) | (31,644) |
Royalties | (275) | (279) | (707) | (697) |
Depreciation & Depletion | (2,966) | (3,076) | (8,288) | (9,664) |
Gross Profit (Loss) | (1,240) | 462 | (4,592) | (897) |
Net Income (Loss) | (1,980) | 17 | (7,761) | (4,687) |
During the quarter, a total of 60,727 tonnes of ore at a grade of 4.9 grams per tonne was processed at the mill at a recovery rate of 96.3% which resulted in a production of 9,113 ounces of gold. The mill feed rate went up during this last quarter compared to the last few quarters because the Hewfran sector began feeding the mill. A percentage still came from the A vein during this last quarter.
Outlook for the coming quarters
In the coming months, the production from the Hewfran sector will continue to increase. The grade and thickness of the Hewfran sector is generally higher. Therefore, the feed grade will gradually increase in the following months, as the developments and production will come from this sector.
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.
M. Ronald Perry
Vice-President
514-262-8286
[email protected]
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