VAL-D'OR, QUEBEC--(Marketwired - Nov. 29, 2016) - Metanor Resources Inc. ("Metanor") (TSX VENTURE:MTO) is pleased to report on its financial and operational results for the quarter ended September 30th 2016 (Q1 2017). This press release should be read in conjunction with Metanor's financial statement for the quarter ended September 30th 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.
Q1 2017 Highlights
Bachelor Property
Note
Barry Property
Publication, on September 22, of a preliminary economic assessment completed by the independent firm Goldmind Geoservices Inc. This economic evaluation was based from the in-pit resources update of the Barry open pit published June 22nd and revised September 21st 2016.
Administration
Q1 2017 Operating and financial results
Operating and financial results | Quarter ended September 30th 2016 |
Quarter ended September 30th 2015 |
||
Operational results | ||||
Tonnes milled (Tonnes) | 62,974 | 56,448 | ||
Feed grade (g/T) | 4.3 | 4.6 | ||
Mill recovery rate | 96.0 | % | 96.6 | % |
Ounces produced | 8,399 | 8,060 | ||
Ounces sold | 7,893 | 7,797 | ||
Underground development (metres) | 1,117 | 1,594 | ||
Diamond drilling (metres) | 19,036 | 17,325 | ||
Financial results(Thousand dollars) | ||||
Gold Sales | 12,663 | 10,741 | ||
Operating Costs | (8,523 | ) | (8,669 | ) |
Royalties | (224 | ) | (216 | ) |
Depreciation & Depletion | (2,700 | ) | (2,693 | ) |
Gross Profit | 1,216 | (837 | ) | |
Net Results | (202 | ) | (2,016 | ) |
For this Q1, a higher sales price, combined with a reduction in the operating costs, provided a gross profit of 1.2 million dollars. These funds were mainly used in exploration on the Bachelor, Moroy, and Barry properties.
Outlook for the coming quarters
Metanor maintains its objective to produce between 28,000 and 33,000 ounces of gold during the next year coming entirely from the Bachelor mine. For the current quarter, the feed grade to the mill went up. This increase comes from ore extraction below level 14 in the Main vein, and from Hewfran between levels 6 and 8. Accordingly, the company plans to sell between 8,000 and 9,500 ounces for the quarter ended December 31st 2016.
The company plans to publish a resource and reserve update for the Bachelor mine before December 31st 2016. The underground drilling program will continue during the coming months to discover additional ounces of gold.
For the Barry property, Metanor will continue the drilling within the area of the Barry open pit to increase its mineral resources, and to convert inferred resources into the indicated category.
Qualified Persons
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 and Forward-Looking Statements
This press release includes certain statements that may be deemed "forward-looking statements". The potential quantity and grade is conceptual in nature as there has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in the target being delineated as a mineral resource. All statements in this discussion, other than those of historical fact, that address future exploration drilling, exploration activities and projected exploration, including costs and other estimates upon which such projections are based, and events or developments that the company expects, are considered forward-looking statements. Although the Company believes the expectations expressed in these 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 forward-looking statements.
Neither the TSX Venture Exchange, nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
Ronald Perry, Vice-president
514-262-8286
[email protected]
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