MTO Financial and Operational Results
posted on
May 14, 2017 12:21PM
Metanor (MTO-V) is a new Canadian Gold Producer located in Quebec. It reached commercial production on December 1, 2013 and will produce 50,000 oz in calender 2014 with a present all-in cash cost of $1,018US.
May 11, 2017 – Val-d’Or, Quebec, Canada: Metanor Resources Inc. (“Metanor”) (TSX – V: MTO) is pleased to report its financial and operating results for the quarter ended March 31st 2017 (fiscal Q3 2017). This press release should be read in conjunction with Metanor’s financial statements for the quarter ended March 31st 2017 and related Management’s Discussion and Analysis (MD&A); both of these documents can be found on the Company website at www.metanor.ca or on SEDAR www.sedar.com. All amounts are in Canadian dollars unless stated otherwise.
Q3 2017 Highlights
Bachelor Property
Note
Barry Property
Financial Highlights:
Q3 2017 Operating and financial results
For the quarter, a total of 61,101 tonnes of ore at a grade of 5.0 grams per tonne were processed at the mill at a recovery rate of 96.4% which resulted in a production of 9,442 ounces of gold. During the quarter, gold sales of 10,881 ounces were much higher than the ounces produced due to recovery of ounces in the mill and sales of gold inventory at the Mint.
Outlook for the coming quarters
Metanor raised its production guidance for the year to a range of 33,000-36,000 ounces of gold from 28,000-33,000. Management anticipates that the feed grade for the upcoming quarter will be similar to that of Q3 2017.
The company continues to assess the mineral inventory with an independent consulting firm at Bachelor mine. Meanwhile, an underground drill program will continue over the coming months in order to test additional targets to the south, at depth, and to the west.
At the Barry property, Metanor is increasing the number of drills to accelerate the drilling in the Barry camp.
Qualified Persons
Pascal Hamelin, P. Eng., President and COO, is the Qualified Person under NI 43-101, responsible for reviewing and approving the technical information contained in this news release