OTCPK:MEAOD - Post by User
Post by
romaraon Mar 18, 2015 10:36pm
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Post# 23536829
Sandstorm Gold
Sandstorm Gold
This is from the Sandstorm Gold year end....... Bachelor Lake Mine During the fourth quarter of 2014, Metanor experienced lower feed grade primarily driven by higher than expected dilution from three specific stopes. These three stopes were adjacent to openings already mined. These old workplaces were outside the mineralized structure and when the stopes were blasted, some of the non-mineralized sections associated with the old workings fell and contaminated the ore grade. As a result, ounces sold from Bachelor Lake were 36% lower than the fourth quarter of 2013. Metanor considers this occurrence to be isolated and expects grades to increase in the coming months. Metanor recently announced an equity financing to raise additional capital to improve its balance sheet and for the continued development of the Bachelor Lake mine. Upon closing of the equity financing, the maturity of Metanor's convertible debentures will be automatically extended to 2017