RE: News: environmental certificate received Bache Friday, July 6, 2012 10:45 AM
Metanor Resources Inc. (TSXV:MTO) received the environmental certificate needed to go ahead with commercial production at its Quebec-based Bachelor Lake gold project. The certificate allows the company to process 900,000 metric tons of gold ore from the underground project
Why is this 900,000 metric tons restriction imposed - is this normal when an environmental certificate is issed?
The 2011 Pre-Feasibility (see extract below) was based on the 2005 Technical Report containing M&I Resources of 841,591 tons (200,000 ounces of gold)
This seems to indicate that there would be potential restrictions on extraction of more than the 200,000 ounces ……..
VAL-D'OR, QUEBEC, CANADA--(Marketwire - Jan. 4, 2011) - Metanor Resources Inc. ("Metanor") (TSX VENTURE:MTO - News) is
pleased to announce very positive results from the Pre-Feasibility Study on its 100% owned Bachelor Lake Gold Project, located near
Desmaraisville, Quebec, Canada. The Pre-Feasibility Study was completed in collaboration between Metanor's technical team, and a number of
independent consultants including Stantec (TSX: STN, NYSE: STN) for the mining and economics of the project.
The Pre-Feasibility Study confirms a pre-tax IRR of 85% and generates over $96M of free cash flow from the underground production of
200,000 oz over an initial 3 year mine life with an average annual production targeted at 60,000 ounces of gold per year.
HIGHLIGHTS OF THE PRE-FEASIBILITY STUDY (All Funds are in CDN dollars)
-- Using the 2005 Technical Report issued by Innov-Explo, containing
Measured and Indicated Resources of 841,591 tonnes grading 7.79
g/t(grams per tonne) representing 210,857 ounces gold using a 3.43 g/t
cut-off grade, (Table 3).
-- Proven and Probable reserves were determined, using a cut-off grade of
3.43 g/t to be 843,772 tonnes at 7.38 g/t Au for 200,177 oz Au (Table