OTCPK:MEAOD - Post by User
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nor_easteron Mar 05, 2014 8:08pm
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MTO - annualized effective rate of 55,230 ounces per annum
MTO - annualized effective rate of 55,230 ounces per annum
Source Link: https://sectornewswire.com/release030514mto.htm
Metanor Resources produces Gold in the month of February at annualized effective rate of 55,230 ounces per annum
NEW YORK, NY, March 5, 2014 /Sector Newswire/ - Metanor Resources Inc. (TSX-V: MTO) (US Listing: MEAOF) (Frankfurt: M3R) has announced it produced 4,234 ounces Gold for the month of February at its recently refurbished Bachelor Gold Mine and Mill in Quebec. This news follows on the heals of Metanor releasing financial results for its initial period as commercial Gold producer with initial cash cost of US$766/oz.
Metanor produces Gold in the month of February at an annualized effective rate over 55,000 ounces per annum:
The February Gold pour of 4,234 ounces, February being only 28 days, if extrapolated per day over a year equals an annualized rate of 55,230 ounces. The stage is set for a push to stabilize in the higher range of a 4000 - 5000 oz per month Gold target (at 800 TPD). Managements near-term plan is to increase the mill capacity by ~50% at low capex (~$4 million) and target 6,500 - 7,500 oz Gold production per month in late 2015 (contingent of obtaining additional electricity from Hydro-Quebec planned for 2015). MTO.V with ~267 million shares outstanding provides an ideal vehicle for investors seeking exposure to precious metals. Shares of MTO.V are currently trading near C$0.20 and the time to pay attention is now while MTO.V is trading at a fraction (less than 1/4) of its infrastructure (replacement) value alone, ignoring the ~1.6 million oz Gold resource in all categories (on all properties), and ignoring the large resource growth potential. Metanor is also actively advancing on a second front, it's Barry Mine deposit, that many believe has a the potential to translate to a large increase of gold ounces in the ground and a significant percentage increase in production ounces on top of the >6,500 ounces Gold production per month target expected at Bachelor sometime in 2015.