Metanor loses $2.87-million in fiscal 2014-Financials posted Metanor loses $2.87-million in fiscal 2014
Ticker Symbol: C:MTO
Metanor loses $2.87-million in fiscal 2014
Metanor Resources Inc (C:MTO)
Shares Issued 296,557,733
Last Close 10/27/2014 $0.08
Monday October 27 2014 - News Release
Mr. Ronald Perry reports
METANOR REPORTS ITS FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED JUNE 30TH, 2014 WITH A NET INCOME OF $1,078,441 IN THE QUARTER
Metanor Resources Inc. has released its financial results and accompanying notes for the quarter and year ended June 30, 2014. This press release should be read in conjunction with Metanor's financial statement for the year ended June 30th 2014 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.
Q4 2014 Highlights
- Gold sales of 12,468 ounces on gold production of 13,083 ounces.
- Total of $16,523,725 in revenues from gold sales.
- Net Income of $ 1,078,441 for the quarter.
- Milled 61,905 tonnes of ore at a feed grade of 6.8 g/T and a recovery of 96.9%.
- Cash Cost of $873 per ounce sold in Q4 (US$786/oz at an exchange rate of US$0.90/CA$1.00).
- Sustaining cost of CND$1,051 per ounce sold (US$946/oz using an exchange rate of US$0.90/CND$1.00).
- All-In cost of $1,123 per ounce sold in Q4 (US$ 1,010/oz at an exchange rate of US$0.90/CA$1.00).
Full-Year 2014 Highlights
- Total of $38,488,620 in revenues from gold sales.
- Net loss of $2,875,391 for the year.
- Cash Cost of $908 per ounce sold(US$817/oz at an exchange rate of US$0.90/CA$1.00).
- Sustaining cost of CND$1,071 per ounce sold (US$964/oz using an exchange rate of US$0.90/CND$1.00).
- All-In cost of $1,195 per ounce sold (US$ 1,076/oz at an exchange rate of US$0.90/CA$1.00).
Quarter Quarter Quarter ended Quarter ended ended December ended Operating and June 30th March 31st September Year financial results 2014 31st 2014 2013(i) 30th 2013 total Operational results Tonnes milled (Tonnes) 61,905 60,497 62,033 55,591 240,026 Feed grade (g/T) 6.8 6.7 6.6 6.0 6.52 Mill recovery rate 96.9% 96.8% 97.5% 97.1% 97.1% Ounces produced 13,083 12,641 12,751 10,373 48,848 Ounces sold 12,468 13,700 10,427 10,269 46,864 Underground development (metres) 1,411 1,751 1,492 1,277 5,931 Diamond drilling (metres) 17,374 10,550 9,164 7,237 44,325 Financial results (Thousand dollars) Gold Sales 16,524 18,408 3,557 0 38,489 Operating Costs (10,632) (12,833) (2,221) 0 (25,686) Royalties (271) (333) (117) 0 (721) Depreciation & Depletion (2,894) (4,609) (1,070) 0 (8,573) Gross Profit 2,726 633 149 0 3,508 Net Results 1,078 (1,919) (410) (1,624) (2,875) (i) As of December 1st 2013, the Bachelor Mine reached commercial production status.
Ghislain Morin, president and chief executive officer, and Serge Roy, executive chairman of the board, declared: "We are very pleased with our quarterly results which show that Metanor generates positive income, and improves its financial situation while continuing its underground drilling and development at the Bachelor Mine."
Outlook for the coming quarters
Metanor continues to develop new drifts to the west at the Bachelor Mine and will continue the diamond drilling in the coming months to eventually add new resources and reserves.
Qualified Person
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.
We seek Safe Harbor.