Metanor Resources MEAOD

We are needing a little luck ...

[u2bob]

...Price of gold sucks yet we are plugging away... MTO the company really needs to catch a break I hope It comes in the form of a new open pit...otherwise we will need gold to recover or sell ...

In the coming months, Metanor continue to develop galleries to the west in the Hewfran sector Bachelor mine.

© photo courtesy - Metanor Resources

Metanor Resources last financial year could have ended on a better note. If the Val-d'Or company reported revenues of more than $ 55 million, it nevertheless recorded a net loss of nearly $ 6.3 million.

 

Metanor The financial year ends on June 30 The company did, however, presented its annual results on October 28.It learns that the sale of 41,242 ounces of gold allowed him to declare income $ 55,097,921 at June 30, 2015.

Costs associated with mining are high however to approximately $ 42,309,000, which must be added about $ 988,000 in royalties and nearly $ 14,465,000 in miscellaneous expenses, to a negative balance of $ 6,264,748.

The overall production costs of the Bachelor Mine, the only active mine Metanor at present, have also totaled $ 1,245 an ounce. For the period from 1 st July 2014 to 20 June 2015, the average price of gold hovered around $ 1,650 an ounce.

A developing mine

On a more positive note, Metanor has developed 6636 meters of galleries to Bachelor in the space of 12 months and has produced 40 067 ounces of gold. The average content which was 6.5 grams of gold per tonne of ore by the end of the first quarter fell to 4.6 g / t in the following quarter. Since then it has gradually risen to 5.7 g / t to 30 June.

Metanor also continues to develop galleries to the west in the Hewfran sector Bachelor, where the planned levels are higher than current levels. The company will also continue its underground drilling to increase reserves and Bachelor of mineral resources. Surface Drilling will continue on the other in the south of the property sector.