Metanor Resources MEAOD

RE:RE:RE:Good news ... IKN

[mstettler]

fruitvale3067 wrote: deslug, from what we have been told, they are already mining hewfran and from this report the gold grades have actually decreased from 4.9 to 4.5 over the previous quarter. They did however manage to mine more ore. Even as  non shareholder I expected to see the averag this quarter somewhere in the mid 5 g/tom area, Certainly not a decrease in ore grade. Not this quick anyway. We all knew that Hewfran had limited ore and we were told that grades would be increasing in the coming months. What happened to that 6-8 g/ton we kept hearing so much about.

Now they come up with an 25,000 to 30,000 ounces for this year. If your counting, that comes to an average of 6500 -7500 ounces a quarter. Then couple that with the fact that 23% of those numbers are tied up in NSR's and streaming deals and that doesn't leave much. To me it looks like Hewfran was shorter lived then even I expected.

Finally, no mention of any mill upgrades, or the permitting process for Barry. However they are finally going to give investors the Bachelor lake mine reserves finally. The quarter would have been worse but they sold quite a few more ounces then they produced. I wonder if they dipped into the Canadian Mint reserves to make this look better. I'm afraid this is going to be slow death as they continue to frantically search for the remaing scraps from Bachelor Lake and Hewfran. As for Barry, no word of anything since the PEA. For a company to be this quiet considering they are the only company operating a mine in the prolific Windfall lake corridor it has to make you wonder. Anyway it should be a very entertaining shareholder meeting and the beginning of a very long and cold winter. Barry now seems like it's years away instead of months away.

Good observations Fruitvale.

As I've said over and over, the average resource grade of hewfran is actually lower than barry so I've never understood how they were supposed to produce more from hewfran.  The grade control is what has been the achillies heel; the average resource grade is supposed to be close to 8 g/t from bachelor and 7 g/t from hewfran.  They mill feed is 60% of that.

Management did allude to barry; they specifically stated that all production will be coming from bachelor in 2017.

They absolutely sold gold held in inventory to buffer the financials.  That's 1385 oz adding about 2.3 million in revenue or the loss would have been much greater.