Sounds like they are still finding gold down below...and all around !
MTO is headed in the right direction getting to Barry open pit is now looking very viable ...and will be very profitable with 2 mines going and no debenture... SSL will no longer have a strangle hold on MTO...PLENTY OF GOLD AND THE TRUMP FACTOR !
Metanor Resources Inc.
TSX VENTURE : MTO
 |
VAL-D'OR, QUEBEC--(Marketwired - Feb. 8, 2017) - Metanor Resources Inc. ("Metanor") (TSX VENTURE:MTO) is pleased to report its financial and operating results for the quarter ended December 31st 2016 (fiscal Q2 2017). This press release should be read in conjunction with Metanor's financial statements for the quarter ended December 31st 2016 and related Management's Discussion and Analysis (MD&A); both of these documents can be found on the Company website at www.metanor.ca or on SEDAR www.sedar.com. All amounts are in Canadian dollars unless stated otherwise.
Q2 2017 Highlights
Bachelor Property
- Gold production of 9,764 ounces in Q2;
- Gold sales of 10,430 ounces in Q2;
- Revenue of $15.9 million from gold sales in Q2 at an average sale price of $1,522 per ounce sold (US$1,141/oz).
- Cash Cost1 of $889 per ounce sold in Q2 (US$667/oz).
- Sustaining cost2 of $1,075 per ounce sold in Q2 (US$806/oz).
- All-In cost3 of $1,208 per ounce sold in Q2 (US$905/oz).
Barry Property
During the quarter, the Company filed a Preliminary Economic Assessment ("PEA") for the Barry Property prepared by independent consultants Goldmind Geoservices Inc. The economic evaluation was based on the recently updated resource estimate for the Barry open pit. See press release dated September 22nd 2017:
Highlights from the PEA include:
- Pre-Tax Net Present Value (at a 6% discount rate) of $53.5 million;
- Pre-Tax Internal Rate of Return of 198%;
- After-Tax Net Present Value (at a 6% discount rate) of $25.9 million;
- After-Tax Internal Rate of Return of 94%;
- Life of mine gold production of 193,457 ounces over 9 years;
- Life of mine strip ratio of 2.17 to 1.
Financial Highlights:
- The company reported net income of $1.99 million for the three months ended December 31st 2016.
- The company had $3,093,255 in cash on December 31st 2016.
Q2 2017 Operating and financial results
During the quarter, a higher feed grade resulted in more ounces sold and a reduction in operating costs, compared to the same quarter in 2015. The mine generated an operating income of $3.3 million which were reinvested into the exploration on the Bachelor, Moroy, and Barry properties.
Outlook for the coming quarters
Metanor raised its production guidance for the year to a range of 30,000-36,000 ounces of gold from 28,000-33,000. Management anticipates that the feed grade for the upcoming quarter will be similar to that of Q2 2017.
The company plans to publish a resource and reserve update for the Bachelor mine within the current quarter, ending March 31, 2017. Meanwhile, an underground drill program will continue over the coming months in order to test additional targets outside of the soon-to-be reported reserve update.
At the Barry property, Metanor continues drilling within the Barry open pit in order to increase mineral resources and to convert inferred resources into the indicated category. The Barry open pit remains open in all directions, demonstrating potential to increase in size.
Qualified Persons
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.
Cautionary and Forward-Looking Statements
This press release includes certain statements that may be deemed "forward-looking statements".
The potential quantity and grade is conceptual in nature as there has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in the target being delineated as a mineral resource. All statements in this discussion, other than those of historical fact, that address future exploration drilling, exploration activities and projected exploration, including costs and other estimates upon which such projections are based, and events or developments that the company expects, are considered forward-looking statements. Although the Company believes the expectations expressed in these forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those forward-looking statements.
Neither the TSX Venture Exchange, nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.