VAL-D'OR, QUEBEC--(Marketwired - April 13, 2015) - Metanor Resources Inc. ("Metanor") (TSX VENTURE:MTO) announces that it has produced 9,860 ounces of gold during the quarter ending March 31st 2015. A total of 60,365 tonnes of ore at a feed grade of 5.29 grams / tonne were processed during the quarter with a 96.0% recovery rate. The extraction of lower feed grade materials which began in the fall was completed in this last quarter. The average feed grade in March alone was 6.0 g/T compared with 4.57 g/T in February.
For the coming quarter ending June 30th, Management expects higher feed grades as production will come from stopes with grades higher than those encountered in the last 6 months. Development towards the west continued in the last quarter on levels 6 and 8. The exploration program also continued to the west with good results on level 13 between Hewfran and Bachelor. The upcoming drill program will aim to connect the sector on level 13 with the known upper sector on levels 6 and 8.
Metanor also announces that Investissement Quebec has agreed to extend the repayment period on the outstanding loan balance of $809,524 by five months. Consequently, Metanor will be making five consecutive equal monthly payments ($161,904 plus interest) starting this April and ending August 2015.
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.
Cautionary Language and Forward-Looking Statements
This press release includes certain statements that may be deemed "forward-looking statements". All statements in this discussion, other than statements of historical facts, that address future exploration drilling, exploration activities, anticipated metal production, internal rate of return, estimated ore grades, commencement of production estimates and projected exploration and capital expenditures (including costs and other estimates upon which such projections are based) and events or developments that the Company expects, are forward looking statements. Although the Company believes the expectations expressed in such 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 in forward-looking statements.