Case Study: Metanor Resoruces Inc. (TSX-V: MTO) - Exceptional Valuation as New Gold Producer with Expanding Gold In-Situ

Metanor Set to top leader-board on sector rotation based on cash flow metrics and valuation

Low market cap (exceptional upside revaluation warranted) - Low cost gold producer - Large infrastructure value - No long term Debt - Continued resource expansion underway.

Metanor Resources Inc. (TSX-V: MTO) is a new, unhedged, gold producer in mining friendly Quebec. Metanor's 100% owned 1,200 (upgradeable capacity) TPD mill in Desmaraisville (Val d'Or) is now being scaled into full production. Production in 2008 -2009 should conservatively in excess 25K of gold. Ore extract is coming from their 100% open pit operation on their Barry gold deposit (located approximately 65 km southeast of the mill).

Upside Valuation/Summary: Bulk sampling is wrapping up and Metanor will turn to commercial production by Fall 2008 at MTO.v's 1,200TPD (upgradeable capacity) Bachelor Lake Gold Mill. The current market cap of MTO.V is less than 30% the replacement value (~CDN$140M) of their infrastructure alone, ignoring the ~1M oz gold resource, significant exploration potential and substantial revenue projections. Jay Taylor, mining expert, has made MTO.V one of his top picks in 2008 saying "This is a story of production, exploration, and building ounces". Production in 2008/09 should conservatively come in at 25K gold and ramp up from there. The mill is configured to produce dore bars of gold, with a small component of silver. MTO.V has ~1,000,000 oz of Gold (NI-43-101 measured and indicated) available from their three properties and the ongoing exploration drill program at their ever expanding Barry deposit is just one of many venues to expand the resource base that is exceeding expectations (new drill results expected soon). Their forward projected EPS will likely be very significant as a debt free unhedged gold producer and the current market cap relative to expected revenues is disproportionate; with approximately 74M shares outstanding and currently trading under CDN$0.75/share, the present valuation of MTO.V provides exceptional opportunity for investors. Over 50% of Metanor's outstanding shares are held by institutional interests, amongst them Dynamic Mutual Funds (managed by Goodman & Co.).

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Case Study Image 1) MTO.V's Batchelor Lake Gold Mill - 1,200 TPD capacity, currently operating an average 680 TPD in bulk sample testing phase