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Metanor Resources Inc. ("Metanor" or the "Company") (TSX-V:MTO) reports its financial results for the quarter ended March 31, 2018. This press release should be read in conjunction with Metanor's financial statements for the quarter ended March 31, 2018 and the related Management's Discussion and Analysis (MD&A), which can be found on the Company's website www.metanor.ca and on SEDAR www.sedar.com. All amounts are in Canadian dollars unless stated otherwise.
KEY DEVELOPMENTS FOR THE QUARTER
EXPLORATION HIGHLIGHTS FOR THE QUARTER
? The Moroy Zone adds new dimension to the Bachelor Mine as development from the new drill bay at level 11, towards the Moroy Zone (1 km south of the Bachelor Mine), continued. A second diamond drill was commissioned to define the Moroy structures from underground and 7,409 metres were drilled in the quarter:
? With two drills in use, 9,626 metres were drilled at the Barry Project, located in the Urban-Barry Camp 110 km south of the Bachelor mill, during the quarter. These drill results have established:
OTHER EVENTS
? In April, the Barry Project Deposit is expanded eastward and at depth with high grade intercepts including 15.8 g/t Au over 1.5 metres and 12.3 g/t Au over 1.3 metres, demonstrating the continuity and predictability of the Barry shear hosted gold deposit.
? In May, intersects of 19.1 g/t Au over 3.6 metres at the Bachelor Mine down-plunge of Main Vein pursuant to the underground drill campaign, which includes new high-grade results of 19.1 g/t Au over 3.6 metres, 12.0 g/t Au over 4.0 metres and 6.4 g/t Au over 21.8 metres. These new results have extended the deposit 183 metres or 600 feet below the lowest working level at Bachelor Mine and demonstrate the southeasterly plunging continuity to the deposit.
FINANCIAL HIGHLIGHTS FOR THE QUARTER
-- Gold production of 6,654 ounces of gold leading to gold sales of 6,764 ounces from Bachelor Mine;
-- Gross Loss of $458,878.
Pascal Hamelin, President and Chief Operating Officer states: "Our results are in line with our rebuilding strategy. The robust increase in exploration has added a completely new dimension to the Bachelor Mine with the Moroy Zones extending continuously from surface to depth below 600 metres and the encouraging results at Barry lead us to believe that our strategy will pay off as we move towards significantly increase our production profile."
OPERATION SUMMARY
Three months Three months
Ended Ended
31-Mar-18 31-Mar-17
Operational Summary
Development/Drilling - metres
Underground development Bachelor 1,362 1,230
Underground development Barry 14 0
Total Underground development 1,376 1,230
Diamond drilling Bachelor 7,625 7,975
Diamond drilling Barry 9,626 7,239
Diamond drilling Moroy 7,409 0
Diamond drilling Other 5,280 0
Total Diamond drilling 29,940 15,214
Tonnes milled 43,567 61,101
Feed grade (g/t) 4.9 5.0
Mill recovery rate (%) 96.4 96.4
Ounces produced 6,654 9,442
Ounces sold 6,764 10,881
Financial results
Net sales $ (net streaming) 9,553,399 16,304,364
average realized price $ 1,683 1,498
average realized price US $ 1,331 1,133
Exchange rate US to CDN $ 0.791 0.76
Operating Costs $ 8,220,620 10,474,661
Qualified Persons
Pascal Hamelin, P. Eng., President, 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, including statements regarding the plans, intentions, beliefs and current expectations of the Company with respect to the future business activities and operating performance of the Company. The words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions, as they relate to the Company, are intended to identify such forward-looking statements. Investors are cautioned that forward-looking statements are based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made, and are inherently subject to a variety of risks and uncertainties and other known and unknown factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. These factors include, among others, the development of the Company's properties , expected production from, and the further potential of, the Company's properties, the anticipated timing and commencement of exploration programs on various targets within the Company's land holdings, the ability of the Company to successfully achieve business objectives, the Company's expectations in connection with the projects and exploration programs being met, the impact of general business and economic conditions, fluctuating gold prices, currency exchange, possible variations in ore grade or recovery rates, changes in accounting policies, changes in the Company's corporate mineral resources, changes in project development, construction, production, the possibility of project cost overruns or unanticipated costs and expenses, failure of plant, equipment or processes to operate as anticipated, unexpected changes in mine life, seasonality and unanticipated weather changes, costs and timing of the development of new deposits, success of exploration activities, permitting time lines, risks relating to infrastructure, permitting and licenses, government regulation of the mining industry, risks relating to foreign operations, uncertainty in the estimation and realization of mineral resources and mineral reserves, quality and marketability of mineral product, environmental regulation and reclamation obligations, risks relating to litigation, government regulation of mining operations, environmental risks, unanticipated reclamation expenses, title disputes or claims. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks in its MD&A and financial statements, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not be as anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update these forward-looking statements except as otherwise required by applicable law. Neither the TSX Venture Exchange, nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
For more information, please contact:
Pascal Hamelin, President & COO
Telephone: 819-825-8678
email: phamelin@metanor.ca
2872, Sullivan Rd, suite 2, Val-d'Or, QC J9P 0B9
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