Metanor Reports its Financial Results for the Quarter and Year Ended June 30th 2015
VAL-D'OR, QUEBEC--(Marketwired - Oct 28, 2015) - Metanor Resources Inc. ("Metanor") (TSX VENTURE:MTO) is pleased to report on its financial results for the quarter and year ended June 30th 2015 (Q4). This press release should be read in conjunction with Metanor's financial statement for the year ended June 30th 2015 and related Management's Discussion and Analysis (MD&A), which can be found on the Company website www.metanor.ca or on SEDAR www.sedar.com. All amounts are in Canadian dollars unless otherwise stated.
Q4 2015 Highlights
- Gold sales of 10,626 ounces on gold production of 10,277 ounces.
- Total of $13,989,447 in revenues from gold sales in Q4 at an average sale price of $1,317 per ounces sold (US$1,054/oz at an exchange rate of US$0.80/CA$1.00).
- Net loss of $ 1,578,196 for the quarter.
- Milled 58,498 tonnes of ore at a feed grade of 5.7 g/T and a recovery of 96.5%.
- Cash Cost of $1,031 per ounce sold in Q4 (US$825/oz at an exchange rate of US$0.80/CA$1.00).
- Sustaining cost of $1,208 per ounce sold (US$966/oz using an exchange rate of US$0.80/CND$1.00).
- All-In cost of $1,221 per ounce sold in Q4 (US$977/oz at an exchange rate of US$0.80/CA$1.00).
Full-Year 2015 Highlights
- Total of $55,097,921 in revenues from gold sales.
- Net loss of $ $6,264,748 for the year.
- Cash Cost of $1,050 per ounce sold in 2015 (US$840/oz at an exchange rate of US$0.80/CA$1.00).
- Sustaining cost of $1,218 per ounce sold in 2015 (US$974/oz using an exchange rate of US$0.80/CND$1.00).
- All-In cost of $1,245 per ounce sold in 2015 (US$996/oz at an exchange rate of US$0.80/CA$1.00).
| Operating and financial results | Quarter ended June 30th 2015 | Quarter ended March 31st 2015 | Quarter ended December 31st 2014 | Quarter ended September 30th 2014 | Year total | |||||
| Operational results | ||||||||||
| Tonnes milled (Tonnes) | 58,498 | 60,365 | 59,013 | 56,949 | 234,825 | |||||
| Feed grade (g/T) | 5.7 | 5.3 | 4.6 | 6.5 | 5.5 | |||||
| Mill recovery rate | 96.5 | % | 96.1 | % | 96.3 | % | 97.0 | % | 96.5 | % |
| Ounces produced | 10,277 | 9,860 | 8,332 | 11,598 | 40,067 | |||||
| Ounces sold | 10,626 | 9,518 | 9,055 | 12,043 | 41,242 | |||||
| Underground development (metres) | 1,379 | 1,920 | 1,698 | 1,639 | 6,636 | |||||
| Diamond drilling (metres) | 9,301 | 4,399 | 5,735 | 11,566 | 31,001 | |||||
| Financial results (Thousand dollars) | ||||||||||
| Gold Sales | 13,989 | 13,499 | 11,732 | 15,878 | 55,098 | |||||
| Operating Costs | (10,664 | ) | (9,682 | ) | (10,723 | ) | (11,240 | ) | (42,309 | ) |
| Royalties | (292 | ) | (279 | ) | (187 | ) | (230 | ) | (988 | ) |
| Depreciation & Depletion | (3,469 | ) | (3,076 | ) | (2,951 | ) | (3,637 | ) | (13,133 | ) |
| Gross Profit | (435 | ) | 462 | (2,130 | ) | 771 | (1,332 | ) | ||
| Net Results | (1,578 | ) | 17 | (3,746 | ) | (958 | ) | (6,265 | ) |
Outlook for the coming quarters
Metanor continues to develop new drifts to the west in the Hewfran sector at the Bachelor Mine where the planned grade is higher than the actual grade. Metanor will continue the diamond drilling underground in the coming months to eventually add new resources and reserves at the Bachelor Mine. Also, surface drilling will continue around the Bachelor mine, mainly south.
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.
Neither the TSX Venture Exchange, nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
356,957,733 outstanding shares
Contact
Ronald Perry, Vice-President
514-262-8286
rperry@metanor.ca