Metanor Reports its Financial and Operational Results for the Quarter Ended September 30th 2016

VAL-D'OR, QUEBEC--(Marketwired - Nov 29, 2016) - Metanor Resources Inc. ("Metanor") (TSX VENTURE:MTO) is pleased to report on its financial and operational results for the quarter ended September 30^th 2016 (Q1 2017). This press release should be read in conjunction with Metanor's financial statement for the quarter ended September 30^th 2016 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.

Q1 2017 Highlights

Bachelor Property

• Gold production of 8,399 ounces during the quarter;
• Gold sales of 7,893 ounces during the quarter;
• Total of $12,663,044 in revenues from gold sales in Q1 at an average sale price of $1,604 per ounces sold (US$1,230/oz at an exchange rate of US$0.77/CA$1.00).
• Cash Cost¹ of $1,108 per ounce sold in Q1 (US$850/oz at an exchange rate of US$0.77/CA$1.00).
• Sustaining cost² of $1,359 per ounce sold in Q1 (US$1,042/oz using an exchange rate of US$0.77/CA$1.00).
• All-In cost³ of $1,523 per ounce sold in Q1 (US$1,168/oz at an exchange rate of US$0.77/CA$1.00).

Note

1. The cash cost is composed of all costs related to the mineral extraction and processing including royalties associated to the property, and by-product credit.
2. The sustaining cost is composed of the cash cost, and all costs related to sustain the existing operation such as capital and exploration expenses at the existing mines, and the corporate administration cost.
3. The all-in cost is composed of the sustaining cost, and all costs related to corporate exploration and evaluation.

Barry Property

Publication, on September 22, of a preliminary economic assessment completed by the independent firm Goldmind Geoservices Inc. This economic evaluation was based from the in-pit resources update of the Barry open pit published June 22^nd and revised September 21^st 2016.

• Net present value (NPV) before taxes (6% discounted rate) of 53.5 M$;
• Internal rate of return (IRR) before taxes of 198%;
• NPV after taxes (6% discounted rate) of 25.9 M$;
• IRR after taxes of 94%;
• For the life of mine, a gold production of 193,457 ounces over a production period of 9 years;
• Waste to mineralized material ratio of 2.17 to 1.

Administration

• The company had a net loss of $ 202,389 for the quarter ended September 30^th 2016 after depreciation and depletion of $ 2,700,275.
• The company had a treasury of $ 1,830,512 on September 30^th 2016.

Q1 2017 Operating and financial results

For this Q1, a higher sales price, combined with a reduction in the operating costs, provided a gross profit of 1.2 million dollars. These funds were mainly used in exploration on the Bachelor, Moroy, and Barry properties.

Outlook for the coming quarters

Metanor maintains its objective to produce between 28,000 and 33,000 ounces of gold during the next year coming entirely from the Bachelor mine. For the current quarter, the feed grade to the mill went up. This increase comes from ore extraction below level 14 in the Main vein, and from Hewfran between levels 6 and 8. Accordingly, the company plans to sell between 8,000 and 9,500 ounces for the quarter ended December 31^st 2016.

The company plans to publish a resource and reserve update for the Bachelor mine before December 31^st 2016. The underground drilling program will continue during the coming months to discover additional ounces of gold.

For the Barry property, Metanor will continue the drilling within the area of the Barry open pit to increase its mineral resources, and to convert inferred resources into the indicated category.

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.

Contact

Ronald Perry, Vice-president
514-262-8286
rperry@metanor.ca