Metalore and New Leaf Share the Love
SIMCOE, February 14, 2019 - Metalore Resources Ltd. (MET/TSXV) ("Metalore" or the "Company") has been working with a cannabis grower (operating within our gas well / pipeline network) to gain a significantly higher price for its natural gas than currently offered by Union Gas Limited (now Enbridge). Although Metalore has enjoyed better revenue this past quarter, the recent winter price spikes in natural gas are not sustainable. With the United States now the number one producer of natural gas in the world, it is anticipated that more supply from the USA will eventually find its way into the Dawn Storage area and therefore further decrease the gas price. One solution is to seek a permanent price advantage that cannot be rocked by outside supply forces. To this end, the Company, in agreement with New Leaf Canada Inc. (New Leaf) has submitted an application to the Ontario Energy Board (OEB) for a Certificate of Public Convenience and Necessity (CPCN). If granted, Metalore will be the sole natural gas supplier of the proposed 31,000 sq ft facility of New Leaf, delivering up to 2,000,000 cubic metres per year (based on estimated demand), at a price it shall largely determine.
Ryan VandenBussche, President of New Leaf, recently shared comments regarding the cannabis project: https://www.simcoereformer.ca/news/local-news/vandenbussche-to-lead-cannabis-operation
Please be advised that although it may take several months before a decision is granted by the OEB, there is no guarantee Metalore will be granted a CPCN in that time frame, or at all. Complete transparency of the filings and process is available online at the OEB website.
About Metalore Resources
Metalore Resources Ltd. is a Canadian junior resource company trading under the symbol MET on the TSX Venture Exchange. The Company is engaged in the production of natural gas in Southern Ontario and serves over 150 families throughout rural Charlotteville Township with the comfort and convenience of reliable, safe and environmentally clean gas service. For further information please contact:
Armen Chilian P.Geo. President and CEO
(519) 428-2464 info@metaloreresources.com
SOURCE: Metalore Resources Ltd.
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