Metanor Resource Provides an Update on Its Activities at the Bachelor Lake Gold Project
VAL-D'OR, QUEBEC -- (Marketwire) -- 12/14/10 -- Metanor Resources Inc. ('Metanor') (TSX VENTURE: MTO) is pleased to provide an update on its activities at the Bachelor Lake Gold Project.
BACHELOR LAKE MINE
As mentioned in the press release dated October 4th, Metanor is beginning to sink the shaft another 600 ft to develop two new levels. These 2 levels will provide access to the lower portion of the mine's 43-101 resource and allow the completion of a bulk sample targeted at 5,000 tonnes.
On November 3rd, the mining contractor brought their shaft sinking equipment to switch from rehabilitation to sinking mode. As of December 13th, the commissioning is nearly completed and on schedule. The first blast, at the shaft bottom, is planned before year-end.
In parallel, the project team is progressing on the Pre-feasibility Study at Bachelor Lake Gold Project. Metanor has selected Stantec Inc. (TSX: STN) as an Independent Consultant to complete the Pre-Feasibility Study in collaboration with Metanor's project team. Before year-end, the company is planning to release the pre-feasibility numbers including the reserves for this project.
BACHELOR LAKE-POTENTIAL NEW ZONE (DIAGNOS Target)
Due to the recent excellent grab samples, Metanor initiated a stripping campaign and has removed minor surface overburden to access the structure on both sides of the main road to the mill. The structure which is visible now is close to 300 feet long by about 30 feet wide and is still open in all directions. Further, a diamond drill rig is presently on site and has commenced a 1,000m drilling campaign on this promising new zone only 3 km from the Bachelor Lake Mill. Results are pending and should be released before year-end.
About Metanor
Metanor is a Canadian based gold mining company with a focus on adding value per share through efficient exploration, and development of it properties. Maintaining a low risk profile through a strong operating team, sound financial management, and operating in secure jurisdictions like Quebec are key priorities for Metanor's management team.
Qualified Person
Pascal Hamelin, P. Eng, Ing, General Manager 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. Factors that could cause actual results to differ materially from those in forward-looking statements include, metal prices, exploration successes, continued availability of capital and financing, and general economic, market or business conditions. Accordingly, readers should not place undue reliance on forward-looking statements.
144,410,739 outstanding shares
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Contacts:
Metanor Resources Inc.
Ronald Perry
Vice-President
514-262-8286
rperry@metanor.ca
www.metanor.ca