Metanor Preliminary Discussions With Nichromet Barry Could Achieve Onsite Production Faster
VAL-D'OR, QUEBEC -- (Marketwire) -- 01/13/11 -- Metanor Resources Inc. ('Metanor') (TSX VENTURE: MTO) is pleased to announce that the 20 kilos of ore sample from the Barry Property submitted to Nichromet Extraction Inc.('Nichromet') in order to test the Barry mineralization for eligibility for treatment with Nichromet technology has met the required specifications. A further 100 kilos of representative ore material from Barry is being analyzed in order to apply the Knelson concentration process in an industrial way.
The conclusion is that Nichromet cannot give Metanor a precise result until the further 100 kilos have been analyzed but it is very clear to them that the operation with this ore, starting with a concentration stage, followed by a controlled oxidation stage and finally a chloridation step, would be efficient. A final report with more precise information will be done as soon as Nichromet has more data.
Further meetings are scheduled in mid-January at Nichromet's Thetford Mines pilot plant, at which time more discussions will take place on the structure of an eventual business relationship between Metanor and Nichromet Extration Inc., which could eventually lead to the construction of a Nichromet plant on the Barry property in the near future to achieve mid-tier status sooner.
Nichromet Extraction has developed a new technology using halogens for gold extraction at atmospheric pressure. This process has been successfully piloted and has shown a fast recovery exceeding 95% with no liquid or gaseous emission and no need for tailings treatment or disposal sites. The Nichromet system is an environmentally friendly process as it is a closed loop system using a salt solution. Therefore, the tailings from the Nichromet process will be devoid of any significant content of base metals which can generate toxic lixiviates. The Company has been recently awarded patents for its sulfide process in the United States of America. The issue of patents by the US Government is a strong endorsement of the originality of the Nichromet process both from a chemistry standpoint as well as an economic standpoint: the process can recover precious metals in a three-hour cycle as opposed to a 40-hour cycle for cyanide. Patents for its sulfide process have also been issued in Cuba, Guatemala, and Peru. Patents are pending in Chile, Mexico, Canada, Indonesia, Philippines, and the Dominican Republic.
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.
About Nichromet Extraction Inc.
Nichromet Extraction Inc. has developed proprietary metallurgical processes for the extraction of base metals and precious metals. The Nichromet system is an environmentally friendly process as it is a closed loop system using a salt solution. Therefore, the tailings will be devoid of any significant content of base metals which can generate toxic lixiviates. Major shareholders include Dundee Precious Metals Inc., Northbrock Capital Inc., Seed Capital Inc. and Credit Suisse.
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.
152 058 355 outstanding shares
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Contacts:
Metanor Resources Inc.
Ronald Perry
Vice-President
514-262-8286
rperry@metanor.ca