Metanor Resources Inc.: Bachelor Lake Project Update
VAL-D'OR, QUEBEC, CANADA -- (Marketwire) -- 04/26/11 -- Metanor Resources Inc. ('Metanor') (TSX VENTURE: MTO) is pleased to provide an update on its activities at the Bachelor Lake Gold Project. The shaft sinking process is now over 60% complete, including the development of 2 of the 3 shaft stations(Level 13 and 14) along with over 280 feet of shaft completed with less than 256 feet remaining. The shaft sinking is scheduled to be completed by the end of July. The project maintains the target of completing the bulk sample this Fall and publish a feasibility study.
The 15,000 m definition diamond drilling campaign at Bachelor is scheduled to begin in June 2011. This campaign will begin on surface while the shaft sinking is being executed, and move to the two new levels 13 and 14 when the sinking is completed. The results of the completed portion in this drilling campaign will be inserted into the Feasibility Study.
The project team and its independent consultants also updated the NI 43-101 Technical Report for the Bachelor Lake Project with additional information. This additional information is mostly of a technical nature. The initial project economics, resources, and reserves all remain unchanged. A copy of the new report has been filed on Sedar and is available at www.sedar.com.
Serge Roy, Chairman & CEO and Ghislain Morin, President & COO both stated : 'We are extremely pleased with the progress at the Bachelor Lake Gold Project as we are well on our way to complete the Bulk Sample 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.
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Contacts:
Metanor Resources Inc.
Ronald Perry
Vice-President
514-262-8286
rperry@metanor.ca