December 14, 2006
MÉTANOR SIGNS AGREEMENT TO ACQUIRE MURGOR'S BARRY OPEN PIT GOLD DEPOSIT
VAL-D'OR, QUÉBEC, December 14, 2006 - Mr. Serge Roy, President and CEO of Métanor Resources Inc. "Métanor" (TSX : MTO) is pleased to announce the signing of an agreement whereby Métanor will acquire a 100% interest in the Barry gold deposit of Murgor Resources Inc. In line with the Company's strategic plan, this acquisition will enable Métanor to become a gold producer in 2007 by open-pit mining the Barry gold deposit and milling the ore at the Bachelor Lake mine's milling facility.
The agreement includes a $200,000 cash payment on or before January 15th 2007 as well as a Royalty on the proceeds of sales of gold produced from the property.
Gold resources for the Barry deposit were recently re-evaluated by Systèmes Géostat International Inc. in compliance with NI 43-101 and are estimated at 35,500 oz Au of Indicated Resources (269,000 t at 4.10 g/t Au) and 67,600 oz Au of Inferred Resources (450,000 t at 4.68 g/t Au) in zones 43 and 45 and in the main zone (April 10, 2006). Recent drill results released by Murgor (June 21, 2006) extend the mineralized zones almost 300 meters in a southwesterly direction. These results could lead to the definition of additional resources. A major portion of the resources are at, or near surface and are considered open-pitable, thereby reducing operating costs significantly. Past metallurgical tests completed at the University of Nova Scotia have indicated recoveries of 94%. A study also confirmed the non-acid generating nature of the host and mineralized rock at Barry (Bodycote Material Testing).
The Barry gold deposit is located in the Urban-Barry greenstone belt approximately 65 km southeast of the Bachelor Lake mine. Numerous forestry roads link Barry to the Bachelor mine, facilitating ore transport. The Urban-Barry area is the site of renewed interest following the release of spectacular drill results by Noront Resources Ltd. who reported intersections of 800.1 to 1,792.9 g/t Au over 4.8 m (Noront release of December 1st 2006) and of 27.3 g/t Au over 14.4 meters (Noront release of June 8 2006). The Nubar deposit (Oasis) to the southwest contains resources of 564,000 t at 6.2 g/t Au and the Lac Rouleau deposit (Beaufield) to the northeast contains resources of 544,000 t at 7.0 g/t Au.
Cashflows generated by the mining of the Barry deposit will facilitate the completion of the planned underground development and exploration program on the Bachelor property at the same time. The underground program will include changing the hoist, modifying the headframe and shaft sinking, as well as development and exploration works required for the extraction of a bulk sample which will qualify Bachelor for production status.
This stage is part of Métanor's strategic plan to become a profitable gold producing company in 2007. The recent renewal of the agreement to acquire a 100% interest in the Bachelor property was the first stage of this plan. A 2 million dollar payment was made November 20th and Métanor has the financial ability to complete these acquisitions. The Bachelor property contains measured and indicated resources of 841,591 t at 7.79 g/t Au (or 210,857 ounces gold) and inferred resources of 426,148 t at 6.52 g/t Au (or 89,366 ounces gold). In addition to these resources and the excellent potential of the group of properties, a 500 tpd gold mill valued at 27.8 M $ is present on the property.
Métanor will continue to follow its aggressive development strategy by acquiring projects with resources of similar potential to the Barry gold deposit in order to feed the Bachelor mill. A compilation of public information shows that 8.9 Mt of resources grading 5.3 g/t Au (1.5 M oz Au) are reported within a 100 km radius of the Bachelor mill, without taking into account Bachelor property's resources and potential. This mill is the only gold treatment facility in this area.
Métanor is actively pursuing permits and authorizations required for the commissioning of the Bachelor mill and its tailings facility, as well as authorizations for the operation of an open-pit on the Barry site.
The agreement is subject to the approval of regulatory agencies.
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The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
For further informations, please contact :
Serge Roy, President and CEO
Metanor Resources Inc.
Tel.: 819 825-8678 or 819 856-8435
2872, Sullivan Road, suite 2, Val-d'Or (Quebec) J0Y 2N0
Tel: (819) 825-8678 Fax: (819) 825-8224
info@metanor.ca http://www.metanor.ca
Hallo Newtechxl,
vor ein paar Tagen haben sie diese Nachricht rausgegeben. Sie werden nicht zuerst Bachelor aufmachen, sondern über einen offenen Bergbau anfangen zu fördern. Wenn die Förderung nicht in 2007 / 08 erfolgt, müssen sie das Gebiet wieder zurückgeben. Von daher haben sie nun einen zeitlichen Druck. Die Schmelzgebühr liegt bei 9 %
Dies bedeutet, dass sie 2007, spätestens 2008 nun in Produktion gehen. Es bedeutet aber auch, dass sie derzeit nur Geld nur die Wiedereröffnung der Mühle, für den offenen Bergbau und für Bohrungen benötigen - nicht jedoch um die Mine für den Bergbau vorzubereiten. Mit dem Cash-Flow können sie in einem zweiten Schritt auch dies finanzieren.
Viele Grüße
Silbertaler