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VAL-D’OR, QUEBEC, CANADA–(Marketwire – July 12, 2012) – Metanor Resources Inc. (“Metanor”) (TSX VENTURE:MTO) is pleased to issue a summary of the results of its 5,000 tonnes bulk sample from its Bachelor project which was performed in the months of May and June 2012.
The company processed 5,429 metric tonnes of ore from an underground bulk sampling at its Bachelor project. The ore was extracted from lateral developments made in the “Main” and “B” veins on level 13. Each development round was sampled individually daily and follow-up was carried out by the Geology Department. The results of the bulk sample were compared with the corresponding excavation resources model (polygon model based on the data used in the resource estimate; InnovExplo, December 2005). The bulk sample confirmed the resource estimation model developed by Metanor for the two excavated veins (the Main and B veins). In fact, the sampling results indicate 14.1% more gold content than was predicted by the block model of the resource for these two veins in the excavated areas.
The following table shows the results of the bulk sample compared to the corresponding resource for the excavated veins:
| Tonnes (m) |
Grade (G/t) |
Au (ounces) |
Recovery (%) |
Ounces Produced |
|
| Processed | 5,429 | 6.07 | 1,059 | 97.58 | 1,033 |
| Reserve from model (25% dilution 0.0 g/t) |
5,298 | 5.22 | 888 | 93.00 | 826 |
| Change (%) | 2.5 | 16.3 | 19.3 | 4,9 | 25,1 |
| Resource excavated (undiluted) |
4,354 | 7.44 | 1,041 | ||
| Model resource (undiluted) |
4,238 | 6.52 | 888 | ||
| Change (%) | 2.7 | 14.1 | 17.2 | ||
The bulk sample permitted the validation in a conclusive and positive manner the following points:
The bulk sample has also shown a gold recovery of 97.58% compared to the 93% estimate in the pre-feasibility study. The change from the Merryl Crowe process to the carbon in pulp (CIP) at the mill enabled the mill to achieve these results using a standard particle size of 80% through 200 Mesh (74 micrometres).
Overall, the bulk sample produced 25% more ounces of gold than expected in the pre-feasibility study for this sector. This positive variance is explained by a better gold content of the resource, larger veins than expected and a better recovery in the mill.
Following the positive results of the bulk sample, Metanor has made the decision to continue the development of the Bachelor project during the following months leading to commercial gold production.
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, Vice-president 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.
226,639,754 outstanding shares
Neither the TSX Venture Exchange, nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
