Commercial Production Begins: Metanor-North Americas Newest Gold Producer
Metanor Resources Inc. announcing formal commercial production beginning today. The Company has recently received permits from the Quebec Government to operate the Bachelor Lake Mill Facility and to continue operate and mine the Barry Pit. Metanor is presently operating uninterrupted 7 days a week, 24 hours per day at an average rate of 680 tons per day with over 96% recovery. The mill is capable of processing 700-750tpd and the team is working diligently to constantly improve the tonnage while maintaining the recovery rate. During the summer, an additional third ball mill was successfully commissioned in order to handle the increased tonnage as well as other required modifications this work was completed at cost of approximately $500,000 which is about $1,000,000 less than the original quotation received. Mr. Ghislain Morin, President and COO stated “We greatly appreciate the work of Mr. Claude Imbeault, Vice-President-Operations and his team for making this historic day possible, Metanor has worked hard to achieve the status of a new gold producer with high environmental and work safety standards at the mill and mine site (507 days without incident). Being a gold producer enables the Company to finance its own exploration without raising additional capital in these restricted credit/capital markets.”
With respect to the operation of the mill which is processing the ore from the Barry open pit, Metanor has already poured approximately 13,000 ounces of dore gold bars during the bulk sampling and pre-production phases. With a cash cost of approximately $375CDN/oz and the present gold price around $900CDN/oz, Metanor, together with its present unhedged strategy, is well positioned to take advantage of the current and future positive market conditions with respect to gold. Mr. Serge Roy, Chairman and CEO stated, “Metanor is now poised to become North Americas’ newest low cost gold producer as well as continue to develop its current portfolio of properties which includes the ever growing Barry Pit, the open at depth Bachelor Lake Mine as well as the promising Nelligan property which is only 4.5 km from the mill. With virtually no long term debt, together with our line of credit, we can take advantage of any situation that should arise in the future”.