MTO Outstanding Shares: 37,250,358
Metanor – Update – Ongoing Work – Bachelor Lake Mining Complex
VAL-D’OR, QUÉBEC, April 12, 2007 -
Mr. Serge Roy, President of Metanor Resources Inc. “Metanor” (TSX: MTO), whose development strategy is to become a profitable gold producer during the coming year, is pleased to provide an update of ongoing work at the Bachelor Lake mining complex.
Metanor is working on obtaining permits and authorizations to get the Bachelor mill and tailings impoundment back into operation, as well as authorizations to operate an open pit mine on the Barry site.
The firm A. Golder & Ass has finished drilling the Bachelor mine's tailings impoundment and the report with recommendations is being prepared. The work to make the impoundment compliant should be minor and will begin as soon as the authorizations arising from the report have been obtained.
Repairs to the mill infrastructure having been completed, Metanor has just initiated refurbishing work on internal components (mechanical and electrical). The work will be carried out under the supervision of Mr. Pierre Filteau and Mr. Harold Gauthier, working as superintendent and foreman of the Bachelor Lake mining complex, respectively.
Mr. Filteau and Mr. Gauthier both have many years of experience in managing the operations of mills and mining complexes for various companies, including Agnico-Eagle, Horizon Mines, Selbaie and Aur Resources.
Surveying is currently underway on the Barry property to establish its boundaries for obtaining a mining lease.
An application for a certificate of authorization for a 40,000-metric-ton bulk sample of ore is being prepared by consulting engineering firm Genivar; Metanor intends to begin extracting ore from the open pit and transporting it to the Bachelor mill as soon as the permits have been obtained, before the end of summer 2007, if possible.
The Barry gold deposit, as evaluated by Geostat Systems International Inc. in compliance with NI 43-101,
has indicated resources of 35,500 oz Au (269,000 metric tons as 4.10 g/t Au) and
inferred resources of 67,600 oz Au (450,000 metric tons as 4.68 g/t Au) in zones 43 and 45 and in the Main Zone (April 10, 2006).
In addition, following a drilling program carried out in 2006, a new evaluation is underway that should contribute to increasing these resources.
As a result of the exercise of several warrants and recently completed private placements, Metanor is in an excellent position and has more than $6.5 million in available working capital, allowing it to complete the work underway, meet its medium-term obligations and continue to develop its other projects.
Metanor is also continuing its aggressive development strategy to eventually increase gold production at the Bachelor mill, which is the only gold processing plant in the region.
A compilation of public data reveals that 8.9 million metric tons of resources at a grade of 5.3 g/t Au (1.5 million oz Au) have been inventoried within a 100-km radius of the Bachelor mill; Metanor has begun evaluating deposits containing resources with potential comparable to the Barry gold deposit.
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The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
For further information, please contact:
Serge Roy, President
Metanor Resources Inc. Tel.: 819-825-8678 or 819-856-8435 2872, chemin Sullivan, suite 2,
Val-d’Or (Québec) J0Y 2N0
Tel.: 819-825-8678 Fax: 819-825-8224
info@metanor.ca www.metanor.ca
Renmark Financial Communications Inc.
Jason Roy : jroy@renmarkfinancial.com
Danielle Velez : dvelez@renmarkfinancial.com
Tel.: (514) 939-3989
Fax: (514) 939-3717
www.renmarkfinancial.com
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