I think the word nascent applies to their operation. It is in the works, in a bulk sample way. I saw somewhere where they said they intended to produce 26,000 ounces. They began production in October 2008 and produced 540 ounces by Oct 9th. They are mining at Barry, but not at Bachelor Lake yet.
It would appear from these statements in their FR that they are either lying or in production.
"Objectives for 2008-2009:
Metanor Resources intends to maintain its visibility and increase its awareness among its North-American and
international investors, and also increase the value and liquidity of its shares;
To further enhance shareholder value, the company will continue exploration and development on its properties.
Maintain control on its operating costs and a high rate of productivity.
Barry Properties:
Undertake and continue the success of commercial production in producing 26,000 ounces of gold;
Continue exploration and development.
Bachelor Lake Mill and Property:
Undertake and complete the feasibility study for exploration and the underground work;
Maintain the rate of recovery and increase the number of tons treated daily in the mill;
Other properties:
Continue the exploration work envisioned in the company’s strategic plan.
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Total revenues $ 212,063 $ 142,896 $ 41,307
Net loss ($5,809,081) ($2,072,297) ($924,464)
Basic and diluted net loss
per share ($0.088) ($0.068) ($0.05
Metanor initiated, in 2006, the refurbishing of its existing gold mill located on this property. The capacity of this
500 tpd mill was increased to a 750 tpd processing capacity. By doing so, Metanor has started processing the ore extracted from the open pit operation on the Barry gold deposit, located approximately 65 km southeast of the Bachelor Lake Gold Mill. The bulk sampling of 50,000 tons of ore extracted from Barry was soon completed.
Metanor decide to begin the commercial production of its Barry gold deposit and intends to shortly become a profitable gold producer. The mining residues tailing was rehabilitated and the access paths connecting Barry to Bachelor were repaired and arranged so that they are in conformity with the standards for the transport of ore.
The Company will carry out soon a feasibility study relating to work of development and underground exploration on the Bachelor property. This undergrounds work program will include the change of the winch, the modifications to the head-frame, the sinking of the shaft, the developments and work of exploration necessary for the taking away of a bulk sample which will qualify Bachelor for the production.
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