Metanor Reports Net Income of $2 Million for the Quarter Ended December 31, 2016; Raises Guidance
(firmenpresse) - VAL-D'OR, QUEBEC -- (Marketwired) -- 02/08/17 -- Metanor Resources Inc. ("Metanor") (TSX VENTURE: MTO) is pleased to report its financial and operating results for the quarter ended December 31st 2016 (fiscal Q2 2017). This press release should be read in conjunction with Metanor's financial statements for the quarter ended December 31st 2016 and related Management's Discussion and Analysis (MD&A); both of these documents can be found on the Company website at or on SEDAR . All amounts are in Canadian dollars unless stated otherwise.
Q2 2017 Highlights
Bachelor Property
Barry Property
During the quarter, the Company filed a Preliminary Economic Assessment ("PEA") for the Barry Property prepared by independent consultants Goldmind Geoservices Inc. The economic evaluation was based on the recently updated resource estimate for the Barry open pit. See press release dated September 22nd 2017:
Highlights from the PEA include:
Financial Highlights:
Q2 2017 Operating and financial results
During the quarter, a higher feed grade resulted in more ounces sold and a reduction in operating costs, compared to the same quarter in 2015. The mine generated an operating income of $3.3 million which were reinvested into the exploration on the Bachelor, Moroy, and Barry properties.
Outlook for the coming quarters
Metanor raised its production guidance for the year to a range of 30,000-36,000 ounces of gold from 28,000-33,000. Management anticipates that the feed grade for the upcoming quarter will be similar to that of Q2 2017.
The company plans to publish a resource and reserve update for the Bachelor mine within the current quarter, ending March 31, 2017. Meanwhile, an underground drill program will continue over the coming months in order to test additional targets outside of the soon-to-be reported reserve update.
At the Barry property, Metanor continues drilling within the Barry open pit in order to increase mineral resources and to convert inferred resources into the indicated category. The Barry open pit remains open in all directions, demonstrating potential to increase in size.
Qualified Persons
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 and Forward-Looking Statements
This press release includes certain statements that may be deemed "forward-looking statements".
The potential quantity and grade is conceptual in nature as there has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in the target being delineated as a mineral resource. All statements in this discussion, other than those of historical fact, that address future exploration drilling, exploration activities and projected exploration, including costs and other estimates upon which such projections are based, and events or developments that the company expects, are considered forward-looking statements. Although the Company believes the expectations expressed in these 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 forward-looking statements.
Neither the TSX Venture Exchange, nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
Contacts:
Metanor Resources Inc.
Ronald Perry
Vice-president
514-262-8286
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Datum: 08.02.2017 - 14:22 Uhr
Sprache: Deutsch
News-ID 522794
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Town:
VAL-D'OR, QUEBEC
Kategorie:
Mining & Metals
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