Metanor Reports its Financial and Operational Results for the Quarter Ended March 31, 2017
(firmenpresse) - VAL-D'OR, QUEBEC -- (Marketwired) -- 05/11/17 -- Metanor Resources Inc. ("Metanor") (TSX VENTURE: MTO) is pleased to report its financial and operating results for the quarter ended March 31st 2017 (fiscal Q3 2017). This press release should be read in conjunction with Metanor's financial statements for the quarter ended March 31st 2017 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.
Q3 2017 Highlights
Bachelor Property
Barry Property
Financial Highlights:
Q3 2017 Operating and financial results
For the quarter, a total of 61,101 tonnes of ore at a grade of 5.0 grams per tonne were processed at the mill at a recovery rate of 96.4% which resulted in a production of 9,442 ounces of gold. During the quarter, gold sales of 10,881 ounces were much higher than the ounces produced due to recovery of ounces in the mill and sales of gold inventory at the Mint.
Outlook for the coming quarters
Metanor raised its production guidance for the year to a range of 33,000-36,000 ounces of gold from 28,000-33,000. Management anticipates that the feed grade for the upcoming quarter will be similar to that of Q3 2017.
The company continues to assess the mineral inventory with an independent consulting firm at Bachelor mine. Meanwhile, an underground drill program will continue over the coming months in order to test additional targets to the south, at depth, and to the west.
At the Barry property, Metanor is increasing the number of drills to accelerate the drilling in the Barry camp.
Qualified Persons
Pascal Hamelin, P. Eng., President and COO, 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:
Ronald Perry, Vice-president
514-262-8286
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Datum: 11.05.2017 - 17:53 Uhr
Sprache: Deutsch
News-ID 541995
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contact information:
Town:
VAL-D'OR, QUEBEC
Kategorie:
Mining & Metals
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