Metanor Resources (MTO.TO) Called Quebec's Next Producing Gold Mine by Industrial Alliance Securities - Video Summary of Report Posted on InvestmentPitch.com
(Thomson Reuters ONE) -
Vancouver, British Columbia, June 14, 2011 - Quebec based Investment Firm,
Industrial Alliance Securities, issues report calling Metanor Resources (MTO.TO)
"Quebec's Next Producing Gold Mine".
InvestmentPitch.com has produced a "video news alert" based on this report. If
this link is not enabled, please visit www.investmentpitch.com and enter
"Industrial Alliance" in the search box.
Highlights from the Industrial Alliance Securities Report:
Industrial Alliance describes Metanor as a near-term, small to mid-tier gold
production company. The company is upgrading and rebuilding the Bachelor Lake
Mine in Northern Quebec while conducting ongoing exploration to expand the
resource base at its near-by Barry property. The company holds more property in
Quebec and Ontario at the grassroots stage.
The Bachelor Lake Project, the main focus of Metanor, is located in the historic
gold mining region of Abitibi in Northern Quebec. The property had a functional
mine during the 1980s. After a commodity market collapse in the early 1990s, the
mine was put on care and maintenance and eventually closed. Little work was
completed until Metanor restarted exploration work and began rehabilitating the
site.
After a 2005 drilling program, the ore body was estimated to contain 200,000+
ounces gold in the proven and probable reserves category and an additional
80,000+ ounces gold in inferred resources. However, even under Metanor,
exploration programs have yet to constrain the extent of mineralization.
Currently the deposit remains open at depth and laterally. The geology and
mineralization of the property are well understood, which allowed Industrial
Alliance to prepare back-of-the-envelope calculations to estimate the size of
the deposit closer to 700,000+ ounces gold.
As the mine was a historic producer, almost all infrastructures are readily
available and require only refurbishment to be brought back to conformity with
various provincial ministries. The mine itself has been developed to 12 levels
reaching a maximum depth of 562.66 metres. Access to the bulk of the deposit
only requires the addition of two levels from the 12(th).
The Barry Open Pit property is located in the same region, only 65 kilometres to
the south east, and is accessible year round from the Bachelor site by multiple
logging roads. The pit was initially purchased to provide income for Metanor. It
has now been returned to the exploration stage to expand the resource base to
justify the construction of new infrastructure.
The deposit was estimated to contain 54,000 ounces gold indicated and 133,000
ounces gold inferred at 1 gram per tonne cut-off. Exploration work has been
limited due to ongoing work at Bachelor Lake.
Metanor is well-financed to complete construction of the Bachelor Lake Mine. To
avoid shareholder dilution, Metanor entered into an arrangement with Sandstorm
Resources, whereby Sandstorm will buy 20% of the life of mine gold production
from Bachelor Lake for the lesser of US$500 or the prevailing spot price per
ounce of gold for US$20 million.
For more information on Metanor Resources, or a copy of the Industrial Alliance
report, please visit Metanor's website at www.metanor.ca, or contact Ron Perry
at 514-262-8286 or email rperry(at)metanor.ca.
CONTACT:
InvestmentPitch.com
Barry Morgan, CFO
bmorgan(at)investmentpitch.com
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: InvestmentPitch via Thomson Reuters ONE
[HUG#1523329]
Unternehmensinformation / Kurzprofil:
Datum: 14.06.2011 - 14:54 Uhr
Sprache: Deutsch
News-ID 55543
Anzahl Zeichen: 4293
contact information:
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 207 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Metanor Resources (MTO.TO) Called Quebec's Next Producing Gold Mine by Industrial Alliance Securities - Video Summary of Report Posted on InvestmentPitch.com"
steht unter der journalistisch-redaktionellen Verantwortung von
InvestmentPitch (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
