Metanor Receives Approval for Commercial Production at the Bachelor Project
VAL-D'OR, QUEBEC, CANADA -- (Marketwire) -- 07/06/12 -- Metanor Resources Inc. ("Metanor") (TSX VENTURE: MTO) is pleased to announce that it has obtained the environmental certificate of approval for commercial production, in accordance with article 164 of the Act on the quality of the environment.
This certificate allows Metanor to process an initial 900,000 tonnes of gold ore from the Bachelor underground mine site. The Government authorization is accompanied by certain conditions added to commitments provided for in the impact study of Metanor Resources, particularly with respect to the management of water as well as the creation of an Advisory Committee involving the Cree community of Waswanipi and Jamesian municipalities.
Serge Roy, Chairman of the Board and Chief Executive Officer and Ghislain Morin, President and Chief of Operations, have both indicated: "We would like to thank our community and Government partners and our staff, which together enabled us to take this important step towards commercial production, which is expected to begin after compilation and reporting of the bulk sampling results, soon to be completed. Once the bulk sample results are published then the preliminary steps to put Bachelor into production will have been completed. We are very proud of accomplishing this milestone and we intend to further earn the trust of the Government and nearby communities by continuing to be an exemplary institutional citizen and an active partner in the economic development of the James Bay region."
Metanor is a Canadian based gold mining company with a focus on adding value per share through efficient exploration, and development of it properties. Maintaining a low risk profile through a strong operating team, sound financial management, and operating in secure jurisdictions like Quebec are key priorities for Metanor's management team.
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 Language and Forward-Looking Statements
This press release includes certain statements that may be deemed "forward-looking statements". All statements in this discussion, other than statements of historical facts, that address future exploration drilling, exploration activities, anticipated metal production, internal rate of return, estimated ore grades, commencement of production estimates and projected exploration and capital expenditures (including costs and other estimates upon which such projections are based) and events or developments that the Company expects, are forward looking statements. Although the Company believes the expectations expressed in such 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 in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include, metal prices, exploration successes, continued availability of capital and financing, and general economic, market or business conditions. Accordingly, readers should not place undue reliance on forward-looking statements.
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