Click here to close now.




















Welcome!

News Feed Item

Metanor Reports its Financial Results for the Quarter Ending March 31St 2014 with a Cash Cost of US$875/Oz

VAL-D'OR, QUEBEC -- (Marketwired) -- 05/22/14 -- Metanor Resources Inc. ("Metanor") (TSX VENTURE:MTO) is pleased to report on its financial results for the quarter ending March 31st 2014 (Q3). This press release should be read in conjunction with Metanor's interim financial statement for the three month period ended March 31st 2014 and related Management's Discussion and Analysis (MD&A), which can be found on the company website www.metanor.ca or on SEDAR www.sedar.com. All amounts are in Canadian dollars unless otherwise stated

Q3 2014 Highlights


--  Gold production of 12,641 ounces for the quarter. 
    
--  Gold sales of 13,700 ounces for the quarter. 
    
--  Gross Profit of $632,780 for the quarter after depreciation and
    depletion of $4,609,163.  
    
--  Net Loss for the quarter of $1,919,928 which includes financial charges,
    and expenses. 
    
--  Milled 60,497 tonnes of ore at a feed grade of 6.7 g/T and a recovery
    rate of 96.8%. 
    
--  Total of $18,408,010 in gold sales for the quarter at an average selling
    price of $1,343/oz (US$1,222/oz at an exchange rate of US$0.91/CA$1.00).
    
--  Cash Cost of $961 per ounce sold in the quarter (US$875/oz at an
    exchange rate of US$0.91/CA$1.00). 
    
--  Agreement between Ressources Quebec and Metanor to amend the payment
    schedule for the balance of the loan until March 2015. (See the press
    release issued February 27th 2014). 
    
--  Subsequent to March 31st, Metanor and the Quebec Ministry of Natural
    Resources reached an agreement establishing a payment schedule for the
    financial guarantee required for the site restoration plan. 

Ghislain Morin, president and chief executive officer, and Serge Roy, executive chairman of the board, declared: "We are very pleased with our quarterly results which show that Metanor generates a positive gross margin and operating cash flow, while improving its financial situation and increasing its underground drilling and development."


----------------------------------------------------------------------------
Operating and financial       Quarter      Quarter     Quarter Year to date 
 results                        ended        ended       ended              
                           March 31st     December   September              
                                 2014    31st 2013   30th 2013              
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Operational results                                                         
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Tonnes milled (Tonnes)         60,497       62,033      55,591      178,121 
Feed grade (g/T)                  6.7          6.6         6.0         6.43 
Mill recovery                    96.8%        97.5%       97.1%        97.1%
Ounces produced                12,641       12,751      10,373       35,765 
Ounces sold                    13,700       10,427      10,269       34,397 
Underground development                                                     
 (metres)                       1,751        1,492       1,277        4,488 
Diamond drilling (metres)      10,550        9,164       7,237       26,958 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Financial results                                                           
 (Thousand dollars)                                                         
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Gold Sales                     18,408        3,556           0       21,965 
Operating Costs               (12,833)      (2,221)          0      (15,053)
Royalties                        (333)        (117)          0         (450)
Depreciation & Depletion       (4,609)      (1,070)          0       (5,679)
Gross Profit                      633          149           0          781 
Net Results                    (1,919)        (410)     (1,624)      (3,954)
Average sell price /          1,343 -      1,242 -                  1,326 - 
 oz(1)                      1,222 $US   1,167 $ US           0    1,212 $US 
Cash Cost / oz(2)        (961) - (875 (815) - (766                   (936)- 
                                  $US)        $ US)          0      (856$US)
----------------------------------------------------------------------------
                                                                            
(1)  The average selling price is calculated on the ounces of gold sold    
     since December (16,563oz). The ounces sold in October and November    
     were credited against the capital cost.                               
                                                                           
(2)  The cash cost per ounce sold includes the extraction cost, milling    
     costs, on-site costs, and the royalties.                              

During this quarter (Q3), Metanor milled 60,497 tonnes of ore at a feed grade of 6.7 g/T and a recovery rate of 96.8% producing 12,641 ounces of gold. The cash cost, per ounce sold, increased in this last quarter due to the increased underground drilling and development work. Further, Metanor increased the underground supply inventory to allow the start-up of two new levels.

Outlook for the coming quarters

Metanor continues to develop new drifts to the west which will allow access to new zones and stabilize production. Metanor will further increase the diamond drilling in the coming months to eventually add new resources and reserves.

About Metanor

Metanor is a Canadian based gold mining company with a focus on adding value per share through efficient production, exploration, and development of it properties.

Qualified Person

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.

Neither the TSX Venture Exchange, nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
The Internet of Things (IoT) is about the digitization of physical assets including sensors, devices, machines, gateways, and the network. It creates possibilities for significant value creation and new revenue generating business models via data democratization and ubiquitous analytics across IoT networks. The explosion of data in all forms in IoT requires a more robust and broader lens in order to enable smarter timely actions and better outcomes. Business operations become the key driver of I...
In their Live Hack” presentation at 17th Cloud Expo, Stephen Coty and Paul Fletcher, Chief Security Evangelists at Alert Logic, will provide the audience with a chance to see a live demonstration of the common tools cyber attackers use to attack cloud and traditional IT systems. This “Live Hack” uses open source attack tools that are free and available for download by anybody. Attendees will learn where to find and how to operate these tools for the purpose of testing their own IT infrastructu...
SYS-CON Events announced today that DataClear Inc. will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. The DataClear ‘BlackBox’ is the only solution that moves your PC, browsing and data out of the United States and away from prying (and spying) eyes. Its solution automatically builds you a clean, on-demand, virus free, new virtual cloud based PC outside of the United States, and wipes it clean...
It’s been proven time and time again that in tech, diversity drives greater innovation, better team productivity and greater profits and market share. So what can we do in our DevOps teams to embrace diversity and help transform the culture of development and operations into a true “DevOps” team? In her session at DevOps Summit, Stefana Muller, Director, Product Management – Continuous Delivery at CA Technologies, answered that question citing examples, showing how to create opportunities for ...
SYS-CON Events announced today that IceWarp will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. IceWarp, the leader of cloud and on-premise messaging, delivers secured email, chat, documents, conferencing and collaboration to today's mobile workforce, all in one unified interface
Culture is the most important ingredient of DevOps. The challenge for most organizations is defining and communicating a vision of beneficial DevOps culture for their organizations, and then facilitating the changes needed to achieve that. Often this comes down to an ability to provide true leadership. As a CIO, are your direct reports IT managers or are they IT leaders? The hard truth is that many IT managers have risen through the ranks based on their technical skills, not their leadership ab...
A producer of the first smartphones and tablets, presenter Lee M. Williams will talk about how he is now applying his experience in mobile technology to the design and development of the next generation of Environmental and Sustainability Services at ETwater. In his session at @ThingsExpo, Lee Williams, COO of ETwater, will talk about how he is now applying his experience in mobile technology to the design and development of the next generation of Environmental and Sustainability Services at ET...
WebRTC has had a real tough three or four years, and so have those working with it. Only a few short years ago, the development world were excited about WebRTC and proclaiming how awesome it was. You might have played with the technology a couple of years ago, only to find the extra infrastructure requirements were painful to implement and poorly documented. This probably left a bitter taste in your mouth, especially when things went wrong.
Whether you like it or not, DevOps is on track for a remarkable alliance with security. The SEC didn’t approve the merger. And your boss hasn’t heard anything about it. Yet, this unruly triumvirate will soon dominate and deliver DevSecOps faster, cheaper, better, and on an unprecedented scale. In his session at DevOps Summit, Frank Bunger, VP of Customer Success at ScriptRock, will discuss how this cathartic moment will propel the DevOps movement from such stuff as dreams are made on to a prac...
Cloud and datacenter migration innovator AppZero has joined the Microsoft Enterprise Cloud Alliance Program. AppZero is a fast, flexible way to move Windows Server applications from any source machine – physical or virtual – to any destination server, in any cloud or datacenter, using its patented container technology. AppZero’s container is also called a Virtual Application Appliance (VAA). To facilitate Microsoft Azure onboarding, AppZero has two purpose-built offerings: AppZero SP for Azure,...
WSM International, the pioneer and leader in server migration services, has announced an agreement with WHOA.com, a leader in providing secure public, private and hybrid cloud computing services. Under terms of the agreement, WSM will provide migration services to WHOA.com customers to relocate some or all of their applications, digital assets, and other computing workloads to WHOA.com enterprise-class, secure cloud infrastructure. The migration services include detailed evaluation and planning...
This Enterprise Strategy Group lab validation report of the NEC Express5800/R320 server with Intel® Xeon® processor presents the benefits of 99.999% uptime NEC fault-tolerant servers that lower overall virtualized server total cost of ownership. This report also includes survey data on the significant costs associated with system outages impacting enterprise and web applications. Click Here to Download Report Now!
IBM’s Blue Box Cloud, powered by OpenStack, is now available in any of IBM’s globally integrated cloud data centers running SoftLayer infrastructure. Less than 90 days after its acquisition of Blue Box, IBM has integrated its Blue Box Cloud Dedicated private-cloud-as-a-service into its broader portfolio of OpenStack® based solutions. The announcement, made today at the OpenStack Silicon Valley event, further highlights IBM’s continued support to deliver OpenStack solutions across all cloud depl...
Consumer IoT applications provide data about the user that just doesn’t exist in traditional PC or mobile web applications. This rich data, or “context,” enables the highly personalized consumer experiences that characterize many consumer IoT apps. This same data is also providing brands with unprecedented insight into how their connected products are being used, while, at the same time, powering highly targeted engagement and marketing opportunities. In his session at @ThingsExpo, Nathan Trel...
SYS-CON Events announced today that Pythian, a global IT services company specializing in helping companies leverage disruptive technologies to optimize revenue-generating systems, has been named “Bronze Sponsor” of SYS-CON's 17th Cloud Expo, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Founded in 1997, Pythian is a global IT services company that helps companies compete by adopting disruptive technologies such as cloud, Big Data, advance...