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
SYS-CON Events announced today that Linux Academy, the foremost online Linux and cloud training platform and community, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Linux Academy was founded on the belief that providing high-quality, in-depth training should be available at an affordable price. Industry leaders in quality training, provided services, and student certification passes, its goal is to c...
The 21st International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held October 31 - November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Digital Transformation, Machine Learning and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding busin...
DevOps at Cloud Expo – being held October 31 - November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA – announces that its Call for Papers is open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the world's largest enterprises – and delivering real r...
As enterprise cloud becomes the norm, businesses and government programs must address compounded regulatory compliance related to data privacy and information protection. The most recent, Controlled Unclassified Information and the EU’s GDPR have board level implications and companies still struggle with demonstrating due diligence. Developers and DevOps leaders, as part of the pre-planning process and the associated supply chain, could benefit from updating their code libraries and design by in...
SYS-CON Events announced today that Hitachi Data Systems, a wholly owned subsidiary of Hitachi LTD., will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City. Hitachi Data Systems (HDS) will be featuring the Hitachi Content Platform (HCP) portfolio. This is the industry’s only offering that allows organizations to bring together object storage, file sync and share, cloud storage gateways, and sophisticated search and...
One of the biggest challenges with adopting a DevOps mentality is: new applications are easily adapted to cloud-native, microservice-based, or containerized architectures - they can be built for them - but old applications need complex refactoring. On the other hand, these new technologies can require relearning or adapting new, oftentimes more complex, methodologies and tools to be ready for production. In his general session at @DevOpsSummit at 20th Cloud Expo, Chris Brown, Solutions Marketi...
SYS-CON Events announced today that Outscale will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Outscale's technology makes an automated and adaptable Cloud available to businesses, supporting them in the most complex IT projects while controlling their operational aspects. You boost your IT infrastructure's reactivity, with request responses that only take a few seconds.
SYS-CON Events announced today that CollabNet, a global leader in enterprise software development, release automation and DevOps solutions, will be a Bronze Sponsor of SYS-CON's 20th International Cloud Expo®, taking place from June 6-8, 2017, at the Javits Center in New York City, NY. CollabNet offers a broad range of solutions with the mission of helping modern organizations deliver quality software at speed. The company’s latest innovation, the DevOps Lifecycle Manager (DLM), supports Value S...
Cloud promises the agility required by today’s digital businesses. As organizations adopt cloud based infrastructures and services, their IT resources become increasingly dynamic and hybrid in nature. Managing these require modern IT operations and tools. In his session at 20th Cloud Expo, Raj Sundaram, Senior Principal Product Manager at CA Technologies, will discuss how to modernize your IT operations in order to proactively manage your hybrid cloud and IT environments. He will be sharing bes...
We all know that end users experience the internet primarily with mobile devices. From an app development perspective, we know that successfully responding to the needs of mobile customers depends on rapid DevOps – failing fast, in short, until the right solution evolves in your customers' relationship to your business. Whether you’re decomposing an SOA monolith, or developing a new application cloud natively, it’s not a question of using microservices - not doing so will be a path to eventual ...
SYS-CON Events announced today that Peak 10, Inc., a national IT infrastructure and cloud services provider, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Peak 10 provides reliable, tailored data center and network services, cloud and managed services. Its solutions are designed to scale and adapt to customers’ changing business needs, enabling them to lower costs, improve performance and focus intern...
Apache OpenWhisk on IBM Bluemix provides a powerful and flexible environment for deploying cloud-native applications driven by data, message, and API call events. In his session at 20th Cloud Expo, Daniel Krook, Software Architect, IBM Watson and Cloud Platform, and Distinguished IT Specialist, will discuss why serverless architectures are attractive for many emerging cloud workloads and when you should consider OpenWhisk for your next project. Then get started on Bluemix with three sample appl...
While presenting own advanced Robo-Advisory Platform, Michał Różański, Managing Partner at EARP and CEO at Empirica, will illustrate the most important issues of building tailored FinTech software in his session at 20th Cloud Expo. He will share experiences we have gained for over 6 years of developing solutions for financial institutions and FinTech companies, including robo-advisors. We welcome all FinTech innovators interested in how properly implemented technology can move their businesses f...
Internet of @ThingsExpo, taking place October 31 - November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with the 21st International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. @ThingsExpo Silicon Valley Call for Papers is now open.
As cloud adoption continues to transform business, today's global enterprises are challenged with managing a growing amount of information living outside of the data center. The rapid adoption of IoT and increasingly mobile workforce are exacerbating the problem. Ensuring secure data sharing and efficient backup poses capacity and bandwidth considerations as well as policy and regulatory compliance issues.