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 cloud promises new levels of agility and cost-savings for Big Data, data warehousing and analytics. But it’s challenging to understand all the options – from IaaS and PaaS to newer services like HaaS (Hadoop as a Service) and BDaaS (Big Data as a Service). In her session at @BigDataExpo at @ThingsExpo, Hannah Smalltree, a director at Cazena, provided an educational overview of emerging “as-a-service” options for Big Data in the cloud. This is critical background for IT and data professionals...
"Once customers get a year into their IoT deployments, they start to realize that they may have been shortsighted in the ways they built out their deployment and the key thing I see a lot of people looking at is - how can I take equipment data, pull it back in an IoT solution and show it in a dashboard," stated Dave McCarthy, Director of Products at Bsquare Corporation, in this SYS-CON.tv interview at @ThingsExpo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
@DevOpsSummit taking place June 6-8, 2017 at Javits Center, New York City, is co-located with the 20th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. @DevOpsSummit at Cloud Expo New York Call for Papers is now open.
Fact is, enterprises have significant legacy voice infrastructure that’s costly to replace with pure IP solutions. How can we bring this analog infrastructure into our shiny new cloud applications? There are proven methods to bind both legacy voice applications and traditional PSTN audio into cloud-based applications and services at a carrier scale. Some of the most successful implementations leverage WebRTC, WebSockets, SIP and other open source technologies. In his session at @ThingsExpo, Da...
In his session at 19th Cloud Expo, Claude Remillard, Principal Program Manager in Developer Division at Microsoft, contrasted how his team used config as code and immutable patterns for continuous delivery of microservices and apps to the cloud. He showed how the immutable patterns helps developers do away with most of the complexity of config as code-enabling scenarios such as rollback, zero downtime upgrades with far greater simplicity. He also demoed building immutable pipelines in the cloud ...
The cloud competition for database hosts is fierce. How do you evaluate a cloud provider for your database platform? In his session at 18th Cloud Expo, Chris Presley, a Solutions Architect at Pythian, gave users a checklist of considerations when choosing a provider. Chris Presley is a Solutions Architect at Pythian. He loves order – making him a premier Microsoft SQL Server expert. Not only has he programmed and administered SQL Server, but he has also shared his expertise and passion with b...
As data explodes in quantity, importance and from new sources, the need for managing and protecting data residing across physical, virtual, and cloud environments grow with it. Managing data includes protecting it, indexing and classifying it for true, long-term management, compliance and E-Discovery. Commvault can ensure this with a single pane of glass solution – whether in a private cloud, a Service Provider delivered public cloud or a hybrid cloud environment – across the heterogeneous enter...
"IoT is going to be a huge industry with a lot of value for end users, for industries, for consumers, for manufacturers. How can we use cloud to effectively manage IoT applications," stated Ian Khan, Innovation & Marketing Manager at Solgeniakhela, in this SYS-CON.tv interview at @ThingsExpo, held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA.
Today we can collect lots and lots of performance data. We build beautiful dashboards and even have fancy query languages to access and transform the data. Still performance data is a secret language only a couple of people understand. The more business becomes digital the more stakeholders are interested in this data including how it relates to business. Some of these people have never used a monitoring tool before. They have a question on their mind like “How is my application doing” but no id...
@GonzalezCarmen has been ranked the Number One Influencer and @ThingsExpo has been named the Number One Brand in the “M2M 2016: Top 100 Influencers and Brands” by Onalytica. Onalytica analyzed tweets over the last 6 months mentioning the keywords M2M OR “Machine to Machine.” They then identified the top 100 most influential brands and individuals leading the discussion on Twitter.
In IT, we sometimes coin terms for things before we know exactly what they are and how they’ll be used. The resulting terms may capture a common set of aspirations and goals – as “cloud” did broadly for on-demand, self-service, and flexible computing. But such a term can also lump together diverse and even competing practices, technologies, and priorities to the point where important distinctions are glossed over and lost.
Predictive analytics tools monitor, report, and troubleshoot in order to make proactive decisions about the health, performance, and utilization of storage. Most enterprises combine cloud and on-premise storage, resulting in blended environments of physical, virtual, cloud, and other platforms, which justifies more sophisticated storage analytics. In his session at 18th Cloud Expo, Peter McCallum, Vice President of Datacenter Solutions at FalconStor, discussed using predictive analytics to mon...
All clouds are not equal. To succeed in a DevOps context, organizations should plan to develop/deploy apps across a choice of on-premise and public clouds simultaneously depending on the business needs. This is where the concept of the Lean Cloud comes in - resting on the idea that you often need to relocate your app modules over their life cycles for both innovation and operational efficiency in the cloud. In his session at @DevOpsSummit at19th Cloud Expo, Valentin (Val) Bercovici, CTO of Soli...
Information technology is an industry that has always experienced change, and the dramatic change sweeping across the industry today could not be truthfully described as the first time we've seen such widespread change impacting customer investments. However, the rate of the change, and the potential outcomes from today's digital transformation has the distinct potential to separate the industry into two camps: Organizations that see the change coming, embrace it, and successful leverage it; and...
Without a clear strategy for cost control and an architecture designed with cloud services in mind, costs and operational performance can quickly get out of control. To avoid multiple architectural redesigns requires extensive thought and planning. Boundary (now part of BMC) launched a new public-facing multi-tenant high resolution monitoring service on Amazon AWS two years ago, facing challenges and learning best practices in the early days of the new service. In his session at 19th Cloud Exp...