Analyst Research Report on Metanor Resources Inc. with Buy Recommendation and Significant Upside Valuation Investment Opinion

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Gold producer Metanor Resources Inc. (TSX-V: MTO) (US Listing: MEAOF) is identified in newly issued analysts report as having significant upside market valuation justification; using generally accepted valuation metrics MTO.V, upon achieving assumed production and milestones, is forecasted to be assessed a market capitalization by the market place equivalent to three times the current trading price per share of MTO.V. - a sentiment recently echoed by mining expert Jay Taylor.

Howlett Research has published research report and opinion on Metanor Resouces Inc. (TSX VENTURE:MTO) (US Listing:MEAOF).

The full Analyst report may be found at: online.

The qualified Analyst has identified Metanor as having significant upside market valuation based on several factors including multiples used to value similar gold producers; "2008 will be a year for yet a new series of milestones - related to its production operation, related to assaying the many samples/integration into a resource estimate, and finding new deposits. It is these milestones that will ultimately propel the company from its current level to a new level - defined by companies with both production operations combined with a significant resource base. We note that for companies with relatively low Prov./Prob. resources (i.e. having well under a 10 year mine life) multiples of yearly production are around the $2,000 - $3,000 level. As the minelife increases, naturally we see this multiple of production expanding - to around the $4,500 per oz. on up to the $8,000 per oz. level for mine enjoying having a LOM in the 15 - 20 year range."

Metanor's current (700 tpd) assumed production of 38,400 oz gold per annum and existing resource base allows for a multiple of ~$2,500/oz produced, giving a current market capitalization of $96 million. Looking forward, Metanor's Bachelor Lake gold mill possesses operational capacity of 1,200 tpd; a modest (future 1000 tpd) assumed production yielding 55,000 oz gold per annum and increased resource base would allows for a multiple of ~$5,000/oz produced - giving a future market capitalization of $275 million. On a fully diluted bases of 92.6 million shares this affords a readily achievable price per share of $2.96 for MTO.V - three times the current share price.

Since closing its IPO late in 2003, Metanor has successfully transformed its' flagship Lac Bachelor property from a past producer with promising exploration potential to one now producing gold at ~95% recoveries at a 700 tpd rate. Mill feed is from the Barry deposit, originally acquired in late 2006 as a small deposit, but is now showing excellent potential to become a significant gold deposit. Metanor has achieved several milestones in several areas, including property acquisitions, raising significant financing, achieving production status, and continued exploration results which have exceeded expectations.

This release may contain forward-looking statements regarding future events that involve risk and uncertainties. Readers are cautioned that these forward-looking statements are only predictions and may differ materially from actual events or results. Reports herein are for information purposes and are not solicitations to buy or sell any of the securities mentioned. Readers are referred to the disclaimer and disclosure section (page 4) at the bottom of the above referenced URL.


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Martin Norbury
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