2009 Gold Price Forecast of USD$1,000 per Ounce and Upside Valuation of North America's Newest Gold Producer Metanor Resources

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Madison Avenue Research Group 2008/09 gold price forecast provides justification for USD$1,000/ounce gold. Report also provides undervalued opinion and update on Metanor Resources Inc. (TSX-V: MTO), North America's newest unhedged gold producer; debt free, fully financed, tremendous exploration potential, outstanding management. The current market cap of MTO.V is well below the replacement value of their infrastructure alone, ignoring the ~1M oz gold resource, significant exploration potential and substantial revenue projections.

Madison Avenue Research Group has published their 2009 gold price forecast review and Upside Valuation/Summary on Metanor Resources Inc. (TSX-V: MTO) (Pink Sheets: MEAOF) as North America's newest gold producer.

A copy of the abridged report/update may be viewed free of charge at: http://madisonaveresearch.com/08goldinsight.htm.

Excerpts from report regarding Metanor:
Upside Valuation/Summary: The current market cap of MTO.V is well below the replacement value of their infrastructure alone, ignoring the ~1M oz gold resource, significant exploration potential and substantial revenue projections. Jay Taylor, mining expert, has made MTO.V his top pick in 2008 saying "This is a story of production, exploration, and building ounces."

For those not familiar with the Metanor Resources, the time to pay attention is now as Metanor's new 1,200 (upgradeable capacity) tonne/day mill is now being scaled into full production. Production in 2008/09 should conservatively come in at 30K - 35K oz gold and ramp up from there to 65k oz in 2009/10. The mill is configured to produce dore bars of gold, with a small component of silver. MTO.V has ~1,000,000 oz of Gold (NI-43-101 measured and indicated) available from their three properties and the ongoing exploration drill program at their Barry deposit is just one of many venues to expand the resource base that is exceeding expectations.

Metanor Resources' gold milling facility and infrastructure has a replacement value of ~$140 million and sits geographically as the only mill located within 200 km in a gold rich district that possesses additional resources exceeding 1.5M oz. Metanor is also amassing properties within this area, near their Bachelor Lake Gold Mine & Mill, and will play a central role mining the resources in this region for decades. Their forward projected EPS will likely be very significant as a debt free unhedged gold producer and the current market cap relative to expected revenues is disproportionate (analyst report pegs $3+ per share price and no need for dilution). With approximately 73 million shares outstanding and currently trading under CDN$1/share, the present valuation of MTO.V provides exceptional opportunity for investors. Over 50% of Metanor's outstanding shares are held by institutional interests, amongst them Dynamic Mutual Funds (managed by Goodman & Co.).

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 and of the securities mentioned. Readers are referred to the disclaimer and disclosure section of the above referenced URL.

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James O'Rourke
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