New York, NY (PRWEB) July 20, 2009
Mining MarketWatch Journal has published a special advisory and review of Metanor Resources Inc. (TSX-V: MTO) (Pink Sheets: MEAOF) (Frankfurt: M3R) as the current valuation is poised to make upward adjustments to reflect forward discounted future revenues. Metanor has confirmed this week that they are on schedule and under budget in their plan to progress underground and bring the mill up to 1200TPD all by mid 2010. Metanor has also confirmed a NI 43-101 resource estimate of the Barry deposit has been commissioned and is expected to be released in early September 2009. Recent encouraging drill results from the Barry property has shown that the pit is expanding and the zones are connecting to each other, which is confirming the potential of significant resources.
The full advisory and review may be viewed free of charge at the following URL: http://www.MiningMarketWatch.net/MTO.htm online.
Now is the time to pay attention to MTO.V shares as the current valuation is poised to make upward adjustments to reflect forward discounted future revenues of Metanor as a gold producer with a solid expandable resource base in a mining friendly region.
The newly refurbished mill is currently producing at over 800 TPD and will increase capacity to 1200 TPD in the fall of 2009. With recent spot price of gold near $CDN1,050/oz, MTO.V is experiencing significant positive cash flow from low cost production (and costs should be significantly lower when high grade Bachelor Lake gold comes online). Production in 2010 should conservatively come in a 55k oz. Mining MarketWatch notes that Metanor is currently upgrading the mill to 1200 TPD and should generating ~70K ounces/yr when Bachelor Lake underground comes online by mid 2010.
According to Serge Roy, CEO and Ghislain Morin, President and COO in a July 16, 2009 update "the work to date is under budget and on schedule, our team has done very well controlling costs and staying on schedule." Management has been impressive in its ability to execute upon plans to achieve this milestone, Metanor now sits with no long term debt, in excess of $140M in 100% owned infrastructure (replacement value), and in a cash flow positive production mode. With ~104M shares outstanding and trading under CDN$0.60/share, the market cap of MTO relative to its resource base/production expansion plans and future revenues make MTO.V among one of the most attractive vehicles for gold investors.