SEATTLE, WA (PRWEB) March 15, 2007
Investors in Metanor Resources Inc. (TSX VENTURE: MTO) are pleased with the latest developments whereby the Company appears on track to pour its first gold bars in early summer of this year. Metanor has a relatively low share float outstanding and trades near CDN$1 per share, the current market capitalization of MTO is considered by many in the industry to be significantly undervalued and due for an increase several times over to the upside as the inherent value of their gold resources and story becomes better understood; a profile of Metanor and it's potential is available at http://www.miningmarketwatch.net/mto.htm
Excerpt from the Metanor's latest press release dated March 14, 2007 on the refurbishing of Metanor's $60 million Bachelor Lake Gold Mill:
"Mr. Serge Roy, President and Chief Executive Officer of Metanor Resources Inc. 'Metanor' is pleased to announce that the work to restore surface facilities at the Bachelor mine is making steady progress.
Repairs to the external infrastructure of the gold processing facility, including the siding and insulation, have now been completed and contracts to refurbish the inner components of the mill will be awarded shortly. The construction of buildings to be used for administrative purposes is also almost finished.
The former owner has been asked to retrocede the existing and still valid certificate of authorization for operating the Bachelor mine. Work has also been undertaken to ensure that the settling pond complies with the requirements of the Ministère de l'Environnement. A contract was awarded to Golder, which is currently conducting geotechnical drilling to characterize the material of the tailings impoundment and to define the work necessary to rehabilitate it and to ensure it complies with environmental standards.
Meanwhile, Metanor is preparing to put the Barry gold deposit into production as an open-pit mine. Operating the open pit requires a certificate of authorization under section 22 of the Environmental Quality Act, and GENIVAR Limited Partnership has been mandated to prepare a document that meets the requirements of various Québec Government departments.
The work carried out to date is on schedule; a bulk sample from Barry could be processed at the Bachelor mill during summer 2007.
Métanor will continue its aggressive development strategy by increasing its portfolio of projects that have resources with potential comparable to the Barry gold deposit for supplying the Bachelor mill."
Copy of the full press release is available at the following URL: http://biz.yahoo.com/cnw/070314/e_metanor_refurbishin.html?.v=1