Metanor Anticipates Operating Cash Flow Positive in February; Shares Up Nearly 3%

By Midnight Trader,  January 14, 2013, 10:22:36 AM EDT

Metanor Resources Inc. (MTO.V) today released an update regarding the current development of its Bachelor project.

As a result of hiring new highly experienced underground miners from a recent mine closure in the Abitibi area, Metanor can now proceed to a step-up function in its ramp up schedule. It is estimated that the Company can accelerate its development by about 3 months thereby recovering some delays that had occurred due to permitting and qualified labor shortages. The Company anticipates operating cash flow positive to occur during the month of February 2013, Metanor said in a statement.

Metanor produced 1,718 ounces of gold in December bringing the total production since the end of July to 7,876 ounces of gold. The ounces produced in December came from working stopes and development ore. The ounces came from 8,534 tons of ore grading 6.47 g/t and the mill is consistently operating at 96-97% recoveries.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Commodities

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