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Overview


Metanor Resources Inc. (TSX-V: MTO) is a mineral exploration and development company with seven properties in Quebec and Ontario. Four of these properties, Bachelor Lake, Hewfran, Barry and Dubuission have a total of approximately 1,000,000 oz gold (NI 43-101 compliant). The Company's 100%-owned Bachelor Lake mill is processing ore from the Barry open-pit operation and gold doré bars are being produced.


Bachelor Lake Property


The Bachelor Lake Property is located 225 km northeast of Val-d'Or, Quebec in La Sueur Township. It is divided into the Bachelor Lake claims, comprising 51 claims and two mining concessions totalling 1,867.37 hectares, and the Hewfran claims, comprising 38 claims totalling 683.50 hectares. The Bachelor Lake Joint Venture has the right to acquire a 100% interest in the Hewfran claims from Aur Resources Inc. conditional to a work commitment of $1.6 million. Adjacent to and contiguous to the property are two claims groups held by the Bachelor Lake Joint Venture: the MJL Claims (76 claims totalling 1,975.36 hectares) and the Hansen claims (12 claims covering 311.33 hectares).


The Bachelor Lake claims host the Bachelor Lake underground mine, which produced 131,000 oz of gold during the 1980s. Mine surface infrastructure includes hoist room, shaft house, mill, tailings pond and core shack. The mine shaft reaches a depth of approximately 563m and has 12 levels.

A 15,000m drilling campaign conducted from the lowest level of the mine during 2005 suggested the development of new gold zones and higher grade ore at depth. The Company is planning to sink the mine's shaft an additional 210m to a depth of 771m.

In March 2010 an expansion of the existing mill was completed, raising capacity from 800 to 1,200 metric tonnes per day.


The commencement of gold mining operations at the Company's Barry Property will provide the cash flow needed to complete the underground development and exploration work planned for the Bachelor Lake mine.


Barry Property


The Barry gold deposit is located in the Urban-Barry greenstone belt approximately 65 km southeast of the Bachelor Lake mine.

An NI 43-101 compliant re-evaluation of gold resources in April, 2006 produced estimates of 35,500 oz Au of Indicated Resources (269,000 t at 4.10 g/t Au) and 67,600 oz of Inferred Resources (450,000 t at 4.68 g/t Au) in zones 43 and 45 and in the Main zone.

Stripping of overburden began in 2007 and bulk sampling started early in 2008. First gold pour from the mill-feed taken from the bulk sampling occurred in April, 2008. Commercial production commenced on October 1, 2008.


During the period October through December 2009, 41 diamond drill holes totalling 6,578m were drilled and a total of 5,244 samples were taken and analyzed for gold by fire assay. As a result of this drilling the Main zone was extended toward the west and the Central zone was traced over a strike length of more than 500m and from surface to a depth of approximately 100m.

During the same period, a complementary resistivity/induced polarization survey was conducted on parts of the Barry United claims surrounding the mining concession, on the Barry Center claims and on the Barry West Extension claims of the Barry Property. The survey located several anomalies potentially coinciding with gold-bearing zones similar to the Barry deposit.


Management and Directors


Serge Roy - Chairman, President, Chief Executive Officer & Director
Before founding Metanor Mr. Roy was President of Ressources Pyrinor inc. He is a residential and commercial construction contractor. Previously he held various positions with companies such as Construction G.P.M., Stabell Resources Inc. and Ovaltex Consultant inc. (mining consultants and geological engineers). Mr. Roy holds a construction contractor's licence from the Commission de la Construction du Quebec.

Ghislain Morin - President, Chief Operations Officer & Director
Mr. Morin participated in many feasibility studies with a view to implementation of mines, mining projects and mining product installation companies. Between 1981 and 1989 he founded Équipement Minier GRM Inc. at which he is now Vice President. Mr. Morin has been involved in planning, management, monitoring, construction and evaluation of various mining projects since 1974.

Claude Imbeault - Vice President, Operations, Bachelor Lake - Barry Complex
Mr. Imbeault is a recognized professional active in the mining industry for almost 40 years, involved in the production startup of numerous mining projects. Mr. Imbeault was recently general manager of Camroc, a mining development division of Cambior-Iamgold with a hundred employees. Furthermore, he acquired expertise as superintendent of the Chimo and Pierre Beauchemin mines (Cambior), and also the Lake Shortt mine (Minnova) and Montauban mine (Muscocho).

André Tremblay - Vice President, Exploration
André Tremblay holds an bachelor's degree in geological engineering and a masters' degree in earth sciences (structure) from the Université du Québec in Chicoutimi. He has acted as a director of exploration and/or in various senior geologist positions with companies such as Ressources minières Coleraine, GeoNova Explorations, Gestion S.R.C. Inc., Groupe Minier O, Mines Camchib, and Campbell Resources Inc. in the Abitibi and the Chibougamau areas.

Ronald S. Perry - Vice President, Treasurer & Director
Mr. Perry is chartered accountant and holds a graduate degree in accountancy from Concordia University, and a bachelor degree in commerce with a major degree in both accounting and business administration. Mr. Perry has almost 30 years of accounting, financial and entrepreneurial business experience in high technology, venture capital and merchant banking companies. Since the year 2000, Mr. Perry has been President of (and is founder of) Briolijor Corporation, a financial consulting company to both private and public corporations. Mr. Perry has been involved in all facets of business including statutory reporting, internal controls, legal aspects as well as all administrative responsibilities.

Raymond Couture - Director
Since 2006, Mr. Couture has been acting as Chairman of the Audit Committee of Metanor. Mr. Couture holds a Master's Degree in Public Administration and a Bachelor of Arts Degree from ENAP and of Laval University, respectively. After having worked many years within education establishments of the school commission, he was a lecturer for the master management program of the University of Sherbrooke University. He held the position of General Manager of College Saint-Charles-Gamier from 1992 to 1995 and of various school boards (Fermont, Thetford-Mines and de l'Amiante, from 1974 to 1995). He has served on the boards of several public companies (including Visionic Inc.).

Tristram Robert (Tris) Coffin - Director
Mr. Coffin has been active in the optical industry since the last 40 years and sits on many advisory committees. He was admitted to the Order of Dispensing Opticians in 1963. Owner of the firm “Tris Coffin, Meunier Rosenthal Asselin Optometrists/Opticians”, Mr. Coffin operates one of Canada’s most prestigious optical operations located in Montreal, Quebec. Mr. Coffin also acts as special advisor and licensee to U.S. Vision in the Province of Quebec. Early in his career, he worked in the brokerage business and helped bring numerous companies public. Mr. Coffin was also involved in home construction projects in the Laurentians (province of Quebec). He was involved in the 1964 Olympic Games as Manager of the Canadian Alpine Ski Team.

Robert C. Bryce - Director
Mr. Robert C. Bryce is a member of the Quebec Order of Engineers and of the Institute of Mining and Metallurgy (MIC). He has nearly 50 years of mine construction and operation experience. Mr. Bryce has worked with significant base metal mines and concentrators in Northwestern Quebec. For the past seven years he has been involved in junior public mining company exploration and administration. After having worked more than 10 years as Manager of the Opémiska of Chapais (Falconbridge Copper Ltd.), Mr. Bryce occupied the function of Director général of Selbaie Mines from 1975 to 1990. From 1991 to 1994 he was Vice President, Mining Operations for Aur Ressources Inc. Then he was, until 1999, Vice President and Director of Resources Procoloro Inc. Since 1999, Mr Bryce has been Chairman of the Board and President of Ressources Abitex. He is also a Director of Alexis Minerals Inc., Western Wind Energy, Tagish Lake Gold, Kalahari Resources Inc., and Scorpio Mining.


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