GOLD: Metanor Announces Positive PEA on its Barry Gold Project: NPV of $53.5 M and IRR of 198% Before Taxes

VAL-D’OR, QUEBEC: Metanor Resources Inc. is pleased to present the highlights from the positive preliminary economic assessment study (PEA) completed by GoldMinds Geoservices […]
VAL-D'OR, QUEBEC: Metanor Resources Inc. is pleased to present the highlights from the positive preliminary economic assessment study (PEA) completed by GoldMinds Geoservices Inc. on its Barry gold project (Mining Lease BM number 886) which is located 100 km east of Lebel sur Quévillon and 115 km south of the Bachelor Mine in Quebec. Highlights of PEA Barry, all in CAD dollars, include:
  • Net present value (NPV) before taxes (at 6%) of $53.5 million;
  • Internal rate of return (IRR) before taxes of 198%;
  • NPV after taxes (at 6%) of $25.9 million;
  • IRR after taxes of 94%;
  • Capital startup of $8.5 million;
  • Payback of 0.71 years with a gold price of $1,560 / oz;
  • All-in production cost of $1,114 / oz (US $891 / oz);
  • For the life of the mine, a production of 193,457 ounces of gold over 9 years;
  • An average of 21,495 ounces of gold production with up to 37,573 ounces in year 2;
  • Milling of 1,200 tonnes per day at the Bachelor plant, with an average grade of 1.75 g/t diluted for the life of the mine including the first 3 years at 2.61 g/t with a metallurgical recovery of 95%;
  • Sterile ration mineralization of 2.17 to 1.
Mr Ghislain Morin, President and CEO of Metanor Resources Inc., declared, on behalf of the board of directors: "This positive preliminary economic study is an important milestone for Metanor. We point out that the deposit is located on a Mining Lease previously granted, the deposit is ready to be exploited and it has the potential for expansion. Moreover, there are no steaming agreements covering the Barry project. We will be moving quickly with startup planned for the summer of 2017, following a feasibility study which will include current drilling results. " For more information, visit www.metanor.ca.

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