Metanor Reports its Financial Results for the Quarter Ended March 31, 2015
VAL-D'OR, QUEBEC--(Marketwired - May 22, 2015) - Metanor Resources Inc. ("Metanor") (TSX VENTURE:MTO) is pleased to report on its financial results for the quarter ended March 31st 2015 (Q3). This press release should be read in conjunction with Metanor's quarterly financial statements and accompanying notes and the related Management's Discussion and Analysis (MD&A), which can be found at www.metanor.ca or on SEDAR www.sedar.com. All amounts are in Canadian dollars unless otherwise stated.
Q3 Highlights
- Gold sales of 9,518 ounces;
- Gold production of 9,860 ounces;
- Total of $13,498,749 in revenues from gold sales at the average sale price of $1,418 per ounce sold (US$ 1,149);
- Cash Cost of $1,047 per ounce sold (US$ 849);
- Sustaining cost of $1,162 per ounce sold (US$ 943);
- All-In cost of $1,182 per ounce sold (US$ 959);
- Net change in cash of $932,332 ;
- Cash flow from operating activities of $491,661;
- Net Income of $16,578 after depreciation and depletion of $3,075,784;
- Partial repayment of $1,000,000 on the capital of the convertible debentures and extension of maturity date on balance of $9,000,000 to August 22, 2017;
- Financing of $3,000,000 by way of private placement.
| March 31, 2015 | March 31, 2014 | |||
| Operational Results | ||||
| Tonnes milled | 60,365 | 60,497 | ||
| Feed grade (g/t) | 5.3 | 6.7 | ||
| Mill recovery rate | 96.1 | % | 96.8 | % |
| Ounces produced | 9,860 | 12,641 | ||
| Ounces sold | 9,518 | 13,700 | ||
| Underground development (metres) | 1,920 | 1,751 | ||
| Diamond drilling (metres) | 4,398 | 10,550 |
| Financial Results (thousand dollars) | March 31, 2015 | March 31, 2014 | ||
| Gold Sales | 13,499 | 18,408 | ||
| Operating Costs | (9,681 | ) | (12,833 | ) |
| Royalties | (279 | ) | (333 | ) |
| Depreciation & depletion | (3,076 | ) | (4,609 | ) |
| Gross Profit | 462 | 632 | ||
| Other Expenses | (847 | ) | (1,250 | ) |
| Operating Loss | (385 | ) | (618 | ) |
| Financial Expenses & Revenues | 235 | (1,302 | ) | |
| Deferred Income Taxes | 167 | -- | ||
| Net Results | 17 | (1,919 | ) |
Cautionary Language and Forward-Looking Statements
This press release includes certain statements that may be deemed "forward-looking statements". All statements in this discussion, other than statements of historical facts, that address future exploration drilling, exploration activities, anticipated metal production, internal rate of return, estimated ore grades, commencement of production estimates and projected exploration and capital expenditures (including costs and other estimates upon which such projections are based) and events or developments that the Company expects, are forward looking statements. Although the Company believes the expectations expressed in such forward looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in forward-looking statements.
Neither the TSX Venture Exchange, nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
Contact
Ronald Perry
Vice-President
514-262-8286
rperry@metanor.ca