Metanor Resources Inc. announce that it recently engaged SGS Geostat to produce a NI 43-101 Report on the Barry Open Pit. The report is expected to be ready the beginning of September 2009. The drilling campaign at Barry will continue all summer while the Report is being produced. Drill results are pending. Bachelor Lake underground expansion was reported to be progressing well with the head fram and hoist nearing completion. The contract for the sinking of the shaft another 200 m was pending. Barry and Bachelor Lake are located in Quebec, Canada.
Metanor Resources Inc. completed a private placement for a total of 24,354,800 Units at the price of $0.50 per Unit for total gross proceeds of $12,177,400. The net proceeds from the Offering will be used to fund a work program for the rehabilitation and improvement of the surface infrastructure of the Bachelor Mine.
Provided an update. The mill is operating at an increased capacity of over 800 tons per day. Also reported it has commenced work to go underground at Bachelor Lake towards the development of the
Hewfran section via level 6 and 8 where there are proven reserves. The shaft rehabilitation is in process, the shaft is totally dewatered to 1,700 feet.
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