TORONTO (miningweekly.com) – TSX-V-listed Metanor Resources crossed a critical milestone in improving its balance sheet on Wednesday, when it paid back a $7-million loan from Ressources Quebec.
The company, which operated the Bachelor gold mine, in Desmaraisville, 250 km north-east of Val d'Or, also announced that mining veteran Norman Parker would replace retiring Claude Imbeault as the GM of the mine, starting on September 8.
Parker would bring more than 30 years of experience in the mining industry to the operations team, having spent the last five years as the GM of mining contractor Don Bourgeois & Fils.
Metanor produced 10 277 oz of gold during the quarter ended June 30, after processing 58 499 t of ore at a feed grade of 5.66 g/t, with a 96.5% recovery rate. This was lower than the 13 083 oz of gold the company produced in the same quarter in 2014.
For the fiscal year ended June 30, Metanor produced 40 067 oz, which was also down from the 48 847 oz reported for the full-year 2014.