#Renforth #Resources $RFR Completes New Alger #Purchase

#RenforthResources $RFR has completed the New Alger #joint #venture, resulting in Renforth assuming 100% ownership of the New Alger mining concession, subject to a 2% NSR.

New Alger hosts an inferred gold resource of 237,000 ozs of gold located above a depth of 200m in the area of the former Thompson-Cadillac mine. The Thompson-Cadillac mine saw small-scale operation prior to the Second World War, resulting in the production of 21,000 ozs of gold at an average grade of 4.2 g/t Au.

Renforth_logo_final“We are happy to have attained complete ownership of New Alger. Renforth has had a long relationship with this property, successfully putting in place the first resource statement and rediscovering the gold system in the sediments. Management looks forward to, funding permitting, being able to continue to define how much gold is contained in this 1.4-kilometre portion of the Cadillac Break and in the Pontiac sediments to the south with future exploration programs,” states Nicole Brewster, president and chief executive officer of Renforth.

Metanor Resources Reports its Financial Results for the Quarter Ended December 31, 2014

White LogoMetanor Resources – TSX.V-MTO – has reported its financial results for the quarter ended December 31st 2014 (Q2). Metanor’s quarterly financial statements and accompanying notes and the related Management’s Discussion and Analysis (MD&A) can be found at www.metanor.ca or on SEDAR www.sedar.com.

Q2 Highlights

* Gold sales of 9,055 ounces;
* Gold production of 8,332 ounces;
* Total of $11,731,674 in revenues from gold sales at the average sale
   price of $1,408 per ounce;
* Cash Cost of $1,203 per ounce sold;
* Sustaining cost of $1,375 per ounce sold;
* All-In cost of $1,395 per ounce sold;
* Net change in cash of ($4,484,054);
* Cash flow from operating activities of ($2,486,355);
* Net Loss of $3,745,526 after depreciation and depletion of $2,950,949;
Feed grade (g/t) 4.6 6.6
Mill recovery rate 96.30% 97.50%
Ounces produced 8,332 12,751
Ounces sold 9,055 10,427
Underground development (metres) 1,998 1,492
Diamond drilling (metres) 5,734 9,164
Financial Results (thousand dollars) December 31 2014 December 31 2013
Gold Sales 11,731 3,557
Operating Costs (10,723) (2,221)
Royalties (187) (117)
Depreciation & Depletion (2,951) (1,070)
Gross Profit (2,130) 149
Other Expenses (1,207) (1,014)
Operating Loss (3,337) (865)
Financial Expenses & Revenues (468) 125
Deferred Income Taxes 60 330
Net Results (3,745) (410)

 

(i)As of December 1st 2013, the Bachelor Mine reached commercial production status.