Metanor (MTO.V) has finally declared commercial production at its Bachelor Lake gold mine in Québec, Canada as the company was able to operate the mine for 60 consecutive days at at least 80% of the theoretical mill capacity. From December 1st on, Metanor will report its operating costs, which are expected to be approximately $1000/oz during the ramp-up phase.
The company also announced it produced almost 4,100 ounces of gold in October, which is once again a positive development. The average grade came in at 6.15g/t, and the Bachelor Lake mill had an average recovery rate of in excess of 97%.
> Click here to read the press release
Disclosure: The author holds a long position in Metanor Resources. Please see our disclaimer for current positions.
