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The Gold Stock Strategist analyzes leading junior gold producers and major gold mining companies.

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Saturday, May 17, 2008

Metanor Extends Hewfran Property Purchase Option Six Months

Metanor Resources announced an extension of the Hewfran property purchase option to December 2008 which was set to expire at the end of May. Metanor issued 200,000 two-year warrants at a C$1.20 strike price and C$200,000 in cash or Metanor shares (Metanor’s choice). That means Teck Cominco believes owning Metanor warrants at C$1.20 is a good bet over the next couple of years. I’d say it’s a good bet too.

Metanor had been negotiating this extension over time as they have been putting all their efforts into developing the Barry project. This was a smart move. Barry is a open pit mine already producing gold. Hewfran (underground) is close to Bachelor Lake (also underground) and represent a promising set of projects for Metanor. But Barry is a low cost, high grade project open at depth and multiple sides with great potential.

Metanor has agreed to explore Hewfran with a diamond drill program this year to the tune of C$460,000 and eventually equal to C$1,600,000. One of the two diamond drills currently at Barry will soon or is in the process of being moved to Hewfran. We should have news on the Hewfran drill work by the end of the year before the option expires.

I like this move by Metanor management. It seems like a bargain to me given Hewfran's proximity to Bachelor Lake gold reserves and Metanor management's familiarity with the geology in that area.

Best,

Gold Stock Strategist
========================
Full disclosure: I own shares in Metanor Resources. The information provided in this post is believed to be correct, but not guaranteed. Investing in junior gold miners entails risks. Readers are responsible for their own investment decisions. Do your own due diligence.

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