Metanor Resources Inc. Announces the Closing of a Private Placement

VAL-D'OR, QUÉBEC--(Marketwire - Jan. 20, 2012) -

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES, OR DISSEMINATION IN THE UNITED STATES.

Metanor Resources Inc. ("Metanor") (TSX VENTURE:MTO) is pleased to announce the closing, on January 20, 2012 (the "Closing Date"), of a private placement by issuing a total of 1,470,588 units (the "Units") to Natcan Investment Management, Inc. for aggregate gross proceeds of $499,999.92.

Each Unit shall consist of one common share (a "Share") and one-half of one common share purchase warrant of Metanor (a whole common share purchase warrant, a "Warrant"). Each Warrant shall entitle the holder thereof to acquire one common share in the capital of Metanor (a "Warrant Share") at a price of $0.40 per Warrant Share for a period of 2 years from the Closing Date.

The Shares included in the Units subscribed by a purchaser that is a qualified mutual fund are, for this fund, qualifying shares under the Stock Savings Plan II.

Metanor will use the net proceeds from the offering to incur exploration expenditures on the Bachelor and Hewfran properties and for general working capital purposes.

All securities issued are subject to a holding period of four months and one day from the date of closing.

The Shares have not been registered under the United States Securities Act of 1933 (the "Act") and may not be offered or sold absent of registration under the Act or an applicable exemption from registration requirements thereof. This press release does not constitute an offer to sell or a solicitation to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction or an exemption therefrom.

223,999,362 outstanding shares