Metanor Resources Inc. Announces a Private Placement

VAL-D'OR, QUEBEC, CANADA--(Marketwire - Nov. 24, 2009) - MetanorResources Inc. ("Metanor" or the "Company") (TSX VENTURE:MTO) announcesthat it has signed an engagement letter with Laurentian Bank SecuritiesInc. (the "Agent") to complete a private placement for a gross proceedsof $4.0 million (the "Offering"). The private placement will consist of3,400,000 units (the "Units") at a price of
.50 per unit and of4,000,000 flow-through units (the "Flow-Through Units") at
.58 perflow-through unit.

Each Unit will be comprised of onecommon share and one-half of a common share purchase warrant. EachFlow-Through Unit will be comprised of one common share to be issued asa "flow-through" common share and one-half of a common share purchasewarrant. Each whole common share purchase warrant will entitle itsholder to subscribe for one Common Share of Metanor at a price of
.65per share for a period of 24 months following the closing of theOffering.

Metanor will use the net proceeds of theprivate placement to increase and upgrade its mineral resources on itsBarry property, to advance development activities at Bachelorproperties and Bachelor Lake Mine, and also for general corporatepurposes.

The proposed private placement is conditionalupon preparation of standard documentation and regulatory approval,including that of the TSX Venture Exchange. Closing is expected to beheld on or about December 11, 2009 or such other date as the Agent andthe Company may determine.

Under applicablesecurities legislation, the securities to be issued in the proposedprivate placement will be subject to a four-month hold period.

TheCommon Shares and the Common Share Purchase Warrants comprised inthe Units and in the Flow-Though Units, have not been registered underthe United States Securities Act of 1933 (the " Act") and may not beoffered or sold absent of registration under the Act or an applicableexemption from registration requirements thereof. This press releasedoes constitute an offer to sell or a solicitation to buy, nor shallthere be any sale of these securities in any jurisdiction in which suchoffer, solicitation or sale would be unlawful prior to registration orqualification under the securities laws of any such jurisdiction or anexemption there from.

Neither the TSX Venture Exchangenor its Regulation Services Provider (as that term is defined in thepolicies of the TSX Venture Exchange) accepts responsibility for theadequacy or accuracy of this release.

105,807,778 outstanding shares